By Scott Shamberg, VP Marketing
As we work toward launching Marqeta, we’re doing our best to build a strong foundation of transparency and openness based on the feedback of our cardholders. We want the Marqeta community to be as passionate about our product as we are – so these pillars will always be a part of our culture.
With that in mind, we recently spent some time getting to know our beta group through a survey (If you’re not yet a member of our beta group, sign up here). We’ve analyzed the survey results, and you’ve left us with some valuable insight. You’ve confirmed some of our suspicions, and you raised a few outstanding questions. Here are some of the highlights:
A huge majority of you are willing to pre-send in order to get a great offer – over 97%. For many of you, your willingness to pre-spend was dependent on the offers merchants make. So tell us…which merchants would you like to see an offer from?
You’re more willing to pre-spend on the categories in which you’re spending the most monthly. You spend the most on grocery and convenience. You spend the least monthly on home improvement. The only outlier here was travel and retail/apparel. While you spend slightly more month-to-month on travel/hospitality than retail/apparel, you were more willing to pre-spend on retail/apparel.
Do consumers need more information about pre-spending on travel? We know that it’s a high involvement purchase and you’re probably considering a couple key points: First – you likely want to be sure that when you pre-spend on travel, your money is going further than usual. And second, you’d like to confirm that your prepaid commitments still earn you your airline miles. The answers in both of these cases – yes and yes. We’re curious about any other questions or concerns you have about pre-spending for travel.
You ranked simplicity of a tool for spending or managing your money as the most important characteristic. That was followed by value, choice, control, and cost respectively.
When pre-spending, the majority of you expect to receive about a 16-25% return from a merchant. Several of you noted that you’d expect 11-15% in return for pre-spending. Because we’re all so used to receiving 65% off deals in our inboxes, we’re interested to know how you set your expectations. Is it the flexibility to spend your money over time? The opportunity to pre-spend with merchants that you’re already spending with?
We’ll keep providing you with findings from any survey or study we conduct to see if any of this information surprised you or if any of it left you asking a different set of questions. As always, we want to hear from you. Leave you reactions or your answers in the comments.