Gen Z and Millennial Consumers Reveal How to Improve the In-Store Experience
Wirecard North America asked U.S. consumers how they shop: where they browse, what inspires them to buy (or not), and how they pay. Their answers may surprise you — and provide valuable insights into how merchants can improve their experiences, particularly in-store. Wirecard breaks down the following five key findings in the below infographic:
- Most respondents prefer shopping in-store. Fifty-eight percent of all respondents indicated physical stores as their primary shopping channel, which bodes well for brick-and-mortar retailers. Also notable is that younger consumers — ages 18-24 — prefer in-store and online shopping equally, at 46 percent each.
- Convenience is key. While most consumers still flock to stores to do their shopping, physical retailers can improve on pain points like long lines, crowds and product selection to create a better, more convenient experience.
- Connecting online and in-store. More than one-third of respondents (34 percent) would choose to shop in-store if merchants offered a mobile- and physical-connected commerce experience, yet 56 percent of respondents don’t see stores adopting them.
- Retail robots? It may not be long until robots become our personal shoppers. Forty percent of millennial and Gen Z respondents would trust a robot to shop for them if it knew their preferences.
- Voice commerce is taking hold. With smart speakers like Alexa, Siri and Google Home, many people are already putting robot shoppers to use — and in their own homes. About 40 percent of consumers use these artificial intelligence (AI) devices to shop, with one in four using them at least once a month.
While many consumers now choose to shop online, this data reveals that the majority of shoppers are still opting to make purchases in-store. To continue this trend, physical retailers will need to invest in technology to created a connected, convenient experience. Doing so will help bring brick-and-mortar into the future.
Kevin Brown is the vice president of marketing and product at Wirecard, a company that employs innovative financial technologies to build complete digital ecosystems and end-to-end solutions throughout the payments value chain.