Adyen Study Reveals That Experience — Not Price — is the Battleground of the Future
Adyen, the payments platform of choice for many of the world’s leading companies, conducted a survey based on consumers’ and retailers’ wants and needs across the U.S. The survey was carried out by 451 Research in March 2018, and covered 1,003 U.S. consumers aged 18 and above and 250 B-to-C retailers that operate in the U.S. The survey was designed to better understand consumers’ current and future shopping experiences, preferences and behaviors, as well as the impact of digital trends.
The study showed that the demand for immersive interactions is shifting competition in retail from price points to experiences. To compete effectively in today’s environment, retailers must go beyond selling a product or service to delivering experiences that cater to their customers’ own unique needs.
Key findings include the following: Over the last 12 months, 86 percent of U.S. consumers say they have left a store due to long lines, resulting in purchases at a different retailer or no purchase at all. This results in approximately $37.7 billion lost in potential sales. In addition, $1.1 billion in potential sales have been lost when retailers don’t support their customers’ preferred payment methods. Also, a key segment emerged in the study, coined “Spendsetters.” This group loves to use digital technology, tends to be early tech adopters, and represents one-third of all consumers and 52 percent of millennials. Spendsetters will drive the future of retail as the key segment of shoppers who set the trends for how people want to spend and shop.