According to a recent survey, 38% of shoppers (Worldpay, Future Shoppers, 2024) said they do this concerned about job security, and nearly 60% said they were worried the economy would affect their living standards. In this context, it is understandable that retailers are cautious about the price and value of their sales. Buyers are becoming more thoughtful in their decisions and it is becoming increasingly difficult for retailers to stand out from the crowd.
But while consumers are price-focused, another theme also emerges from our data: that they are prepared New era of innovation in retail. Improved user experiences lead to greater customer loyalty, the possibility of faster transactions and better access to products.
New models in retail can diversify revenue streams for retailers, for example by taking over the resale part of the item lifecycle or offering a subscription that provides a constant source of revenue while saving customers time on replenishment.
These are our top tips for increasing buyer loyalty that don’t have to do with price cutting…
1. Offer shopping experiences via social networks
Live streaming and social shopping continue to increase: One in five people have bought something via social networks and 57% are willing to do so in the future. Gen Z shoppers are more likely to make impulse purchases after seeing an item on social media.
2. Use augmented reality and other new technologies
Bring the shopping experience into the palm of your hand. 10% of our respondents used this Buy augmented realitybut 57% are open to it.
3. Focus on great omnichannel experiences
We found that shoppers could spend more during a transaction if they had a personalized approach both in-store and online; and 68% expected a Integrated omnichannel shopping experience in the future.
4. Explore resale to extend the life cycle of items
As buyers become more environmentally conscious, buying used has a chance. 76% of respondents were open to it buy used items.
5. Specify options at checkout
Shoppers told us they are more likely to pay in installments if they are under financial pressure (57%), and 44% would abandon a transaction if they cannot pay when they want. Payments need to be fast, secure and convenient, but that is no longer enough. Offer payment method options (digital wallets, local payment methods, buy now, pay later and more) ensures shoppers have flexibility when they need it.
Maybe it’s time to accelerate the innovation process to meet the needs of new buyers.
Read the full report here >> Worldpay (worldpayglobal.com)