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Adyen, the payments platform of choice for many of the world's leading companies, released survey findings today based on consumers' and retailers' wants and needs across the U.S. The survey was conducted by 451 Research in March 2018 and covered 1,003 US consumers aged 18 and above and 250 B2C retailers that operate in the US. The survey was designed to better understand consumers' current and future shopping experiences, preferences, behaviors, and 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. In fact, over the last 12 months, 86 percent of US 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.
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. They are a leading indicator of broader customer demands in retail experience and where the industry is headed.
"The lines between the physical and digital shopping worlds are dissolving," said Roelant Prins, Chief Commercial Officer at Adyen. "Retailers need to cater to shoppers by offering fast, easy and frictionless ways to pay so there are minimal lines and offer personalized recommendations and in-store deals. In other words, experience is key."
Additional findings from the report include:
The survey also examined issues from the retailers' perspective:
For more information and to view the full study and infographic, please click here.