And Gen Z, Millennials and Gen X all cite speed and convenience as important factors for shopping in-store. Historically, not being able to try an item before buying it has been a big impediment to online shopping. In addition, entering detailed shipping and payment information has long ranked high as one of the most annoying aspects of online shopping. As Gen Z matures, we see product wait time and shipping costs as the main impediments to a happy online shopping experience.
Site security concerns are top of mind most for Gen Z 9. In the regions we service larger metro areas , we see younger consumers being averse to any shopping behavior that puts a burden on their time.
Older consumers seem more willing and comfortable using digital channels for research and information gathering that leads to an in person purchase through a pop up, branded retail store, or retailer. Credit cards still reign as the primary payment method for larger online purchases. However, when breaking down payment options by generation, we see mobile wallets taking off for younger generations. Here is how it breaks down:.
The ways in which each generation leverages mobile when shopping is the most interesting difference across demographics. Younger demographics seem to have little or no fear around the idea of buying from a new brand using Venmo or Square Cash. Older generations on the other-hand are still looking for a more traditional and secure experience when buying. The following data makes clear why. Gen Z is increasingly ready to use financing options buy now, pay later.
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Younger consumers expect to be able to pay in interest free installments or post-delivery via services like Klarna and use things like Apple Pay or Android Pay when on mobile for added convenience. The data on this one is nearly flipped for Gen Z and Millennials —— and their Baby Boomer counterparts. Only I think the biggest shift in consumer expectations over the last year or two is around things like integrated stock visibility, returns and overall fulfilment — with larger multi-channel retailers creating an expectation and setting a precedent. This same expectation applies to things like multi-channel loyalty and gift card usage, as well — which also represents an opportunity for brands to increase loyalty via a positive, integrated experience and lifetime spend via upsells and physically showcasing additional items.
The data on this one seems to indicate that Gen Z and Millennials are more price sensitive and perhaps better bargain hunters than Gen X or Baby Boomers. Here is how finding a more affordable product somewhere else came in to the equation when returning a product online:. In addition, Gen Z and Millennials are 2X more likely to return an item because it arrived too late and they ultimately had to buy something else in-store.
Here is how this one broke out:. How long fulfillment takes, how smooth shipping was, the feeling when the consumer opens the box, how you deal with returns — all of that is part of the buyer journey and leads to repeat purchases and word of mouth if done well. The vast majority of online purchase returns will be sent back via mail, however returning items to a brick-and-mortar or to an Amazon drop off location are quickly rising options across all generations.
Nearly 2X more Gen Zers Buyers care about the entire shopping experience, so make sure to focus on more than just price. Things like convenience, selection, shipping times, return policies, all have an impact on the buyer. Now that it is as easy as the click of the button for a buyer to jump from one site to another, brands need to make sure that they are offering the full package. With a retail store, you will see older and younger customers browse online and come into a retail store to touch, feel and purchase depending upon the product.
Our merchants see not only an increase in online sales but also an increase in offline retail sales due to customers looking at the site before coming into retail shop. It actually drives in-store shopping even if they do not purchase online. As data collection becomes more regulated, most U. In general, older generations are more aware of data collection than younger generations, specifically Gen Z.
In turn, we highlight our Unique Safety Proposition more that usual when marketing to them. However, in a similar study run in the UK, BigCommerce found that UK consumers by and large did not request to have companies stop collecting their data, suggesting that in theory U.
The more timely, relevant, and targeted your strategy is the better. Retailers who are harnessing the power of all of their data to make informed decisions on which messages and products to market are winning the race to the top.
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By understanding segments of your audience based on historical data you have a higher likelihood of breaking through all the noise and actually converting a browser into a buyer. The data in this consumer research report should anchor your omni-channel strategy. However, how you implement that strategy will key to its success. In order to be able to track and attribute channels accurately, never forget to use UTMs for the landing page links you provide in your acquisition ads.
Also, optimize for mobile and do not forget to use email to acquire customers. It is very cost effective and easy to track and attribute. You can grow your business by strategically integrating all these channels. The key is identifying the right audience.
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One audience integration profile is customers who have purchased a specific product. If you have two thousand people who have purchased this very specific product, why not build a lookalike from that? And then re-market to them? These people are going to be qualified. And that specific product is really going to push towards finding other people who are going to also be interested in it.
Retailers often resist omnichannel selling because they want to focus entirely on their own webstore.
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We encourage our clients to embrace marketplaces as an advertising and customer acquisition strategy. Once those buyers experience what makes you special, repeat buyers will come directly to you for expanded inventory options and a customized buying experience. Omnichannel marketing is a key component to ecommerce success and world domination.
Nothing is more important than taking a data-driven approach to omnichannel marketing.
Marketing Insights From A To Z: 80 Concerns Every Manager Needs To Know 2003
Data can be used at any stage ie planning, execution, analysis and is paramount in determining the true value of each channel. Data tells you where your focus should lie and when to consider cutting back on a particular channel in favor of another that may be performing at a far more profitable return.
Know your target market, where they are, and then be consistent across all those channels. Being in many channels may work well for your business, but only if you can measure results. Be sure to make sure that analytics is a major part of your omnichannel plans! Tracking cross-channel impacts of advertising is quite challenging. Retail, especially online retail, is getting to be a more crowded place as each day passes.
What is your average customer lifetime value? What is your acceptable cost of acquiring a new customer? What is your customer persona and what do they care about? Make every decision with those three things in mind. Most people do it in the reverse order and then wonder why they have experience gaps. Take time to sit down with your team and actually map out 1 your customer personas and 2 how these personas flow through your user acquisition channels i.
FB ads, Instagram, Google, etc. You can make it interactive by doing this on a wall in your office and using color coded post-it notes for each step of the journey. In economics terms, that uncertainty is what makes them an inefficient marketplace. Most purchases require multiple marketing touches. Product reviews, search results, blogger coverage, social strategy, all frequently play a shared role in a single sale.
Try to avoid applying the same goals to every channel and instead consider how each channel can contribute to your strategy. Cannibalization of sales from multiple channels is a real risk but it needs to be weighed against the benefits these channels offer.