A U.S. consumer study from global payments platform Adyen, based in Amsterdam, has identified “Spendsetters” the group of consumers who account for a third of all shoppers and 52% of Millennials.
No surprise, this group is an early adopter of new tech-driven solutions. And Adyen predicts that they are expected to set the trends for how people spend and shop and be a barometer of how the retail experience is meeting customer demands.
Adyen’s survey found that 45% of Spendsetters think brand is important and will pay a premium for the experience. Forty-nine percent love to shop, and 42% prefer to do so online.
Over the last 12 months, according to the study, 86% of the 1,000+ U.S. adult consumers polled said they’ve left a store because of long lines resulting in purchases at another retailer or no purchase at all, that translates to what Adyen says is $37.7 billion lost in potential sales. $1.1 billion in potential sales have also been lost when retailers don't support customers' preferred payment methods.
Good news for Amazon Go: 75% of Spendsetters acknowledged they would shop more in physical stores that offer a "just walk out" payment experience. 69% would shop more in-store if there were shorter lines and direct shipping of out-of-stock items.
Spendsetters also like more control over the shopping experience by being able to interact on their terms, Adyen’s study revealed. For example, 59% want to use a store-branded app to pay on-site, and 80% reported that they’re comfortable using digital wallets.
Of the 250 business-to-consumer retailers operating in the U.S. covered in the survey, 46% indicated they’re considering cashless stores. Sixty-four percent see a need for staff to use mobile devices to better assist customers, and 67% see more customers using their mobile phones in-store for coupons, payments and product information.
Retailers are finally waking up to the reality to meet shopper desires – and they will profit from it.