For millennials, emotions rule the online shopping experience
Retailers are being advised to develop emotional intelligence as new research suggests that millennials are more likely than older generations to be influenced by emotional factors when shopping online.
Leading payments provider Klarna asked 2,000 consumers across the UK about how they feel when adding items to their online basket and during checkout, and found that these insights can help retailers adapt their customer journey to offer shoppers a better online experience.
According to the survey, millennials experience higher levels of excitement than their older counterparts when shopping online, but also show higher levels of anxiety, impulsiveness and impatience.
52% of millenial consumers said they worry they can’t afford the purchase during checkout, and one in five has abandoned a purchase because of worry about regretting it later. By contrast, only 16% of over 55s reported concerns about not being able to afford a purchase.
But there is a solution to this, as 20% of millennials said they would feel less guilty if they were offered deferred payment options, and one in five would be more likely to complete a purchase if they knew they could spread the cost over time.
Luke Griffiths, UK General Manager, Klarna, said: “Payment is still a sticking point for many consumers - with one in four feeling frustrated when the checkout doesn’t remember their details and one in four millennials saying that they are more likely to complete a purchase if one click payments are in place. Competition in the marketplace is fierce, winners will be retailers that build shopper affinity by offering a fast, easy checkout with flexible payment options.”
BASKETS AS WISH LISTS
The consumer research reveals new insights into the real use of online baskets, with a significant 89% of millennials saying they use the basket as a tool to review costs. Meanwhile, more than three quarters often use their basket as a wish list, compared with only 29% of over 55s, and 74% admit to adding items to a basket with no clear intention to buy.
Klarna advices retailers to offer time bound incentives, as the research shows that 58% of millennials are more likely to complete a purchase if an online offer is going to expire. Educating shoppers about pay after delivery or consumer finance options can also encourage millennial customers to complete their purchase.
Other website features such as showing stock levels and displaying expert advice from social influencers can also help retailers nudge this important group of consumers to checkout.
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