MILLENNIALS EXPECTATIONS VS RETAILERS PRIORITIES BRIDGING THE OMNI-CHANNEL REALITY GAP TO DRIVE GROWTH A CHASE PAYMENTECH BLUEPRINT
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1 MILLENNIALS EXPECTATIONS VS RETAILERS PRIORITIES BRIDGING THE OMNI-CHANNEL REALITY GAP TO DRIVE GROWTH A CHASE PAYMENTECH BLUEPRINT
2 AT A GLANCE 2015 is the Year of the socalled Millennial (18-34 year olds) who may become the most important customers your business has ever seen 1. FIND OUT MORE. PAGE 5 68 per cent of people surveyed who have children aged 16 and under living at home, say their online shopping behaviour has changed because of this youthful influence 2. FIND OUT MORE. PAGE % Recent research has revealed that 58 per cent of British online shoppers have abandoned a shopping cart due to payment issues in the last 12 months 3. FIND OUT MORE. PAGE 11 2
3 MILLENNIALS EXPECTATIONS VS. RETAILERS PRIORITIES 88 per cent of daily online shoppers use a mobile to shop 4. FIND OUT MORE. PAGE 9 88 % 86 % 86 per cent of weekly online shoppers said a simple and efficient checkout process will convert them into repeat and loyal customers 6. FIND OUT MORE. PAGE 11 Millennials are more likely to start and end their shopping journeys on their smartphone than any other age group 5. FIND OUT MORE. PAGE 9 3
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5 MILLENNIALS EXPECTATIONS VS. RETAILERS PRIORITIES 2015 is the Year of the so-called Millennial, which we define as those born between 1980 and 2000, and they may become the most important customers your business has ever seen. They are the largest generation in world history 7 and combined, they will soon have a wallet force larger than that of the baby boomers 8. However, Millennial customers i.e. those born after 1980, bring an entirely new set of expectations to the market. This generation, also known as Gen Y, is the first generation of digital natives and they are defined by the digital world they have known since infancy. They differ from previous generations in how they think about customer service and how they want retailers to engage with them. This is the new Millennial world - a world where the real world and online culture are continuously blending together, blurring the lines between on-and offline shopping and changing the shape of the retail landscape as we know it. The implications this Millennial world brings for retailers are significant. Not only do retailers need to be up to speed on the basic technologies and platforms available for them to interact with their Millennial customers, they also need to join them together seamlessly from the customer s point of view. In addition to this, the influence the younger generations are having on other generations online behaviour is not to be underestimated. Millennials are transforming their parents shopping behaviours, as they become more confident online shoppers and demand more from online retailers as a result 9. Retailers will therefore need to increasingly adopt a Millennial mindset if they want to win over not only Millennials wallet power, but that of older generations too. And, while many retailers may have made advancements in the in their multichannel experience, there is still some way to go to close the gap between Millennials expectations for a consistent experience across all retail outlets, both physical and digital, and the experience retailers are currently offering. In this BluePrint we explore those gaps and look at other emerging opportunities that online retailers can capitalise on to drive omni-channel engagement and ultimately growth. 5
6 MIND THE CONSISTENCY GAP PAY HER E The shopping preferences of Millennials are very different from past generations: there is no longer such a thing as an offline or an online journey to purchase, as every journey is a combination of both. This is a generation that is hungry for convenience so brands need to be able to connect the dots between supplier, location, customer and product information in real-time, anytime. 6
7 MILLENNIALS EXPECTATIONS VS. RETAILERS PRIORITIES For Millennials, a seamless shopping experience means the ability of a retailer to deliver a consistently personalised experience for each individual customer, at every touch point anytime and anywhere. To this end, retailers need to be able to have a single conversation with their customers - not one that changes from smartphone to PC to physical store. Fail to meet these needs and the customer will turn to a competitor who does meet them. The good news is that, compared to last year, online retailers have made progress in ensuring basic consistency with 83 per cent of online retailers now offering a device agnostic solution and specifically adapting the design and functionality of their sites per channel 10. However, in a recent survey, amongst the 86 per cent of retailers who claimed to sell through multiple channels, one in two admitted that there was some degree of inconsistency in what they offer to customers across their different online channels 11. The main area of inconsistency is the company s discount and promotional offers. Whilst 77 per cent of consumers expect the same discounts and promotions to apply on- and offline 12, in reality over a third (36 per cent) of retailers admitted that these offers are not the same across the different channels 13. Product ranges differ across channels for 12 per cent of retailers, and a quarter of retailers admitted that their loyalty schemes are channel specific 14. Contrast this to the 92 per cent of British online shoppers who expect consistency when shopping from a single retailer, and there is still some way to go to close the gap between customer expectation and retail reality 15. In essence, the ability of brands to create a truly seamless and integrated experience relies on their ability to generate a single view of the customer across multiple channels. With this in mind, this expectation gap looks set to remain or grow even bigger as recent research shows that only 15 per cent of retailers are planning to invest in this area in the next 12 months 16. 7
8 THINK MOBILE 8
9 MILLENNIALS EXPECTATIONS VS. RETAILERS PRIORITIES According to research from Ofcom, the UK communications regulator, more than two in three UK adults about 35 million people now have a smartphone 17. And, whilst it may be of no surprise that penetration amongst 18 to 44 year-olds is just above 80 per cent, the biggest rise is among 55 year-olds, with one in two now owning a smartphone 18. In fact there is a striking correlation between the frequency of shopping and the degree to which people shop using a mobile. Interestingly, recent research from Criteo reveals that mobile commerce now accounts for 34 per cent of all ecommerce transactions globally, with the UK s mobile share significantly above average at 44 per cent in quarter one of This is largely being driven by Millennials preference for using smartphones over traditional computers 20. Millennials also are more likely to start and end their shopping journeys on their smartphones than any other age group. Research conducted by Global Market Insite revealed that 18 per cent of Millennials begin their path to purchase on a smartphone and 13 per cent completed the cycle via smartphone too, well ahead of older cohorts 21. So, with 88 per cent of daily online shoppers using a mobile to shop 22, the time to think mobile-first was yesterday. Mobile devices may be accounting for a growing number of online purchases, but consumers are still finding mobile commerce a frustrating experience. According to a recent survey, almost 17 per cent of respondents surveyed, failed to progress with a sale due to frustrations when shopping from their mobile device 23. When looking at Millennials specifically, this figure rises to 28 per cent for year-olds, 30 per cent for year-olds and 23 per cent for year-olds 24. Unsurprisingly, this is having a major impact on those businesses that fail to address these concerns. According to research from Oracle, 54 per cent of Millennials globally say that after a poor mobile experience with a company, they would be less likely to use any of its other products or services. Just as crucially, 39 per cent said it would make them less likely to recommend the company s products or services to others, while 27 per cent admit it would even give them a negative view of that organisation s products or services altogether 25. Getting the mobile customer experience right should be the single most important priority for online retailers. The landscape of mobile commerce is changing very quickly, and online retailers are clearly taking note, with 29 per cent setting their sights on mobile innovation and prioritising investment in developing mobile channels over the next 12 months, second only to improving their use of social media, which occupies the top spot 26. Many companies have already begun to appreciate the value of a mobile-first approach applications from the likes of Uber, Spotify and Airbnb are not only nice to look at; they are intuitive, and most importantly they seamlessly deliver services that are well suited to young peoples mobile lives. So, with mobile-optimised s and responsive mobile websites being the absolute bare minimum of an acceptable mobile strategy, it s time for retailers to take their mobile strategy to the next level. getting the mobile customer experience right should be the single most important priority for online retailers. 9
10 10 DELIVERING A MILLENNIAL-READY CHECKOUT EXPERIENCE
11 MILLENNIALS EXPECTATIONS VS. RETAILERS PRIORITIES There are many facets to creating a seamless online retail experience but one element which is regularly overlooked comes towards the end of the customer s shopping journey and is in fact one of the main reasons for cart abandonment. Recent research has revealed that 58 per cent of British online shoppers have abandoned a shopping cart due to payment issues in the last 12 months. Clunky interfaces will translate into lost customers, as this research highlighted, with just under a third (32 per cent) of shoppers abandoning their cart due to a poor and cumbersome checkout process. Another one in four shoppers (24 per cent) did not complete their purchases because they had security concerns about the site 27. To succeed online, retailers must also consider an omni-payment strategy to keep Millennial customers happy. The front-end of a website may be beautifully designed, with a vast selection of merchandise, but if Millennials cannot pay how they want to, products will remain unsold. In fact, one in five shoppers have abandoned a purchase because the online retailer did not offer their preferred payment method 28. But despite the payment process being one of the most crucial in terms of actually securing the sale, research has revealed that some companies have not dramatically changed the way they handle payment in the last 15 years, with a staggering 34 per cent of online retailers admitting that their online checkout process had never been overhauled 29. This is especially surprising given all the changes that have taken place in the retail industry across the last five to ten years. In fact, it appears that the majority of investment is aimed at improving the pre- and post-checkout experience from marketing campaigns and the online browsing experience to delivery, fulfilment and loyalty schemes. Only 18 per cent of online retailers have prioritised the crucial checkout stage for investment 30. Tellingly, the checkout experience is also a deciding factor in terms of repeat visits and ensuring customer loyalty, with 84 per cent of British online shoppers saying a poor online checkout experience would be enough to stop them returning to a particular company s website or app in the future 31. Get it right though and a simple and efficient checkout process can help convert frequent online shoppers into repeat and loyal customers. Indeed 86 per cent of weekly shoppers said this applies to them per cent of british online shoppers have abandoned a shopping cart due to payment issues in the last 12 months
12 ADOPT A MILLENNIAL MIND-SET Millennials are not only transforming their own shopping behaviours but also those of their parents. Indeed 68 per cent of people surveyed who have children aged 16 and under living at home, say their online shopping behaviour has changed because of this youthful influence 34. Respondents agreed that they have become more demanding of retailers (12 per cent) as well as becoming more impatient with websites, and are seeking a personalised (11 per cent) and more exciting (10 per cent) online shopping experience 35. Interestingly, 64 per cent of Millennials surveyed admitted that people younger than them have influenced their online shopping behaviour 36. This ripple effect can be universally applied across all age groups, and as each new generation adopts new behaviours, online retailers will be forced to adapt their approach accordingly. One consequence of this evolution is that the retail environment will probably change faster than many companies can anticipate in the coming years, and many retailers will find themselves falling further and further behind. 12
13 MILLENNIALS EXPECTATIONS VS. RETAILERS PRIORITIES 13
14 INVESTING FOR THE FUTURE The good news for the retail industry is that many retailers are now working on forging a convincing online presence and are recognising the growing importance of other platforms, such as mobile and social media. In fact 96 per cent of online retailers are planning to invest in some area of ecommerce in the next 12 months 37. One front-runner in terms of investment priorities for online retailers may be to make better use of social media (38 per cent) 38. This is not surprising as social media is extremely important on mobile. In addition, one in five online retailers plan to invest in optimising payments for smart technology (18 per cent), adding new payment methods (19 per cent) and creating a simplified payment process (19 per cent) 39. Many traditional retailers are also looking to demonstrate their relevance in a digital world and are exploring ways of harnessing digital innovation for the benefit of their customers and ultimately drive growth. For example, some brands have opened cashless stores that only accept mobile payment. Other stores have mannequins with built in beacon technology to tell customers via their smartphone what the mannequins are wearing and where the items can be found in store or online 40, or alternatively trialling interactive windows so even when they are closed you can continue your shopping experience online per cent of online retailers are planning to invest in some area of ecommerce in the next 12 months
15 MILLENNIALS EXPECTATIONS VS. RETAILERS PRIORITIES FINAL THOUGHTS Although retailers have clearly made headway in offering shoppers a consistent cross-channel experience, becoming fully omni-channel remains a work in progress. This is partly due to retail not yet catching-up with shopping habits that continue to evolve rapidly, and partly because new technology continues to be developed apace, increasing the possibilities for consumers and retailers alike, both online and in-store. The Millennial generation represents the future of ecommerce, and as this new generation becomes more commercially significant, online retailers must recognise that they will have to continually adapt their strategies to remain relevant to an audience that is increasingly mobile, visual, social and collaborative. 15
16 Challenges, March 2015 page 98, Influence of younger people on online shopping behaviour Challenges, March 2015 page 81, Reasons for abandoning shopping carts Challenges, March 2015 page 76, Shopping frequency Ends-on-Smartphones-UK-Millennials/ Challenges, March 2015 page 108, Drivers for repeat custom, shopping frequency the-millennial-customer-has-arrived-has-200-billion-to-spendand-wants-a-new-style-of-customer-service/ Challenges, March 2015 page 98, Influence of younger people on online shopping behaviour 10 Challenges, March 2015 page 24, Approach to consistency across e-commerce channels 11 5 Challenges, March 2015 page 23, Consistency across e-commerce channels 12 Challenges, March 2015 page 69, Expectations for consistency from individual retailers 13 Challenges, March 2015 page 23, Consistency across e-commerce channels 14 8 Challenges, March 2015 page 23, Consistency across e-commerce channels 15 Challenges, March 2015 page 69, Expectations for consistency from individual retailers 16 Challenges, March 2015 page 51, Planned investment in e-commerce 17 Ofcom: Adults media use and attitudes, May 2015 page 54, Section 4.2, 2nd bullet Criteo: State of Mobile Commerce Q slide 6 20 Criteo: State of Mobile Commerce Q slide Ends-on-Smartphones-UK-Millennials/ Challenges, March 2015 page 76, Shopping frequency 23 Challenges, March 2015 page 81, Reasons for abandoning shopping carts 24 Challenges, March 2015 page 84, Reasons for abandoning shopping carts, Age 25 Millennials and mobility, Oracle 2014 page 14, paragraph 2, first two sentences 26 Challenges, March 2015 page 51, Planned investment in e-commerce 27 Challenges, March 2015 page 81, Reasons for abandoning shopping carts 28 Challenges, March 2015 page 81, Reasons for abandoning shopping carts 29 Challenges, March 2015 page 48, Time since last online checkout process overhaul 30 Challenges, March 2015 page 55, Recent investment in online shopping stages 31 Challenges, March 2015 page 98, Influence of younger people on online shopping behaviour 32 Challenges, March 2015 page 108, Drivers for repeat custom, shopping frequency 33 Challenges, March 2015 page 81, Reasons for abandoning shopping carts 34 Challenges, March 2015 page 98, Influence of younger people on online shopping behaviour 35 Challenges, March 2015 page 98, Influence of younger people on online shopping behaviour 36 Challenges, March 2015 page 97, Influence of younger people on online shopping behaviour 37 Challenges, March 2015 page 51, Planned investment in e-commerce 38 Challenges, March 2015 page 51, Planned investment in e-commerce 39 Challenges, March 2015 page 51, Planned investment in e-commerce Ralph_Lauren_Mobile.php 42 Challenges, March 2015 page 51, Planned investment in e-commerce FOOTNOTES Chase Paymentech Europe Limited, trading as Chase Paymentech, is a subsidiary of JPMorgan Chase Bank, N.A. (JPMC) and is regulated by the Central Bank of Ireland. The information herein or any document attached hereto does not take into account individual client circumstances, objectives or needs and is not intended as a recommendation of a particular product or strategy to particular clients and any recipient of downloadable document shall make its own independent decision. This downloadable document and the information provided herein may not be copied, published, or used, in whole or in part, for any purpose other than expressly authorised by Chase Paymentech Europe Limited. 2015, Chase Paymentech Europe Limited. All rights reserved.
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