Over the past 12 months, 86% of U.S. consumers have left a store due to long lines, and either purchased from a different retailer instead or didn’t buy anything at all – resulting in about $37.7 billion lost in potential sales for retailers, according to a survey by Adyen. In addition, $1.1 billion in potential sales were lost when retailers didn’t support their customers’ preferred payment methods.
Retailers must deliver experiences that cater to their customers’ unique needs to compete in today’s environment, the survey stated. Spendsetters, a key segment that emerged in the study, love to use digital technology and tend to be early-tech adopters.
This group, made up of a third of all consumers and 52% of Millennials, will set the trends for how people want to spend and shop.
“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.”
For the full story, go to this week’s Food Institute Report.