Younger shoppers may be interested in in-store shopping, but the bricks-and-mortar experience needs to be adapted to modern technology. Generation Z and millennial consumers are the age groups most likely to shop at bricks-and-mortar stores, but they are also the most interested in retail stores incorporating emerging technology. According to a study conducted by Oracle NetSuite, Wakefield Research and The Retail Doctor baby boomers are both the least likely to shop in-store and the most likely to describe the retail environment as less inviting. They are also the least apt to be influenced by in-store technology such as virtual reality, while Gen Z shoppers are the most likely to have purchase decisions impacted by such tools. About half of those surveyed prefer to shop with a brand that has a physical store. But when it comes to luxury items such as high-end clothing, watches and jewelry shoppers prefer to buy directly from a brand’s website.
Wunderman Thompson Commerce drew these conclusions from a survey of 15,000 consumers who shop online through the United States, the United Kingdom, France, Germany, Spain, the Czech Republic, Belgium and the Netherlands. The study says, Amazon may be regarded as the biggest disrupter in retail, but luxury marketers and retailers may have a chance to attract younger consumers away from the platform based on brand values.
As e-commerce sales of luxury goods soar, an overwhelming number of consumers remain disappointed by their experiences with online shopping, particularly when it comes to speed and efficiency. Ninety per cent of shoppers have left an e-commerce website because it did not load as quickly as expected.