By 2020, retail must become more personalized, interactive, and omnichannel, suggests a recent study of Millennials and Generation Z by payment provider Capture. Future Trends in Consumer Behavior notes that, despite a lifetime of constant Internet connectivity, Gen Z in particular needs IRL experiences:
Our youngest generation is returning to traditional shopping channels, preferring real-life interactions, and developing their interpersonal skills.—op de Weegh
- They value face-to-face interaction as much as digital.
- They prefer to combine all platforms and channels with in-store experiences.
- Over half choose to communicate in-person.
- Over two thirds prefer to shop in-store.
- They appreciate quality and brand ethics over price.
- They expect personalized interactions.
“We are witnessing full-circle consumer behavior,” says Gijs op de Weegh, COO at Acapture. “While Millennials prefer to communicate entirely online, our youngest generation is returning to traditional shopping channels, preferring real-life interactions, and developing their interpersonal skills.”
The research has revealed that 40% of consumers will make an additional purchase when they visit a store for a click-and-collect order. Click and collect, also known as BOPIS, remains one of the most efficient means for a merchant to unite their online and offline channels, and increase conversion rates. Physical presence provides an opportunity to build a memorable face-to-face service, gives consumers an added layer of convenience, and facilitates 360-degree brand experience.
The report points to data science, artificial intelligence, and machine learning for those needed solutions.
For further insights into AI and other technologies in retail, attend the Shop!X Annual Meeting, Nov. 8-10 in San Antonio, Texas, U.S.