How Technology and Millennials Are Shaping the Future of Retail

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Shoppers want to be in control: they want to control how their data is used, they want to choose their preferred payment method , and they also want to decide what time they want to shop and not just during your opening hours.

What are Spendsetters ?
Spendsetters are the inveterate users of technology who have the highest demands in terms of digital shopping experience. In Europe, almost 51% of all consumers fall into this category.

Among the famous millennials (18 – 34 years old), three out of five consumers are considered Spensetters. Their appetite for online shopping experiences is great. They are considered the pioneers of the new trend that will govern the future of the shopping experience .

Spendsetters are opposed to Resisters who number only 8% in the study conducted. Resisters do not like to use technology and are often very slow to adopt it.

And then in between, there are 41% of Fence-sitters , who are on the verge of adopting and using technology, but who prefer to analyze and observe first. Fence-sitters have a high chance of becoming Spendsetters.

How Technology and Millennials Are Shaping the Future of Retail
Millennials want new experiences
Spensetters want a next-generation shopping experience where technology is interconnected with the customer journey . They don’t want an inconsistent and contradictory online and offline experience. They want to be able to start their shopping journey on one sales channel and complete it on another without interruption.

We are seeing retail move beyond omnichannel strategies . Today’s consumers expect seamless, intelligent, and ubiquitous experiences. We are seeing a shift in the importance of price to the student data importance of experience. The retailer must no longer focus on just selling a product or service, but on the experience offered. This includes digitizing the in-store experience.


Technological solutions
The study shows that retailers have lost €17.9 million to competitors over the past 12 months due to long checkout times and €1.3 million in potential sales lost due to the payment methods offered.

By implementing simple and effective solutions, retailers will already be able to improve loyalty, conversion rate, average purchase ticket and in-store and online traffic.

Mobile cash register system
Long lines at checkout are one of the biggest barriers — 41% of respondents prefer not to shop in-store because they don't want to wait in line.

One solution that could significantly reduce this waiting time is the use of a mobile checkout system . Retailers could collect customer purchases anywhere in the store and even in the fitting rooms! However, only 28% of retailers offer this solution .