Paymentsense, Europe’s largest merchant services provider, today released new findings on the waning level of consumer patience in Britain.
In partnership with YouGov BrandIndex, the only daily consumer perception research service of brands, Paymentsense found that 37% of Gen Z’s (respondents aged 16-24) agreed that access to online shopping has made them more impatient while shopping in store for retail purchases.
Furthermore, 41% of those aged under 40 prefer to shop online rather than in-store, those respondents claiming it is due to a combination of convenience (81%) , cost (63%), there being no queues (64%) and choice (61%).
This new data from Paymentsense highlights the necessity of UK high-street brands to transform their businesses and embrace digital technology. The British consumer is becoming more impatient with long queues, lack of choice and higher costs, resulting in them choosing to shop for retail products from the comfort of their own homes.
Further to the typical causes of impatience, the findings highlight a growing desire for alternative, more efficient methods of payment.
In 2017, card payments overtook cash as the most frequently used payment method in the UK. However, today’s findings show over 31% of British consumers would prefer to use methods of payment that are currently only seen in sci-fi films rather than reality.
US and Asian investment in UK tech skyrockets
These include fingerprint scanning (26%), retina scanning (16%), and embedded microchip payments (9%). 12% of British consumers said that a wider variety of payment methods like these would improve their in-store shopping experience.
“Retailers operate in an experience economy. Consumers expect, and now demand, a first-class level of service when they enter a store and will leave and not return if they have had a bad experience,” said Guy Moreve, Chief Marketing Officer at Paymentsense,
“The in-store experience starts the moment a consumer sets eyes on the store front, and their last interaction before they leave is paying for any goods or services. A long queue, a faulty payment device, or a ‘cash-only’ sign not only frustrates consumers but will stop them from returning. It is imperative businesses react and ensure they’re delivering the complete service demand by their customers. Failure to do so will hinder their growth and continued success.”
Following the analysis of more than 24,000 tweets over the last 12 months, the most impatient time for in-store purchases was the week prior to the 25th December and the impending holiday period, with a 300% spike in tweets expressing consumer frustrations.
Although technology may be a cause of the rising level of impatience, it also looks to be the solution. As 46% of Gen Z feel smart technology within the store environment would improve their experience. This includes using a mobile device to locate products in-store to remove the need to ‘go hunting’ for products themselves.