To date, economic indicators have not cast the brick-and-mortar retail market in a positive light with budget deficits mounting, high unemployment, and the average consumer’s balance sheet—while improving—remains shaky according to research carried out by McKinsey.
Over the last 12 months, 51% of those living in the United Kingdom will have experienced a service which did not live up to their expectations on eleven different occasions. New research findings from Qudini highlighted that failure to accommodate for consumer demands in each generational age group will have resulted in lost revenue.
While discrepancies and inconsistencies in retail environments are nothing new, retailers have to date failed to bridge the gap between retail strategy and the behavioral, demographical and geographical characteristics associated with each generation.
Deep delving into retail customer pain points
The Qudini team conducted a comprehensive survey with over 2,000 consumers across the United Kingdom to ascertain their viewpoints about the state of the brick and mortar retail market in 2017. This research focused on the key points and customer complaints experienced per generation across England, Scotland, Wales and Northern Ireland and how these groups represent lost pockets of revenue and markets if not tapped into correctly.
The research uncovered that retailers are poised to meet the varying needs of its consumers – not into different approaches for different audiences, but by being brands that can give every individual the experience they are looking for. To understand how to address the differing needs of these different sets of consumer groups, it’s important to understand their respective shopping habits.
Understanding behavioral trends
By understanding behavioural trends associated with each generational age group, retailers can use this data to be able to reshape their retail strategies to align with customer expectations. Over the course of the research process, various generations were chosen in order to compare and contrast similarities with the younger and older generations when an in-store/branch experience falls short of expectations and the reasons behind this.