Survey Results Show a Disconnect Between Millennial Preferences and Retailer Beliefs
Merchant Warehouse®, a leading provider of payment technologies and merchant services, along with Retail Pro International, recently announced the findings of a joint survey designed to identify the knowledge gap that exists among retailers and millennial shoppers. Targeting millennial consumers, as well as U.S. retailers, the survey gathered insights on shopping preferences and retailer beliefs around attracting and engaging this particular shopping demographic.
“One of our goals when we launched this survey was to gain insight into how millennials are shopping and offer those findings to retailers so they can better attract and engage this specific demographic,” said Jenn Reichenbacher, senior director of corporate marketing, Merchant Warehouse. “What we found with these results is that retailers are just accepting myths as reality and engaging in activities that don’t necessary transfer to making the sale or creating a relationship with their millennial shoppers. In today’s world, with so many opportunities that evolving payments technology presents, there’s really no reason why retailers shouldn’t be creating deeper relationships with their customers.”
Survey findings busted a number of myths surrounding the millennial shopper, including:
“The reality is that there just isn’t room for error; with so much competition -- whether in-store or online -- retailers can’t risk losing this important demographic,” said Alexandra Frith, director of marketing, Retail Pro International. “These findings have allowed us to offer our retail customers strategic guidance to better understand their primary demographics, while more effectively delivering appealing options for the millennial shopper.”
Some additional key findings, specific to holiday shopping preferences for the 2013 holiday season, include:
The survey was completed in Q4 2013 through SurveyMonkey with more than 1,000 responses from millennial consumers and nearly 100 retailers.
For more information, visit merchantwarehouse.com.
About Merchant Warehouse
Merchant Warehouse is a leading provider of payment technologies and merchant services. The company’s solutions enable merchants to more effectively connect and engage with their customers regardless of how, where or when they choose to shop. Merchant Warehouse’s flagship technology solution, the Genius™ Customer Engagement Platform™, supports both traditional and new payment types, including mobile commerce, from a single countertop acceptance device.
Merchant Warehouse offers innovative payment solutions that help online and brick-and-mortar retailers, as well as point-of-sale (POS) developers, value-added resellers (VARs) and agents, strategically grow their business. Merchant Warehouse is one of the fastest growing payment technology companies in North America.