Younger Generations May Gravitate Toward ‘Try Before Buy’ Initiatives
Klarna, the global payments provider differentiating itself via its “smoooth” branding campaigns and efforts to deliver frictionless shopping experiences, released a study on the potential of “try before buying” — among other insights.
Surveying 1,000 Gen Z and Millennial shoppers, the report summarized that — irrespective of age — consumers value “seamless, personalized and flexible shopping experiences.”
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Although 73 percent of consumers believe retailers can’t re-create the uniquely “human experience” granted by shopping in-store, retailers are bolstering efforts to appeal to the online, mobile-savvy shopper.
Within the findings, this online experience constitutes payment flexibility, seamless checkout, mobile and web-friendly browsers, free or simplified returns and potentially “try before you buy” initiatives.
Ease of returns is always top-of-mind for customers. Over two-thirds, or 66 percent, say a “free and easy returns policy” is one key aspect that would improve the shopping experience and 53 percent said a “slow and expensive returns process” would prevent a repeat purchase from a retailer.
As indicated in the report, allowing customers the option to try clothes before buying could facilitate “higher online spending.” Advantages of physical retail, such as touching and trying a product, may be bridged through try before buy initiatives.
Almost half, or 46 percent, of U.S. shoppers say they like to “touch and try items before they buy them.” On the other hand, 29 percent of shoppers prefer to browse online then buy it in store.
With advantage to high-end and luxury price points, options such as deferred payment or pay later may help shoppers along a smoother, more fulfilling purchase journey. Of those respondents, 37 percent of Gen Z shoppers and 30 percent of Millennials expressed interest in “flexible payment methods.”
Acknowledging the 55 percent of survey respondents who still prefer online shopping for greater convenience, the online shopping experience will consistently be redesigned with greater flexibility in mind.
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