Retailers must develop emotional intelligence (EQ) and alter their customer journey accordingly to nudge shoppers to a better online experience.
So finds new consumer research by Klarna, which also shows that 16 to 34 year olds are more likely than older generations to be influenced by emotional factors when shopping online.
For the millennial generation – the largest group of online shoppers – the traditional linear customer journey is more akin to a rollercoaster, marked by highs and lows of emotion.
According to Klarna’s consumer research, millennials experience higher levels of anxiety, impulsiveness and impatience than their older counterparts. Klarna’s consumer research shows two thirds (68%) of millennials reported feeling excitement when adding items to their online basket, compared to less than a quarter (24%) of people over 55.
The flip side of this excitement is lows caused by anxiety and guilt, with 52% of millennials saying that they worry that they can’t afford the purchase during checkout, compared to only 16% of over 55s. One in five millennials have abandoned a purchase because of worry about regretting it later.
Increasing merchant EQ
The extremes of emotion experienced by millennials must be navigated carefully so retailers can effectively guide this group through the purchase process.
Allowing shoppers to try before they buy is an easy way to build brand loyalty – findings from Klarna’s consumer research show that 20% of millennials would feel less guilty if they were offered deferred payment options, and one in five would be more likely to complete a purchase if they knew they could spread the cost…