Survey: Gen Y Shoppers Want Low Prices, Boomers And Seniors Want Good Service
Every time a shopper chooses to buy a product, he or she makes a choice among countless retailers. Why do consumers choose one retailer over the others?
That is the billion-dollar question for retailers, often solidifying the difference between the Fortune 500 list and bankruptcy.
Bizrate Insights, a division of retail marketing solutions firm Connexity, recently conducted a survey of more than 13,000 shoppers to try to get some answers about why they choose the retailers then choose. Here’s a look at what they found.
Service Versus Price
When Bizrate asked shoppers about the primary reason they decided to buy from certain retailers, about 40 percent of Gen X and Gen Y respondents chose price as their top motivation, more than both Boomers (35 percent) and seniors (31 percent).
However, 16 percent of Boomers and seniors indicated that service (“they have treated me well in the past”) was the most important factor, more than both Gen X (12 percent) and Gen Y (9 percent).
Clearly, older shoppers value service more and low prices less than younger shoppers. However, it’s important to note that all shoppers of all generations rated price as the top influence. Overall, 37 percent of respondents listed lowest cost as the most important factor, nearly three times the percentage that listed service as most important.
“When affordability is less of a factor, the lasting impression of having been treated well is the leading influencer of loyalty,” Bizrate Insights Vice President Hayley Silver explained. According to Silver, the elements of service that shoppers value most include “customer support,” “product met expectations,” “on-time delivery” and “design of site.”
Image Credit: Public Domain
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.