Sixty-eight of surveyed consumers said the in-store experience is an essential part of retail shopping
Zachary Russell|Digital Editor
Source: chainstoreage.com, November 2023
Despite the popularity on online shopping, the in-store experience is still valued by most shoppers.
Sixty-five percent of consumers said the in-store experience is an essential part of retail shopping, according to a new survey from financial services firm Synchrony. The study also noted the trend of older shoppers returning to physical stores: 74% of shoppers aged 65-plus and 71% of shoppers aged 55 to 64 purchased products in-store, compared with 66% and 67%, respectively, in 2021. In-store purchases for the 18-to-44 and 45-to-54 age groups remained relatively constant over the past two years.
“Retailers should pay close attention to the trend of older shoppers coming back to physical stores,” said Michael Bopp, EVP, chief growth officer at Synchrony. “If this behavior continues, retailers may want to consider everything from product mix to store layouts to welcome these customers.”
Synchrony’s ninth Major Purchase Journey study found that more than half of the respondents (58%) reported doing in-store research before making a major purchase. Younger shoppers continue to follow more of a digital journey, with 61% of shoppers ages 18-44 saying they conducted research through mobile channels.
The vast majority of respondents (81%) reported directly interacting with a salesperson while shopping for their most recent purchase. Nearly 70% ultimately made their purchase in-store versus buying online.
Other findings from the report are below.
•Half of survey respondents said that recent price increases have led them to seek financing options, and 66% agreed that financing makes larger purchases more affordable.
•More than three quarters of respondents (77%) said they use retail credit cards to take advantage of benefits when making purchases of $500 or more.
•The percentage of younger shoppers using mobile wallets was double that of every other age group surveyed.
“The results of the Major Purchase Journey study illustrate that rising costs have made financing more appealing for shoppers, particularly when they are looking to buy relatively expensive products such as home improvements, jewelry or electronics,” added Bopp. “Opportunities exist for retailers to drive engagement with financing throughout the purchase journey to increase sales conversion.”
