Half of millennials and Gen Z now avoiding the High Street
Over 41 per cent of under-40s prefer to shop online, choosing to avoid the High Street.
This is according to new figures from payment provider Paymentsense, which found that those who reject the High Street most commonly do so for reasons of convenience (81 per cent), cost (63 per cent), avoiding queues (64 per cent), and choice (61 per cent).
Millennials and Gen Z are also calling for new, alternative methods of payment. Some 31 per cent of British consumers now want to use payment methods that are not currently available. Around one in four said they want to pay by fingerprint scan, 16 per cent by retina scan, and a staggering 9 per cent via embedded microchip payment.
Meanwhile 46 per cent of Gen Z consumers also feel that smart technology would improve in-store experience - in particular the ability to locate products virtually, rather than having to hunt for them.
Commenting on the research, Paymentsense CMO Guy Moreve said: “Retailers operate in an experience economy. Consumers expect, and now demand, a first-class level of service when they enter a store and will leave and not return if they have had a bad experience.
“The in-store experience starts the moment a consumer sets eyes on the store front, and their last interaction before they leave is paying for any goods or services. A long queue, a faulty payment device, or a ‘cash-only’ sign not only frustrates consumers but will stop them from returning.
"This data showcases these continued customer frustrations. It is imperative businesses react and ensure they’re delivering the complete service demand by their customers. Failure to do so will hinder their growth and continued success.”