Synchrony Financial shares 4 most-valued customer experiences
STAMFORD, Conn. — The in-store customer experience trumps price sensitivity, according to a Synchrony Financial survey released Wednesday that examined 27 elements of the shopping experience. More than half of shoppers say they would pay a higher price for the customer experiences they value most, and 77% of shoppers would be more loyal to stores that provide their personal top three customer experiences.
“Retailers that build lasting loyalty know their customer’s preferences and integrate these elements into the shopping experience,” stated Toni White, chief marketing officer, Synchrony Financial. “This study reinforces the finding that purchase decisions are driven by positive, practical and personalized experiences, in addition to a compelling price/value equation.”
Of the 27 retail elements studied, four emerged as most valuable to consumers and indicate the importance of simplifying and easing the shopping experience:
Pick your own sale items ranked highest in the survey, with 42% of customers finding this a valuable shopping feature;
Hassle-free returns was noted by 41% of respondents as important, with favorite benefits such as no time limit, no need for a receipt and free postage on returns;
No coupons needed to always get the sale price is key for 40% of participants who automatically want the lowest price without having to clip or find discounts; and
Earn points to redeem for extra savings is ranked by 33% of shoppers as an important benefit and may lead them to spend more with the retailer when rewards are easy to accumulate and redeem.
Certain experiences matter more than others to different shopper segments. The vast majority of millennials (89%) indicate they would be more loyal to retailers offering the benefits they want most. Millennials (69%) and Gen Xers (55%) are also more likely to pay more for the experiences they value.
Across mass merchants, specifically, 57% of customers want a one-stop shopping experience and good discounts, deals and prices; the merchandise they want; and to make one trip with products that are easy to find.
The study focused on apparel, department store and mass merchant retailers and included more than 1,000 consumers nationwide who make household financial decisions, have a credit card, and shopped at one of 35 retailers in the past 12 months.