Smart Retail Tech 2024 Expo: Worldpay’s Mia Vigar talks different types of modern consumers and payers
The six new shopper types detailed in WorldPay’s global research report entitled Future Shoppers were shared by Mia Vigar, Retail Insights Lead at the acquirer, on the second day of Smart Retail Tech (28th February) at London ExCel, alongside the most relevant tech and tips to target them.
From big spenders to bargain hunters, customers are driven by different needs and wants. Identifying and serving them, with the support of appropriate technology and data analytics, is crucial for 21st century retail success.
“Worldpay recently surveyed 5,000 consumers around the world to identify the different types of modern consumers and payers,” explained Vigar, standing in for her colleague Nicole Asling, who couldn’t make it on the day.
“Germany have more basic buyers who tend to be approaching retirement and aren’t active on social media or tempted by impulse buys,” said Vigar. “But they do value tactile interactions and loyalty offers, often in-store.”
“This compares to the UK where the bargain hunter – typically middle-aged – is the most popular type of consumer,” continued Vigar. “Price trumps everything for them and they value authentic sales and may be tempted by pre-owned offers.”
Alongside bargain and basic types, the big spender is the polar opposite favouring 1-click checkout technology that caters for their own currency online, social media purchases, and buy now pay later (BNPL) functionality if their appetite doesn’t quite match their wallet.
The other types of shoppers identified, each with their own representative persona, were:
· Trendsetters – ‘Silvia’ is a 38 year-old who is motivated by aesthetic values of style and value.
“This type of shopper really appreciates personalisation as well in retail interactions,” said Vigar, who added the granular details that. “58% of them shop through on more than three channels, unlike other respondent types where it’s under half that do this. Omnichannel matters to this type. They might be interested in live stream events on TikTok too.”
· Aspirational – Clover, 22, loves social media and “has a PhD in brands” but “worries about job security more than other types.” Almost a quarter of respondents fell into this category. Time will tell if they become the aforementioned big spenders.
· Conscientious – consumers as represented by the illustrative Vikram, 48, Gen X persona value local, sustainable and in-store experiences.
“They typically have kids, aren’t worried about job security but do value resell schemes to cut wastage. This is overtaking the fast fashion segment in its growth,” said Vigar.
Some more general findings from WorldPay’s Future Shoppers report included that 59% of all total respondents were worried about the standard of living decreasing in these tough economic times.
But 60% were still interested in potential retail subscriptions, which illustrates that there is still business out there for retailers that know where to look and how to effectively target their efforts.
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