Leverage Emotional Intelligence to Master the Millennial Mind
It turns out that a high-level of emotional intelligence could greatly benefit e-commerce brands - particularly those that primarily service the millennial generation.
According to recent consumer research from Klarna UK, millennials experience higher levels of anxiety, impulsiveness and impatience than their older counterparts. The research indicates that two thirds (68 percent) of millennials reported feeling excitement when adding items to their online basket, compared to less than a quarter (24 percent) of people over 55.
Other highlights of the study include:
+ 20 percent of millennials would feel less guilty if they were offered deferred payment options, and one in five would be more likely to complete a purchase if they knew they could spread the cost over time.
+ 89 percent of millennials use the basket as a tool to review costs, while more than three quarters often use their basket as a wish list, compared with only 29 percent of over 55s. Meanwhile, nearly three quarters (74 percent) admit to indulging in ‘buzz browsing’ – adding items to a basket with no clear intention to buy.
+ 58 percent of millennials are more likely to complete a purchase if an online offer is going to expire, so tapping into this fear of missing out by offering time bound incentives and educating shoppers about pay after delivery or consumer finance options can encourage customers to complete their purchase
“Our insight proves that the online customer journey is more complex than ever, with shoppers being driven by emotional factors," said Luke Griffiths, UK General Manager, Klarna. "Retailers must develop EQ to deliver a positive online customer experience that smooths the highs and lows."
“Payment is still a sticking point for many consumers – with one in four feeling frustrated when the checkout doesn’t remember their details and one in four millennials saying that they are more likely to complete a purchase if one-click payments are in place. Competition in the marketplace is fierce, winners will be retailers that build shopper affinity by offering a fast, easy checkout with flexible payment options.”