May 1, 2018
Score another one for Amazon. If the results of a new survey are an indication, U.S. consumers are clamoring for the “just walk out” in-store payment experience offered by Amazon in its Amazon Go convenience stores. In the last 12 months, the report said, 86 percent of a digitally adept segment of U.S. consumers researchers tabbed “Spendsetters” left a store because of long lines, costing retailers nearly $38 billion in sales. Spendsetters, according to the firm 451 Research, account for more than one-third of all consumers and 52 percent of millennials. Retailers, however, do not appear ready to serve this segment.
In addition to how Spendsetters are driving payment and behavior trends in online and in-store shopping, the survey illuminated a deep divide within companies that want to deliver these services between the executive level and the operational level. Fraud prevention is one area in which there is a disconnect. The report found that 83 percent of executives feel their company is prepared to effectively address fraud, only 60 percent of those at the operational level felt so. Going cashless is another disconnect. Nearly 80 percent of executives said their companies are considering cashless stores that only accept cards or other digital payment options. At the same time, only 36 percent of operations personnel said the same.