Survey: Trust in business key to loyalty, purchases for online Gen Z shoppers
Digitally-native Gen Z shoppers have a new currency: trust.
Unlike their older counterparts, Gen Z consumers are significantly more likely to stay loyal, spend more, recommend and join the loyalty programs among online businesses they trust most, according to “The Age of Online Trust,” a new survey from virtual waiting room provider Queue-it.
Trust also trumps cost for a majority of Gen Z shoppers. Specifically, 90% reported they would buy a product from a trustworthy business even if it costs 10% more (88% of their older counterparts agree).
"Trust has been important to every generation, but Gen Z has made it clear trust isn't optional," said Jesper Essendrop, CEO of Queue-it.
A majority of these younger shoppers (68%) not only expect more from retailers than they did last year, they place more value on trust in online businesses. For example, 70% are likely to spend more at trustworthy retailers compared to 60% of millennials and Gen X.
Meanwhile, 69% are likely to be more loyal vs. 63% of their older counterparts. More than three-quarters (76%) of these digitally-native shoppers are more likely to recommend trustworthy retailers, and 68% are more likely to join their loyalty program, the report said.
[READ MORE: Survey: Gen Z aims to cut spending, save more]
Gaining Trust
What’s Gen Z’s tip for gaining their trust? Retailers need to emphasize reliability and transparency. For example, 88% of Gen Z shoppers prefer an online queue to an error page or crashed website. This drops to 84% among millennials and Gen X.
Almost three-quarters of Gen Z shoppers (73%) are more likely to trust businesses that block bots and 65% are more likely to trust businesses that ensure fair access during limited-inventory sales or registrations. This is important to just about half (54%) of older counterparts.
"If businesses want to earn Gen Z's trust, they need to deliver fair, reliable experiences that work when it matters most,” Essendrop said. “Controlled traffic management is an important tool in making that happen."
