Survey: 54% of Gen Zers Skip Completing a Purchase Because of This Reason

Photo: Cottonbro Studio/Pexels

Former NFL head coach Bill Parcells is often credited with what for a long time—was one of my absolute favorite quotes. That quote is that, the best ability is availability. The thing that made this rudimentary quote so compelling to me, is simple. Out of all the abilities to have, the one that matters most is the ability to be available when needed. 

For years, I would refer to that quote in reference to things like: a friend keeping their word whenever we’ve made plans. Or a classmate not showing up for a group assignment. And especially—whenever a co-worker slacked in the attendance department—thus leaving others (myself included) to pick up their slack. 

Yet for as much as I once favored that quote, in time, what I’ve come to realize is that the best ability to possess isn’t availability—it’s actually reliability. Why's that? Think about it, just because someone is available, it doesn’t necessarily mean that you could rely on them to consistently deliver what's needed. 

And as over Gen Z consumers could corroborate—businesses that cannot be relied upon to provide one particular payment option—could forget about securing a sale with over 50% of the demographic because of it. 

What has Gen Z skipping purchases?

In today’s competitive global marketplace, any advantage that your business could have over its competitors—is an advantage that is worth exploring. As it pertains to the majority of Gen Z consumers, a great advantage that your business could have in order to win their business, is the advantage of ease.

That’s ease as in, just how easy your business makes it for consumers to purchase what they want. 

Which is why it should come as no surprise that a new GoDaddy Consumer Pulse survey found that over 54% of Gen Z consumers said that they’ve skipped completing a purchase from a business that did not accept digital wallet payments such as Apple Pay or Google Pay. 

Why does it matter so much to the consumer base?

Each day, as the world drifts more towards digitalization, consumers have not only adapted to technological advances—they’ve also embraced them. Well, at least younger consumers have (older consumers are far less likely to embrace technological advances). 

Gen Zers especially gravitate more towards paying for their purchases with digital wallets and other software applications which make the payment process faster and easier by affording them the option of not having to use cash or a credit card in order to make a purchase.

But instead, allows the opportunity to use a device that is attached to them at all times (their smartphone) to make their payments. 

Closing thoughts

Retailers that fail to offer consumers express payment options to make purchases with digital wallets do so at their own detriment. A mistake that, as the survey shows, is one that your business should certainly avoid making. Especially if your target customers are Gen Z consumers. 

To remedy this issue, simply assure customers that your business could be relied upon to accept digital wallet payment options by announcing it at every point of sale. This could give your business a considerable advantage over its competitors that do not.

Which in today's fierce marketplace—could be the determining factor of whether or not your business fails or succeeds.