Time is Money

Time is becoming more valuable than money for many shoppers. A 2018 survey revealed that 75% of Millennials cited that they did not have enough time, and that a work-life balance remains a priority today more than ever before. Six out of ten Millennials said that they feel constantly challenged to be somewhere on time, that they would like to spend more time with family and friends, and that they are too busy to have time for themselves.

The modern-day shopper is time-scarce and stressed. Some retailers are noting these shopping mindset shifts and are executing new programs to accommodate. In Dubai, Ikea is turning time into cash with the recently launched campaign that allows customers to buy with their travel time. Given that Ikea’s stores are often located far from city centers, people spend a lot of time getting there. Using Google Maps Timeline, which records routes taken every day, customers can show staff at Ikea how long it’s taken them to get there, and that time will be converted into cash.

By acknowledging people’s time is precious, retailers have a great opportunity here to leverage engagement; whether to prove that the time spent in their stores is worthwhile, or like Ikea, by addressing the pre-store experience which can be a real barrier to footfall.

Contributed by: Laurence Poichot, Insight Director, Integer London

Image Source: Unsplash