What the European consumer wants: Consumer habits and trends to get to know them better
Observing your target audience goes beyond knowing how old they are or knowing their average ticket. It consists of knowing their preferences, their values, their habits and customs. In this way, we will know how to approach them to offer the product they want accompanied by a satisfactory purchase process. And of course, the payment methods they expect from us.
The European market, with more than 500 million customers, is waiting for you
But what is the European customer like? The reality is that it has changed a lot in recent years, and it aims to continue evolving. Why? The key is in the younger generation: almost one in three European consumers is under the age of 30. The so-called millennials have a very distinct criterion when it comes to consumption. These are the 4 new consumer trends in Europe in 2020.
- An experiential consumer. The added value of a product or service increasingly lies in how it is able to make people feel. That's why a powerful brand identity or a satisfactory user experience are elements to consider if we want our company to become relevant among future generations.
- Local production. The future of consumption is characterised by the revaluation of local products and services, which is also a smaller production and, consequently, more exclusive. Increasingly, consumers prefer products that are close to them, with a story behind them that generates identification.
- Social networks. Consumption through social networks is growing every year. This is because the new generations have no qualms about buying online; and not only that: they spend, on average, 53 minutes a day on Instagram. That is why it is no longer enough to be present in networks: using them as a sales channel will help us to make ourselves known among younger buyers.
- Conscious shopping. As we have already mentioned, the new consumer is moved by ideals, experiences. And the truth is that, for them, buying is not only experiential, but also a form of expression. They want products consistent with their way of thinking: ecological, sustainable and, ultimately, with a strong ethical component. Keep this in mind when developing a new communication campaign, or if you're thinking about giving a twist to your identity.
European consumers' preferred payment methods: how they will help you sell more online or in-store
In addition to knowing the consumption trends in Europe, to offer a remarkable shopping experience it is essential to provide a payment gateway that lives up to expectations. And that means offering the most relevant payment methods on the European market as of 2020.
MasterCard, Visa, Union Pay, Diners Club, JCB, Discover, American Express: the most popular payment methods.
As expert financial consultants, we offer you compatibility with all major European payment methods, or in other words, a gateway to millions of new customers looking for companies like yours. Because it is by offering a greater variety of payment methods that you will be able to offer an inclusive and shopping experience that builds loyalty.
Do you know about the alternative payment methods? This is your opportunity to sell more online or in a physical shop
Working with PayXpert means offering a payment gateway that is compatible with alternative payment methods such as Klarna, Trustly, GiroPay, Ideal, CB, EPS, przelewy24, POLI... Such a compatible and functional payment gateway means many more sales opportunities, or in other words: you open up to a market of millions of potential new customers. In addition to bringing you closer to the European market, we work with Chinese payment methods Ali Pay and WeChat Pay, and the Russian MIR. In total, our payment gateway adds up to over 100 payment methods available.
Why work with PayXpert? One of the leading financial consultants in Europe
That's right: a comprehensive and omnichannel payment gateway is one of the main components behind the success of large companies. But we don't want to stop there: there are many more ways we can help you. After years of experience as expert financial consultants in fintech, we know how to help companies like yours.
Help increase conversion, make smart use of data, carry out efficient management control... There are many ways in which financial technology can save you time and money. At PayXpert we have developed tools and services with you mind: your company and team. These are some of them:
- Business Intelligence – or how to become an expert in your finances. Thanks to our detailed sales, risk and conversion charts, you'll be able to analyse the main KPIs of your payments. In addition, thanks to PayXpert Interactive Maps, you will be able to get a broad geographical view of the main financial indicators of your business: turnover, returns or total transaction activity. All the information you need, on demand, to carry out a comprehensive and efficient management control.
- Data Management– Start creating value from your data. What at first glance may seem like mere numbers, thanks to financial technology, is transformed into easily interpretable tables and charts that allow you to know the consumption trends of your customers and acquirers. With over 20 filters and 2 grouping options, there are countless ways to transform your data into consistent, easy-to-understand tables. In this way, both you and your team will have at your disposal the necessary tools to manage your finance wisely.
At PayXpert we know first-hand how difficult it can be to understand your business finances (if you don't have the right tools). That's why we want to be your ally: we know we can help you. Not only to understand them, but to know how to use them to make the right decisions and save you time and money in the process. We want to know you: visit our website and find the PayXpert tools that best suit your business. Together we can go far.