What’s happening in retail and what does it mean for you?

SP-Shopping-Survey-206x300A new study just released by the IBM Institute for Business Value about how consumers shop has some interesting, but not really surprising, results.

We all know the issue of ‘showrooming’ – where customers are using bricks and mortar stores to try on/out goods that they then purchase online. This study indicates that:

Nearly half of all online buyers in the retail categories covered by our study were showroomers. Further, 25 percent of these shoppers said they initially planned to buy in store, but were swayed by their online experience – and 65 percent of these showroomers said they planned to buy online for their next purchase.

Not great news. So what can you do about it? Ensure your in store experience is as easy as possible, personalise it and create a seemless flow between the online and offline environments. Read more about the study here.

The ARA thinks more needs to be done to support retailers as competition for overseas, multi channel retailers, revvs up:

“The ARA has been instrumental so far in supporting the shift in the retail sector in response to an omni-channel and constantly- connected consumer. To continue to compete, taxation, tariff, tenancy and workplace flexibility reform must happen to build the strong business and consumer environment Australian- based retailers need to prosper.”

Hear more about their arguments for reform here.

So what does this mean for you the retailer? The demanding consumer has arrived. According to the Ernst and Young Report: This time it’s personal – from consumer to co-creator, there’s a number of things you need to be doing to compete:

  • Designing and developing products and services

  • Choosing the right supplier and guaranteeing quality

  • Developing the right customer communication strategy

  • Defining convenient distribution channels

  • Securing the optimum multi-channel experience

  • Delivering first-rate after-sales services

It doesn’t need to be scary though, it’s a great opportunity to really connect and add value to people’s lives. Need some help with creating a great local experience? Contact us anytime for a free initial consultation.