Savvy global consumers take control: Retailers lag behind
New study from PwC unveils key trends driving change in the retail industry in 2012 Retailers must Find new ways to engage consumers as social media continues to transform the shopping experience
TORONTO , March 14, 2012 /CNW/ - Today's consumers are more empowered than ever before, with social media and mobile technology transforming the shopping experience. With over half (53%) of global internet shoppers expecting to spend more online in the future and consumers becoming increasingly sophisticated, retailers need to act now to insure a seamless multi-channel experience, according to a new study from PwC. The study, Customers take control - How the multichannel shopper is changing the global retail landscape, identifies key trends that will shape and transform the retail industry in 2012.
Alain Michaud, Canadian National Leader, Retail and Consumer, PwC, commented:
"With more than 70% of customers engaging in multi-channel shopping, it's clear that the convergence of in-store, online and mobile shopping has arrived. Retailers should leverage this convergence and re-evaluate their organizations to create a winning customer experience focused on integrating channels, taking mobile technology to new heights and creating a personalized shopping experience. Retailers who do not deliver this seamless experience and invest in the necessary changes to their business models, run a very real risk of losing market share."
Key Study Findings: The survey of over 7,000 online shoppers across three continents covering eight markets, shows a remarkably consistent picture across the world, with internet shopping becoming an integral part of day-to-day behaviour.
Alain Michaud commented:
"The reasons why shoppers choose a favourite are quite different in each country, which means it's going to be difficult to serve multiple countries, using one website and product range - unless, like Amazon, you have an extremely broad offer or, like Apple, a unique and globally compelling product range. In essence, consumers are creating their own multi-channel experiences by leveraging multiple retailers across a single category or product."
The integration of social, mobile and location-based technologies is providing a whole new locally-specific shopping experience. Retailers can send offers to encourage nearby customers to enter their shops and customers reap the benefits of coupons delivered on their mobile devices as they stand in front of the product.
Alain Michaud commented:
"Achieving retail growth in 2012 and beyond requires a 360-degree approach to customers, using accessible technologies like video, mobile, email and social media to improve traditional tactics. In order to communicate more effectively with customers, retailers must use innovative ideas to differentiate their brand."
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Savvy global consumers take control: Retailers lag behind