Retailers need to think outside the omni-channel box to reach a total retail experience - report

Wednesday 26 February 2014 07:50 CET | News

Retailers have to go beyond the historical multi-channel approach, as the customer-focused technology has led to a new type of buying experience, Total Retail, according to the new report released by PricewaterhouseCoopers (PwC) in February 2014, dubbed 'Achieving Total Retail: Consumer Expectations Driving the Next Retail Business Model'.

PwC outlines eight key consumer expectations and provides business implications for retailers to help achieve the Total Retail model:

• a brand story that promises a different experience (a high percentage of survey respondents were attracted to brands that tell a story in a catchy manner; 79% of US shoppers say they shop at their favorite retailers because they trust the brand);
• customized offers based on protected preferences and data (predictive analytics and big data will help retailers use customer data to upgrade marketing and sales efficiency);
• an enhanced and consistent experience across all devices (32% of survey respondents said they do not own mobile/smartphones and 33% said device screens are too small);
• transparency into a retailer’s inventory (45% of US survey respondents selected the ability to check other store or online stock quickly);
• retailers are everywhere (when asked what they would do if one retailer closed its local store, 53% of survey respondents noted they would locate the next nearest store and 40% said they would increase ordering from their website);
• to upgrade the value of mobile shopping, both store apps and mobile sites must improve (when asked how often they shop via an app and mobile browser, respondents mentioned 22% and 28% weekly, respectively, with the mobile browser going a bit higher due to accessibility; 53% prefer mobile browser because of its convenience);
• two-way social media engagement (when asked what attracted them to a particular brand’s social media website, 61% of US respondents cited the deals and promotions, 38% noted new product offerings and 28% said because they shop with the retailer);
• if brands act like retailers, they will be treated that way (the gray area of overlap is growing between brands and retailers, and 44% of US survey respondents mentioned that lower price is the main reason they buy from a brand’s website);

The study was based on a survey of more than 15,000 online shoppers globally.

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Keywords: ecommerce, PwC, retailers, omni-channel, total retail
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce