US: physical stores still reign supreme, despite online, mobile buzz - report

According to PwCs annual consumer survey, dubbed “Total Retail: Retailers and the Age of Disruption” the physical store remains the retail touch point with the highest frequency, driving retailers to transform in-store experiences with differentiated storefronts that turn stores into ultimate shopping destinations.

Of the more than 1,000 US consumers surveyed, only 27% claim they shop online weekly. Also, 68% of US respondents say they have intentionally browsed products at a store but decided to purchase them online, while 73% state they have browsed products online but decided to purchase them in-store. 65% of the respondents mentioned delivery fees as the reason for purchasing in-store, as well as having the item immediately (61%), and trying it on/seeing it (61%).

Achieving total retail to meet the needs of consumers requires that retailers think beyond channels – however, retailers are faced with four waves of disruption, according to the survey results, namely mobile technology, social networks, demographic shifts and the evolution of the store (tailoring to the digital age, the role of the store will likely continue to evolve into something more connected, more customized, and increasingly attuned to shoppers expectations of what the in-store, online, and mobile experience should be).

Mobile technology is a disruptor that continues to play a large role in the purchase journey, but currently in the US, it is more of an instrument to get to the point of buying a product, rather than a tool for the actual purchase, PwC unveils. About half (46%) of US survey respondents have researched products on their mobile phones, while nearly the same percentage (45%) have used them for price comparisons. Mobile payments are still in the infancy stage, with only 1% of consumers using them as their preferred method of payment. The survey also asked about payment preferences, with only 40% mentioning a debit card and another 40% a credit card, 15% opting for cash, and only 1% each preferring to use a mobile phone or invoice. Four percent had other preferences. When asked about digital currency use, only 28% said they might consider using something like Bitcoin, with 35% not using it and 37% unsure.