The Future of Retail: Changing shopping patterns will mean retailers need to invest in costly and complex solutions

Sponsored Content

The European Sting is the only Brussels based EU Media to partner with World Retail Congress 2015

The European Sting is the only Brussels based EU Media to partner with World Retail Congress 2015

There is no such thing as ‘normal’ – differences across markets are increasingly pronounced and the ‘one size fits all’ approach will rapidly become obsolete

·         Developing, or emerging, markets are driving change – customers are more tech savvy than those in developed markets, social media influences 67% of consumers in India 

·         Shoppers are becoming even more demanding – shoppers are increasingly dissatisfied and disappointed with quality and reliability of existing technology

·         Low prices, great service and seamless technology are the key

·         Consumers want the shortest, easiest, most enjoyable route to their purchase

·         Research from 13,500 shoppers across 15 markets

According to research conducted by Planet Retail and the Oxford Saïd Business School, launched this week at the 9th annual World Retail Congress in Rome, shoppers in emerging markets are driving retail change.  In countries such as India, Brazil and Turkey consumers are embracing innovation, particularly mobile technology far more quickly than their counterparts in developed markets.  The winning retailers are those that are finding ways to accommodate the mobile and ‘constantly connected’ shopper.

Emerging market customers are less concerned about where a shop is located as they conduct far more of their shopping activities via mobile devices than in-store.  There is a significant demand for innovative shopping solutions such as mobile payment.  Their main consideration when purchasing is trust in a brand and social media plays a significant role in encouraging buying decisions.  In India and China 67% and 57% respectively of purchasing decisions are influenced by social media unlike Europe, the US and Australia where social media only impacts 27%, 24% and 23% of decisions respectively.

By contrast customers in developed markets like the UK and US still consider store location the most important factor when dealing with a brand and are less advanced in their mobile interaction.

All retailers across all markets need to adapt their business models to ensure sustainable growth, and technology alone will not be the answer.

The research identified that convenience is the key across all markets.  Consumers want a seamless connection between stores and the online experience and the crucial element of any retailer’s success is ‘cracking the final mile’.

Consumers expect retailers to deliver speedy and reliable service but these alone are no longer enough – flexibility and choice across all channels will be hugely influential.  Successful retailers will be those that are first to market with radical new innovations, have a tighter focus on technology and cost, and ultimately demonstrate the greatest agility when meeting consumers’ demands.

Ian McGarrigle, Chairman of the World Retail Congress, commented: “This research is very insightful and clearly shows that consumers are driving change and retailers must focus on innovation across all channels.”

Planet Retail global insight and strategy director Nick Everitt said: “There are exciting opportunities for retailers but they face complex and costly processes to meet consumer needs. We saw some of the best innovation from markets like Brazil, India and Turkey, where shoppers are embracing technology.”

 Dr Jonathan Reynolds, academic director at Saïd Business School, University of Oxford, said: “For retailers the future is about the implementation of exceptional in-store service with seamless technology and this in turn will ratchet up consumer expectations. Many of the requirements have not changed but the way of addressing them has. However, retailers often still need to deal with the basics as 15% of respondents said they couldn’t access a retailer’s free in-store wi-fi on their phones, for example.“







Featured Stings

‘Habitual residence’ rules deprive EU workers from social benefits

Dutch voters reject EU-Ukraine partnership and open a new pandora’s box for the EU

2014 will bring more European Union for the big guys and less for the weak

Greece @ MWC14: Greek-born mobile champions at MWC 2014

Lithuania should find its own way in the EU

The 28 EU leaders care more about fiscal orthodoxy than effectively fighting youth unemployment

How ‘small’ is Europe in Big Data?

Greek citizens to pay the price again but Tsipras risks losing next elections

Ministers for Youth miss the opportunity to improve social inclusion of young people

Sochi not far away from Ukraine

MWC 2016: IoT experts fret over fragmentation

Search Engine neutrality in Europe in danger: Are 160.000 Google filtering requests good enough?

An all-out fight for the EU budget

A new way to teach active citizenship to students?

EU: Centralised economic governance and bank supervision may lead to new crisis

SMEs and micro firms sinking together with south Eurozone

TTIP is not dead as of yet, the 15th round of negotiations in New York shouts

China’s impact as a global investor; the Sting reports live from World Economic Forum 2015 in Davos

EU Youth Conference concludes in Luxembourg with concrete plans on how to create real youth participation

The big five EU telecom operators in dire straights

A hot autumn after a cool summer for Europe

Youth policy in Europe not delivering for young people

The EU Parliament sidesteps the real issues about banks, while the US target the Eurozone lenders

Is Eurozone heading for disinflation?

Cameron postpones speech in Holland

Italy’s M.Renzi and Germany’s S. Gabriel veto austerity, ask EU leaders to endorse growth measures

How the Irish people were robbed by banks, the Commission and their own government

Eurozone: New data show recession and debt closer to explosion

Turkey caught in a vicious Syrian circle bringing terror and war at home

EU seeks foreign support on 5G from Mobile World Congress 2015 as the “digital gold rush” begins

Connectivity and collaboration in the ICT industry: the key to socio-economic development

Eurozone: The crisis hit countries are again subsidizing the German and French banks

Spanish and Polish voters are crying out for an imminent European change while US urge now Germany to change route

A Sting Exclusive: “Paris is indeed our best bet for a secure climate future”, EU Commissioner for Environment Karmenu Vella cries out from Brussels

A Sting Exclusive: “Junior Enterprises themselves carry out projects focusing on the environment”, JADE President Daniela Runchi highlights from Brussels

The ECB proposes a swift solution for SMEs’ financing

Inflation keeps falling in Eurozone

The EU lets the bankers go on rigging the benchmarks

Who may profit from the rise of the extreme right in the West?

NEC @ MWC14: “Smart cities” hold the key to enhancing citizens’ lives and cutting costs

Whose interests are protected by the new Mortgage Directive?

Five-year low inflation for Eurozone and now Mario has to finally wake up the Germans

For Youth Rights: steps forward for better protection.

European Business Summit 2013: Where Business and Politics shape the future

Berlin cannot dictate anymore the terms for the enactment of the European Banking Union

MWC 2016 LIVE: Ericsson/Cisco partnership on track, insist execs

Warmongers ready to chew what is left of social protection spending

Commission facilitates the activities of ‘merchants of labour’

The European Parliament double-checks the EU 2014-2020 budget

A reflection of health inequity in recent epidemics

More Stings?

Speak your Mind Here

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s