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.“

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Featured Stings

On Human Rights Day European Youth Forum calls for end to discrimination of young people

This afternoon Britain will be once more isolated from mainland Europe

Eurozone: Disinflation engulfs the industrial goods sector

Vulnerable young people must not be blamed & stigmatised for violent radicalisation

Britain and Germany change attitude towards the European Union

Alice in Colombia

The Parliament defies a politically biased Banking Union

The big challenge of leadership and entrepreneurship in Europe

Eurozone’s north-south growth gap to become structural

On the euro but out of it?

EU sets ambitious targets for the Warsaw climate conference

Intel @ MWC14: Our Love Story with Mobile – Transforming Wireless Networks

Trump asked Merkel to pay NATO arrears and cut down exports ignoring the EU

Everybody against Germany over the expensive euro

Doctors without borders

Arlington, USA: kick-off of the fifth round of the EU-US boxing match

European Confederation of Junior Enterprises hosts in Geneva the Junior Enterprise World Conference

ECB embarks on the risky trip to Eurozone banking universe

Medical students: The need for emigration

While EU Open Days 2013 discuss the 2020 strategy, Microsoft shares a glimpse of EU 2060

The scary EU elections result and the delayed Council’s repentance

China’s stock markets show recovery signs while EU is closely watching in anticipation of the €10bn investment

Germany fears that Americans and Russians want to partition Europe again

Trailing the US-EU economic confrontation

YOUTH RIGHTS AT RISK FROM RISE OF EXTREME-RIGHT AND POPULISTS IN THE EUROPEAN PARLIAMENT

EU to negotiate an FTA with Japan

ECB readies itself for extraordinary monetary measures defying Germany

Zhua Zhou: Choosing The Future

Marco Polo’s Dream

Any doubt?

Happens now in Brussels: Green Week sets the EU and global climate policy agenda

The completion of the European Banking Union attracts billions of new capital for Eurozone banks

Germany to help China in trade disputes with Brussels

Exchanges of medical students and the true understanding of global health issues

Access to health in the developped and developing world

Will the EU ever tackle the migration crisis despite the lack of political will?

GSMA Mobile 360: Connecting Cities, Connecting Lives, Connecting Europe

French elections: by the time the EU economy revives and the migration crisis is solved extremists could take over Europe

The next 48 hours may change the European Union

Nitrate pollution of water sources: new impulses for EU Water Policy?

18th European Forum on Eco-innovation live from Barcelona: What’s next for eco-labelling?

Intel, Almunia and 1 billion euros for unfair potatoes

COP21 Breaking News_03 December: Europe’s children urge leaders to commit to climate action at UN Climate Summit in Paris

No better year for the EU’s weak chain links

Can Kiev make face to mounting economic problems and social unrest?

EU and Amazon cut deal to end antitrust investigation over e-books deals

COP21 Breaking News_03 December: There is a new draft agreement on the negotiating table

Fear casts again a cold, ugly shadow over Europe; Turkey sides with Russia

The European Commission cuts roaming charges. But “it’s not enough”…

A hot autumn after a cool summer for Europe

EU-US to miss 2015 deadline and even lose Germany’s support in TTIP’s darkest week yet

Can the banking union help Eurozone counter its imminent threats?

Should Europe be afraid of the developing world?

Access to ‘affordable’ medicines in India: challenges & solutions

Is Europe misjudging its abilities to endure more austerity and unemployment?

IMF – World Bank meetings: US – Germany clash instituted, anti-globalization prospects visualized

Global Citizen – Volunteer Internships

10 months were not enough for the EU to save the environment but 2 days are

The EU accuses Russia of bullying Ukraine to change sides

More Stings?

Speak your Mind Here

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

WordPress.com Logo

You are commenting using your WordPress.com 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