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

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Featured Stings

A voice from Syria: the positive prospect of clinical research despite the excruciating circumstances

The EU Commission does nothing about the food retailing oligopoly

EU readies for eventual annulment of the Turkish agreement on immigrants-refugees

Can We(esterners) ever understand (the) Chinese

The EU Parliament slams Commission on economic governance

Juncker Investment Plan for Europe welcomed by European Youth Forum

Spirit unlimited

Switzerland to introduce strict restrictions on executive pay

The 13th round of TTIP negotiations hits a wall of intense protests and growing concerns

Refugee crisis update: EU still lacks solidarity as Hungary and Slovakia refuse to accept EU Court’s decision

The battle for the 2016 EU Budget to shake the Union; Commission and Parliament vs. Germany

Trailing the US-EU economic confrontation

Is it true that the G20 wants to arrest tax evasion of multinationals?

Conflicting statistics and bad banks haunt the Eurozone

The EU risks trade relations with China over the Tata hype about steel

The European Parliament x-rays the troika’s doings

How ‘small’ is Europe in Big Data?

Has the EU economy truly revived from the financial crisis?

Jo Cox’s murderer believed the ‘leave’ campaign leaders that the ‘remain’ vote is treason

A Sting Exclusive: “The challenge of Society’s digital transformation”, Spanish Minister of Spain for Industry, Energy and Tourism José Manuel Soria live from European Business Summit 2015

Vĕra Jourová, European Commissioner in charge of Justice

The New EU-US “Shield” for data privacy is full of holes

MWC 2016 LIVE: Mobile Connect availability hits 2B

Long live Eurozone’s bank supervisor down with the EU budget supremo

Poverty and social exclusion skyrocket with austerity

The EU threatens to impose extra import duties on Chinese products

Court of Auditors: EU spending infested with errors well above the materiality threshold of 2%

Inegalitarian taxation on labour haunts Europe’s social model

New round of bargaining for the 2014 EU budget late in autumn

What are the real targets of EU’s efforts to fight tax evasion?

Does the Greek deal strengthen the Eurozone? Markets react cautiously

A new European banking space is born this year

The ECB still protects the banks at the expense of the EU taxpayers

Russia and the EU ‘trade’ natural gas supplies and commercial concessions in and out of Ukraine

The EU responds to US challenges by fining Apple with €13 billion

The EU Commission openly repudiates the austere economic policies

EU and African leaders to jointly tackle the migration crisis across the Mediterranean

Eurozone: A Sluggish economy offers no extra jobs

EU: 13 major banks may pay fines 10% of worldwide turnover

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

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

The Chinese spirit

Trade protectionism and cartels threaten democracy

The G7 fails to agree on growth but protects the big banks

The European Internet is not neutral and neither is the Commissioner

“Is Europe innovative? Oh, Yes we are very innovative!”, Director General of the European Commission Mr Robert-Jan Smits on another Sting Exclusive

A Sting Exclusive: “Sustainable development goals: what role for business?” Commissioner Mimica asks live from European Business Summit 2015

Theresa May’s global Britain against Philip Hammond’s Brexit fog

Resolving banks with depositors’ money?

The time is up but the game is still not over for Greece: negotiations continue in anticipation of a new deal

Solitary Britain sides with US aggressing Russia and chooses hard Brexit

Auditors say EU spending delivers limited value for money but the timing of their report poses questions

On Brexit: the outcome of UK elections next May to be based on false promises?

COP21 Breaking News_03 December: UNFCCC Secretariat Launches Forest Information Hub

War of words in Davos over Eurozone’s inflation/deflation

Businesses succeed internationally

EU out to conquer African Union summit

Why and how Germany had it again its own way in Cyprus

The European Youth raises their voices this week in Brussels at Yo!Fest 2015

JADE Handover Ceremony at the European Parliement

EU Parliament: Follow the fraudulent money and confiscate it

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