Company News • 03.06.2015
Retail without limits in a modern commercial society
New Oracle consumer study challenges retailers to adapt to modern retail marketplace
Enabled by technological advances, today’s consumers are reaching across borders and channels for shopping experiences that provide unprecedented choice and convenience.
A new consumer research report, "Retail Without Limits - A Modern Commercial Society", explores how a technology-powered “invisible hand” has transformed the retail environment and reveals lessons for retailers as they adapt to this new, nearly limitless retail marketplace.
The report, issued today, is the result of a survey of 500 participants from each of 10 countries—Australia, Brazil, China, France, Germany, India, Japan, Russia, the UK, and the US. Findings reveal that consumers across the world are driven by convenience and want a converged commerce experience, in which retailers combine the best of digital and in-person resources.
What sets retailers apart in a global marketplace is giving shoppers better information where and when they need it. 70 percent of global respondents say that the best way retailers can add value to their shopping experience is to provide easy access to information about products and services online and in stores. Consumers’ demand for transparency and access transcends formats and borders. More than two-thirds of global consumers say that they are using smartphones to browse or buy products, and 56 percent have purchased direct from offshore international retailers.
“Consumers are enjoying an expanding global marketplace, and they are shopping it with the nearest mobile device,” said Jill Puleri, senior vice president and general manager, Oracle Retail. “As retailers embrace this new global, mobile consumer they must also maintain profitability and lay the foundation for ongoing change.”
Retailers Must Learn, Adapt, and Execute
The study highlights that there are opportunities for retailers to differentiate themselves and win customers through better in-store experiences, more-effective mobile strategies, and increased access to information regarding inventory and pricing. Key findings are broken into the following categories:
- The Convergence of Commerce: 83 percent of global respondents want retailers to invest in technology, and 57 percent of these stated that converged commerce was key. In China and Germany, this figure rises to 78 percent and 70 percent respectively.
- Demand for Transparency: This outstrips any other consumer requirement in terms of adding value to an experience (70 percent). Access to product information across digital channels or in-store is also rated highly by global respondents (59 percent).
- Mobile, Apps, Social: Mobile is the fastest growing method of shopping globally, with over two thirds of consumers (67 percent) stating they are using smartphones to enhance their shopping experiences.
- The Global Opportunity: Over half (56 percent) of global respondents have bought goods from an offshore international retailer, with only the US (39 percent), Japan (41 percent) and the UK (43 percent) falling below the global average.
- The Privacy Conflict: 56 percent of consumers say they recognize that giving retailers access to information can improve their shopping experience, but retailers need to move cautiously and build trust, because 55 percent of consumers have reservations or disagree with retailers having access to personal information. 23 percent are happy to download an app that allows retailers to track their movements in store and online.
- Differentiate With Your Store: Stores are increasingly involved in online orders; the report shows that the percentage of consumers who buy goods online and collect them continues to rise. However, globally, 44 percent of consumers still prefer to shop in-store and take items home, most notably in Australia (69 percent), followed by Germany (57 percent), France (54 percent), the US (50 percent) and Russia (45 percent). Consumers still love at-home delivery, and 34 percent listed buying online with home delivery as their favorite way to shop.
“The consumer is driving the agenda, Oracle is in a unique position to support the new fundamentals of converged retail – right product, right place, right time, right price—anywhere,” said Puleri.
Source: Oracle Retail
channels: consulting, multichannel commerce
