Company News • 12.03.2013

Top 5 Consumer-Driven Retail Trends

Technology – or to be more precise, the way consumers use technology – is a big factor behind the five major trends shaping (and reshaping) retail today.

These trends, identified in a recent report from Bazaarvoice, include social networks' growing roles; agenda-setting Millennials; mobility's meteoric rise; and customer expectations of a seamless omnichannel experience.

  • Shopping is social: Shoppers aren't just stumbling into user-generated content; they're actively seeking it out and making it an indispensable part of the shopping journey. Seven out of 10 consumers research online before making an in-store purchase, and the average shopper uses approximately 10.4 sources of information to make a purchase decision. After Dillard's increased review volume on its website, it found that shoppers who looked at reviews with visual media were 23% more likely to convert. Consumers want e-mails, alerts, product suggestions and user-generated content they can filter and sort according to the attributes they care about.
  • Millennials are setting the tone: Consumers born roughly between 1978 and 1995 are profoundly shaping the consumer experience; by 2017, it's estimated they will have more spending power than any other generation. Just over half of Millennials say consumer opinions found on a company's website have a bigger impact on purchase decisions than recommendations from family and friends, and 63% say that knowing a company is mindful of its social responsibilities makes them more likely to buy from that brand.
  • Mobile is the medium: By the end of this year, more than half the people in the U.S. will own a smartphone, and mobile traffic is expected to account for 40% of all data traffic. Forrester Research projects that smartphone-based commerce will increase from $3 billion in 2010 to $31 billion in 2016. Consumer users of smartphones (and tablets) become an always-on opportunity for retailers to tap.
  • Omnichannel equals a seamless experience: Retailers have long recognized that the more channels a customer uses, the greater their value. But shopper expectations of what constitutes a seamless omnichannel experience keep climbing. Today's omnichannel strategy means understanding that online shopping happens in stores as much as it happens at home. It means adding items to a shopping cart online and seeing them when customers resume shopping via their smartphones; consistent pricing and promotions across all channels; and automatically pushing targeted offers to shoppers' phones when they enter a store, providing ratings and reviews when shoppers scan a QR code at the shelf and offering one-click purchase in the aisle.
  • Big data can uncover unprecedented insight: For the first time, technology exists that can collect and analyze the massive amounts of data consumers generate with every click, tap and even their physical movements within stores. Retailers can gain a clearer understanding of the path shoppers take to purchase; what most influences them; and which customized deals work best and at what times, all down to the level of the individual shopper. The catch? There's a shortage of human capital with the ability to deeply analyze Big Data and make effective decisions with it. But retailers that can fuse technology and talent will have a strong leg up with Big Data.

related articles:

popular articles:

Thumbnail-Photo: POCOs experience: efficiency and customer proximity through digital...
30.04.2024   #customer satisfaction #digitization

POCO's experience: efficiency and customer proximity through digital price tags?

How ESL and other digital elements are used in furniture stores

POCO Einrichtungsmärkte GmbH relies on Electronic Shelf Labels (ESL). So far, 93 of the 127 stores have been equipped with this technology ...

Thumbnail-Photo: Introducing the Salto Glass XS Reader Series...
10.07.2024   #RFID (radio frequency identification) #access control systems

Introducing the Salto Glass XS Reader Series

Redefining Smart Access Control

Salto proudly unveils the Glass XS Reader Series, an innovative line of products ...

Thumbnail-Photo: How efficient is your workforce management?
24.04.2024   #workforce deployment #workforce management

How efficient is your workforce management?

Workforce management software in retail is successful when it optimizes processes, increases employee satisfaction, and improves ...

Thumbnail-Photo: New digital customer experience on the sales floor...
29.04.2024   #digital signage #data warehouse management

New digital customer experience on the sales floor

Connecting stationary retail through omnichannel digital signage

The dynamics of digital change and the fast pace of customer expectations are increasing ...

Thumbnail-Photo: Smart working in retail: are headsets the solution?...
27.03.2024   #brick and mortar retail #video surveillance

Smart working in retail: are headsets the solution?

Internal communication technology and its potential

Retailers are often faced with the dilemma of combining customer service with operational efficiency. In this intersection ...

Thumbnail-Photo: Intertraffic Amsterdam exhibits ITL innovations ideal for the transport...
02.04.2024   #artificial intelligence #cash handling systems

Intertraffic Amsterdam exhibits ITL innovations ideal for the transport sector

Innovative Technology Ltd (ITL) are set to demo their cash handling and AI powered biometric products to the parking ...

Thumbnail-Photo: Zebra: Using transparency to combat losses and shrinkage...
24.05.2024   #Tech in Retail #personnel management

Zebra: Using transparency to combat losses and shrinkage

Companies in the retail sector like Lowes Food, Belk’s and Vera Bradley are gearing themselves up for the future with cost optimisation strategies.

Loss prevention is playing an increasingly important role in reducing inventory discrepancies.Inventory is a major challenge for companies in the retail sector: 82% of retailers in Zebra's latest 16th Annual Global Shopper Study say that ...

Thumbnail-Photo: Intelligent shopping assistant: how can it help in the store?...
26.06.2024   #brick and mortar retail #app

Intelligent shopping assistant: how can it help in the store?

Practical examples of use in DIY stores and fashion stores

Product search, navigation, shopping basket management and checkout: intelligent shopping assistants can now be integrated into ...

Thumbnail-Photo: Time saving made easy
18.07.2024   #brick and mortar retail #software applications

Time saving made easy

Use of technology in retail: focus on increasing efficiency and customer satisfaction

Task management software is one of the retail solutions designed to help shops save time and ...

Thumbnail-Photo: Fashion retail: mobile discovery, more convenient shopping...
04.07.2024   #online trading #brick and mortar retail

Fashion retail: mobile discovery, more convenient shopping

How Breuninger is breaking boundaries with omnichannel

Breuninger, with twelve stores in Germany and another in Luxembourg, provides a traditional shopping experience ...

Supplier

Innovative Technology Ltd.
Innovative Technology Ltd.
Innovative Business Park
OL1 4EQ Oldham
Zebra Technologies Germany GmbH
Zebra Technologies Germany GmbH
Ernst-Dietrich-Platz 2
40882 Ratingen
REMIRA Group GmbH
REMIRA Group GmbH
Phoenixplatz 2
44263 Dortmund
SALTO Systems GmbH
SALTO Systems GmbH
Schwelmer Str. 245
42389 Wuppertal