The new retail democracy unveiled
New research from Oracle Retail reveals that British consumers want better access to information, product, processes and more individualised retail interactions when shopping.
Findings of the study titled the New Retail Democracy highlight that in order to better understand, empower and represent consumers, retailers must invest in the right technologies to allow consumers to shop how they want, when they want, across all touch points. British consumers contributed to the recent global research which explores the increasingly democratic relationship between retailers and the digitally empowered consumers. Further information and the full research findings are available atwww.oracle.com/newretaildemocracy.
Key Research Findings
· Findings from UK respondents indicate that “Availability Always” is a priority, with93 percent of respondents wanting to understand product availability.
· There is a strong link between availability, loyalty and spend, with40 percent admitting to be more loyal and 38 percent likely to spend more with a retailer that provides access to information about product availability.
· 90 percent report that they will not wait for a product to come into stock, indicating they will shop elsewhere for items, placing pressure on retailers to integrate demand forecasting, planning, merchandising, supply chain, marketing, and commerce capabilities across all touch points.
· The research found that “Access Anywhere”, or access to information in stores, online and on mobile devices, is vital to enabling consumers to make their purchases at anytime and anywhere, requiring retailers to align their business processes with consumer touch points.
· 61 percent of respondents highlighted the importance of “Individual Retail,” meaning every interaction with a retailer should be relevant to the consumer based on their interests, requirements and purchase history.
· 72 percent of consumers consider the adoption of new technologies important to their retail experiences and are using multiple touch points, including tablets, click and collect and mobile devices to complete their shopping journeys.
· Over half of UK respondents indicated that they are willing to buy direct from brands, showing the importance for retailers to enrich consumer engagement through science-based retail analytics tools.
· Stores are vital to the provision of commerce anywhere, with61 percent identifying a store-based interaction with products and people as being important to their shopping experiences. Retailers must commit to investing in these operations by offering value-add services and activities that support local communities.
· “As British consumers continue to demand better control of how, when and where they make purchases, Oracle believes that providing commerce anywhere is imperative for retail success.” said Mike Webster, Senior Vice President and General Manager, Oracle Retail. “The New Retail Democracy outlined by our research, means that retailers in the UK and across the world need to invest in a truly aligned and integrated retail operation which places the needs of individual consumers at the forefront of its strategy.”
· “Consumers in the UK are amongst the most informed shoppers in the world today, so their expectations of the information, service and experience revealed in this research identifies what retailers must do to bring real value to consumers and encourage their loyalty”, said Sarah Taylor, Senior Director, Oracle Retail, EMEA. “The New Retail Democracy demonstrates that retailers must invest in the right technology strategies to ensure that they are meeting consumer expectations.”