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Research Outline
Prepared for Julio L. | Delivered October 22, 2019
Retailers' Challenges
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Goals
To identify the biggest challenges retailers are facing.
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Early Findings
Consumers are Choosing Multi-channel Buying Experiences
Although
96%
of Americans purchase items online,
65%
of the total retail spending is still in
traditional brick-and-mortar locations.
For this reason, we see the consumer's seamless shift between
online and offline.
Attracting Brand
Loyalty
Brand loyalty is enhanced by a well thought-through
consumer experience.
Personalization
is critical to an outstanding customer experience.
Brands need to go beyond general advertising to personalized messaging.
Retail Isn’t Dead
; It’s Changing
According to a report by
Forrester,
54%
of B2C brands plan to open brick and mortar stores in within 2019.
The in-store experience is still a major
revenue driver.
Even though online retail is growing, in-store retail is
not declining
at the same rate. For this reason, retailers should take advantage of this new opportunity and create a
seamless customer experience.
In-Store is
Disrupted
Major retail brands like
Apple
are leading the way in creating an
in-store personalized
customer experience, especially for those who
sign in.
Online stores, such as
Made.com
and
MissGuided
, are also creating
physical stores
in order to intimately connect with their customers.
The Role of the
Smartphone In-Store
Research shows that
84% of shoppers
use their phone while in physical stores to find
reviews
, product information, and
online comparison
.
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