With the need to transform more acute than ever, the time is now for retailers to decide what their future looks like.
shoppers surveyed in Belgium
shop at Amazon
own or intend to own a wearable device
say that social networks provide their main inspiration for purchases
In 2017, retailers face one of the most competitive environments in decades. With the continuing shift in customer preferences towards online shopping, a lingering low-growth environment in many parts of the world and an unforgiving global marketplace that demands unprecedented technological sophistication, some retailers are being confronted with threats to their very existence.
In some of the most developed economies in the world, the weak end-of-year holiday results have only heightened anxiety over the future of traditional retail.
In PwC’s 2017 Total Retail survey, we asked 1,003 online shoppers across Belgium about their shopping behaviour and expectations. Their answers can help retailers solve the puzzle of where they should invest not only to survive, but thrive in the years ahead.
Based on results of the survey, we’ve set out 10 different types of investments retailers can make to help secure in their future.
There were 1,003 respondents to the survey from the 3 regions of Belgium
With the continuing shift towards online shopping, a lingering low-growth environment and a demand for unprecedented technological sophistication, the very existence of some retailers is under threat.
Our Total Retail consumer survey can help retailers solve the puzzle of where they should invest in the years ahead.
Invest in the mobile site, not the mobile app
21% of shoppers say the mobile/smartphone will become their main purchasing tool.
Invest in Big Data insights, not just data collection
39% of shoppers want real-time personal offers designed especially for them.
39% of retailers ranked ‘Ability to turn customer data into intelligent and actionable insight’ one of their greatest challenges.
Invest in the “story” – not traditional advertising
25% of shoppers say that social networks provide their main inspiration for purchases.
Invest in keeping already loyal customers
63% are loyal – they know what they like and buy it most often.
Invest in the authenticity of branded goods
18% of cosmetics & fragrances buyers and 16% of jewellery & watches buyers worry that some products sold online aren’t genuine.
Invest in talent
77% of shoppers want sales associates with a deep knowledge of the product range.
Invest in an Amazon.com strategy
42% of shoppers use Amazon.
Invest in more secure platforms
51% of shoppers are wary of having their personal information hacked using their mobile/smartphone.
Invest in showrooms, not the entire store network
49% of shoppers want an inviting ambiance when they shop.
Invest in healthcare offerings
12% own a wearable device that tracks or monitors health – and 16% plan to in the future.