Things are not all doom and gloom for bricks and mortar stores, according to researchers from Monash University’s Australian Centre for Retail Studies (ACRS).
New research by the ACRS has looked the physical store within the context of multi-channel retailing and what customers are looking for in the store of the future.
Selma Mehmedovic of the ACRS said the research found the key drivers of getting shoppers into store are still price, product range, and products being in stock.
“Our survey found 75 per cent of shoppers rated these factors as extremely important in their decision of where to shop,” Mehmedovic said.
“The interesting thing about this result is these factors are commonly seen as the main advantages of online retailing over bricks and mortar stores.”
While price, product range, and stock availability remain the priority, consumers showed they were interested in embracing new channels such as mobile, social media, and other technologies, if retailers were to offer them instore.
The research found the most useful features consumers are looking for in the stores of the future include mobile devices such as maps, coupons, and instore kiosks to could access information, make purchases, and undertake virtual try-ons.
Interactive maps to assist with locating products and the ability to order online and pick-up in store were by far the most useful store experiences aspects.
Gen Ys particularly liked the ability to click and collect, with 40 per cent finding it a highly appealing option.
“The research found 91 per cent of respondents rated interactive maps to assist with locating products as important to the shopping experience,” Mehmedovic said.
“Interestingly, this figure was just as high for older generations as Gen Y.”
The ability to order online and pick up in store rated highly with 84 per cent of respondents, while interactive kiosks providing inspiration and ideas were met favourably by 77 per cent of respondents.
“For the bricks and mortar store to survive it is important retailers understand fully the type of in-store experiences consumers require.
“They have to offer experiences consumers cannot get online.”
