A new study by Oracle shows consumers are demanding a retail experience which is global, yet localised for their needs and expectations.
Oracle surveyed consumers between 18 to 60 years of age in several countries including Japan and China to find out fundamental retail principles including service, experience and consumer preferences, in addition to shopping trends and attitudes to technology.
Findings revealed that as consumers demand accessibility to the global marketplace, their requirements dictate how retailers should prioritise strategies and key business imperatives to meet customer demand and compete more effectively.
Today’s educated, information-driven consumers want retailers to co-create interactions that are “good for me”, which is defined as an experience that meets expectations locally and culturally, says the study.
It was also found out that price, product and choice matter in driving consumers to take advantage of the global marketplace, led predominantly by Amazon which is harnessing the power of customer data to deliver insight that meets the complete experience requirements of customers.
Service is increasingly important, with 88 per cent of respondents listing this as very or fairly important, but retailers are under pressure to empower their store associates and operations to deliver accurate and connected, information-driven interactions at every touch point.
Perceptions of experience differ in-store and online, highlighting that while there is no ‘one size fits all’ approach to complete commerce, retailers should focus on enabling commerce anytime, anywhere (56 per cent) and the provision of easily navigable channels online (61 per cent), while in-store consumers what product showcases (62 per cent) and a vibrant, engaging environment (56 per cent).
The study says consumers have little patience for poor service and experiences, with over half the respondents (53 per cent) indicting they would switch to a competitor or actively recommend against using a particular retailer (55 per cent) if the experience is bad. A growing number of savvy consumers (37 per cent) will share their dissatisfaction via social media networks.
The study demonstrates that consumers are demanding this “good for me” experience be delivered across multiple touch points.
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