27 Jan Remain Competitive in a Changing Retail Landscape
Consumers’ shopping expectations, preferences, and behaviors continue to evolve due to new mobile technologies which make price and product information highly accessible. Consumers are more informed, more connected, and more demanding when they shop online.
This means online retailers must put customers in the center of the equation and leverage technology to get them what they want quickly, easily, and competitively priced…and attempt to provide it across every selling channel. To succeed in this new retail landscape, companies need to offer a distinctive experience to their customers and keep up with ever-changing needs by continuing to evaluate and improve digital shopper convenience.
As Digital Engagement continues to shift, consider these insights:
- Digital interactions are expected to influence 64 cents of every dollar spent in retail stores (Deloitte)
- 76% of consumers surveyed interact with brands or products long before stepping into the brick-and-mortar store, and therefore make digitally influenced decisions much earlier in the shopping process. (Deloitte)
- A recent Forrester Research survey indicates that smartphones accounted for 17% of total retail sales in 2015, and are expected to grow 53% year-over-year.
The implications of these numbers are enormous. With the current influence of digital and mobile devices, it is critical that online retailers focus their efforts on the following areas to remain competitive:
As customers acclimate to new digital experiences, their expectations of brands increase exponentially. Successful brands must enhance digital engagement via their apps to provide value and inspire customers by offering Knowledgebase or Live Chat solutions at the time of need.
All or Multichannel Strategy
Per Statista, B2C e-commerce sales are expected to grow to $554.81 billion this year. Today’s consumer increasingly uses multiple channels (brick-and-mortar stores, the Internet, social media, and mobile devices) at each stage of their purchasing journey. Retailers should capitalize on these customer touch points and ensure these channels are seamlessly integrated. By engaging customers across all channels, retailers not only achieve increased revenue, but also develop deeper relationships with their customers. Consumers expect a personalized, seamless all-channel experience—and successful retailers must meet this expectation.
Consumers who use digital channels while shopping in-store convert at a 20 percent higher rate than those who do not use them. Nearly eight out of 10 consumers (76 percent) interact with brands or products before arriving at the store. Thus, it is important to empower consumers with all the information they need during their online or offline shopping journey.
Robust Mobile commerce and Digital Engagement platforms are no longer a “nice to have” for retailers; rather, they are essential in a rapidly changing digital landscape. Check out our Mobile Interactive Infographic for more statistics, videos, and details on Moxie’s responsive live chat solution.