The retail industry is in a state of flux. Consumer spending patterns, demographic changes and the online shopping revolution have created a challenging retail environment. While physical stores have been hit hard, internet retailers are not exempt either.ASOS’ profit warning towards the end of 2018 shook the retail sector. With Europe’s share of the Top 250 global retailer’s revenues dropping from 39.4% to 33.8% over a ten year period (according to Deloitte), many major retailers including Gap, Toys’R’Us, Carrefour, have chosen to close some or all of their physical stores.
The market is complex. Multiple factors including discounting, supply chain issues, and rapidly changing fashion and food trends all have an impact on retail performance. eCommerce has long been touted as the bogeyman to the high street, clawing away footfall and profits. However, while technology been instrumental in the changing fortunes and business models of retailers, it could also ultimately hold the key to the success of the physical store. In the future, online retailers and physical retailstores will in fact be closer than before.
Consumers want an ever more connected shopping environment, one which combines the physical and the digital into a seamless experience. This ‘bricks and clicks’ model, pioneered in the early stages of online retail, has benefits for companies and customers. We expect it to continue and increase.
We wanted to understand retail market challenges from the perspective of consumers; to know how they shop and what they want from the retail experience. Retailers can then use this knowledge to adapt. We spoke to over 5,000 consumers across the UK, France and Germany. We asked them how they feel about the physical retail experience compared to the online, the last time they shopped in a store and why they chose to do so, as well as the technology they’d like to see in-store.
The research shows that now is the time for retailers to start laying the foundations forthefuture shopper, to meet theirneeds and expectations. We’ve used the data, and our position in the market, to create three “plays” for retailers. These plays address the needs of today’s store, tomorrow’s store, and preparation for whatever the future holds.
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