industry market roundup Retail Forecast
SGB brings you the latest retail market updates, straight from the experts
Trendspotting
Cate Trotter, founder of Insider Trends, explains how businesses can stay abreast of emerging trends 2015 was the year of ‘omnichannel’ in the
retail space. The impact is significant – a recent report showed that 63% of shoppers now use multiple channels when making purchases over £100, and more than 60% use at least two devices every day. The big trend of 2016 is likely to be in
technology that truly enhances the customer experience. Retailers need to understand what the customer wants, as well as when and where they will use technology to get it – and, equally, when they won’t. The platforms retailers use to trade must reflect that understanding. Cate predicts a shift away from gimmicky or pointless tech, to tech that adds value both to the experience and to the brand. Enhancement of customer experience is demonstrated by services such as mobile
payments, notably ApplePay, but also the way retailers are using Bluetooth ‘beacons’, which can be installed around stores or street space to interact with smartphones as people pass by.
77% of millennials driven to checkout by social sources
According to a study conducted by provider of enterprise cloud commerce solutions Demandware, 59% of 18-34 year olds have acted on purchase recommendations on Facebook, 41% on YouTube and 25% on Instagram. 77% of respondents completing a purchase after seeing a product that someone else has favourited or shared online. Millennials’ loyalty is driven by lowest prices (68%), speed of delivery (61 per cent) and
availability of items (49%). The high street is transforming into a showroom for trying (52%) and touching items (47%). “Every aspect of millennials lives is now documented online. The use of social media and
the rise of a selfie culture is changing the way that millennials shop,” explained Sharon Forder, senior director marketing, EMEA at Demandware. “Peer recommendations are now one of the top factors influencing the purchasing journey.”
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SGB-SPORTS.COM Source:
resources.lloydsbank.com Cyber attack key
danger for businesses Business interruption (BI) remains the top global risk for businesses for the fourth year in succession, according to the Allianz Risk Barometer 2016 The fifth annual survey on corporate risks, published by Allianz Global Corporate & Specialty (AGCS), reports that cyber-attacks, geo-political instability and technology failure are all new potential drivers of BI losses. Whilst companies are worried about increasing sophistication of cyber- attacks, they tend to underestimate technical IT failure as cause of costly outages. AGCS CEO Chris Fischer Hirs commented: “New
technologies, increasing digitalization and the ‘Internet of Things’ are changing customer behavior, industrial operations and business models, bringing a wealth of opportunities, but also raising awareness of the need for an enterprise-wide response to new challenges. Insurers need to work together with their corporate clients to help them to address these new realities in a comprehensive manner.”
Read the full report here:
http://goo.gl/OjTr9U
Shoppers love click and collect
shoppers claim click and collect changed the way they shopped in 2015. 11.79% of respondents said smartphones changed
D
the way they shopped, with the same percentage saying the same about tablet computers. Although click and collect is popular with consumers – 28% cite it as a key element of what is making online retail better – the desire for cheaper products is still overriding.
ata from Atomik research carried out on behalf of retail marketing agency Live & Breathe shows that almost one in five
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