DIGITAL
Global Consumer Report Insights Retailers must embrace future tech
By Markus Eichinger, EVP Group Strategy at Wirecard
In March 1909, Harry Gordon Selfridge opened the doors to his Selfridges department store in Oxford Street, London, for the first time. Selfridge believed his path to success was through creating the ultimate retail experience for his customers.
F
ast forward to 2020, brick-and-mortar stores are facing an existential
crisis as they struggle to compete against the rising tide of online shopping. In an age of large chains and fewer independent stores, it could be said that retailers have forgotten to give customers an experience and build personal relationships with them. Yet, not all is lost, if retailers only listened to consumers and embrace new technology.
Wirecard commissioned a global study of 6,000 consumers in selected countries across Europe, APAC and the Americas, as part of our Global Consumer Report. We found that the ‘mass market’ shoppers are ready and waiting to use and adopt new technologies for an improved in-store shopping experience, but retailers are too slow to respond.
So, what are consumers demanding, and what can retailers do to deliver first-class experiences that tempt them back into physical stores?
Convenience must be king Both globally and regionally, the research shows that consumers want to use new technologies that make the shopping experience more convenient for them. This includes using:
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• An app to purchase products using self-checkout (71 per cent somewhat or very interested)
• A smart mirror to allow them to view additional products, request other items and purchase goods without a checkout (65 per cent somewhat or very interested)
• Unmanned stores like Amazon Go (61 per cent somewhat or very interested)
• Virtual Reality (VR) to try on items of clothing before buying them online (61 per cent somewhat or very interested).
Interestingly, the survey found that shoppers from Malaysia, Thailand and Brazil were among the most open to using these new technologies, while shoppers from the US, Australia and France were among the lowest: Emerging countries are on a fast track to adopt new technologies.
Mobile payments should be a given Consumers see mobile payments as key: 44 per cent of all respondents agreed that they less likely shop in a physical store if it didn’t offer ways to purchase using their mobile phone for payments. Malaysian consumers were the most demanding with 79 per cent saying they either strongly or somewhat agreed with this.
Direct Commerce |
www.directcommercemagazine.com
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