Retail Analysis
higher value on the tangible experience of shopping in- store. Simultaneously, there exists a segment of shoppers who embrace hybrid shopping models where they browse online and make purchases in-store. In fact, an anticipated 53% of UK consumers plan to conduct online research before making any major purchases in 2024. Whether to deliver convenient and seamless shopping
experiences or to maximise sales, having an appropriate presence over both offline and online platforms is necessary. Relying solely on one channel can make a retail business vulnerable to potential disruptions. Finding the right equilibrium between offline and online is critical. Ensuring a balance between channels can help retailers cater to their customers’ diverse needs. Amid ever-changing trends that influence both online
and offline realms, the right balance between offline and online can help retailers swiftly adapt to market trends, allowing them to stay relevant and competitive in the face of changing consumer preferences. Using a blended approach, retailers can have access to multiple touchpoints that help them engage with customers, gaining increased opportunities to win consumer loyalty. It also allows them to diversify their risk. For instance, during Covid-19 retailers with a strong online presence continued to serve customers even when physical stores faced restrictions. To strike the right balance between their offline and
online channels, retailers must create a frictionless omnichannel environment for their customers, allowing them to browse online, make purchases, and even return or exchange items in-store. This integrated approach can significantly improve overall customer satisfaction. The key lies in integrating physical stores with online platforms to create a unified shopping environment.
Brick-and-mortar and online: The need to connect the two There is no denying that omnichannel retail has taken the industry by storm. However, there is significantly more that needs to be done by retailers to capitalise on opportunities provided by the omnichannel boom. Retailers must connect their physical stores with online sales channels to boost visibility for their customers and themselves alike. If the customer has ordered an item using the Buy Online, Pickup Instore (BOPIS) service, they should be able to track their order in real-time. This helps shoppers confidently walk into the store knowing exactly whether their order is ready for pickup, eliminating any guesswork. Weaving their physical stores with their online
platforms in real-time, retailers can deliver a unified and consistent experience across all touchpoints, maintaining an omnichannel synergy. Shoppers can research products online, make purchases in-store, and use online services for post-purchase support, creating a cohesive and positive overall experience. Retailers can deploy an all-encompassing retail solution that demonstrates a great user interface and is well-integrated
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with wider retail solutions such as inventory management, customer relationship management (CRM), point-of-sale (POS), order management and clienteling. By managing their entire retail ecosystem from a single
software, retailers can have more real-time visibility of their business. They can gather more comprehensive data on customers’ shopping behaviour, in-store inventory, warehouse stock, and online orders. Retailers can use this information to make informed and personalised decisions related to pricing and discounts. Retailers can also use real-time data to optimise their inventory, minimising overstocks and stockouts. This, in turn, enhances the overall efficiency of the supply chain and enables retailers to seamlessly adapt to the continually evolving preferences of consumers.
Consumer preferences in 2024 Despite continued economic pressures in 2023, consumers demonstrated strong levels of resilience. However, the industry saw customers becoming considerate about their purchasing decisions. As 2024 unfolds, shoppers are likely to remain cautious about their spending which can make the market more competitive. When it comes to shopping, physically trying items
in-store and experiencing human interaction is an evergreen consumer preference. However, due to an influx of options available in the market, it is not easy to attract, and more importantly, retain customers. To stand out, retailers need to deliver unparalleled, convenient and personalised shopping experiences in- store. From mobile POS to automated self-checkout, retailers can use a number of innovations to revamp their in-store shopping experience. As retailers prepare to enhance the in-store shopping
experience, they must not overlook the value of a seamless online shopping experience. According to forecasts, retail sales from mobile commerce in the UK are expected to surpass the £100 billion mark by 2024. As a result, retailers must streamline their mobile purchasing process to reduce shopping cart abandonment and ensure a frictionless customer experience. Whether shopping in-store or online, sustainability is
one of the key factors that will influence consumer preferences in 2024. According to Statista’s Consumer Trends 2024 report, sustainability and ethics are at the forefront of shoppers’ decision-making. In fact, ethical spenders will make purchases from eco-friendly brands even during challenging times. It is clear that sustainability isn’t just a buzzword anymore, and retailers need to act now. Ultimately, driving sustainability is likely to be on par
with providing high-quality shopping experiences. With growing cautious spending and the rise of conscious consumerism, delivering high value to the customer, sustainably, should be a priority for retailers to drive revenue and earn consumer loyalty. Those who can deliver top-tier omnichannel experiences sustainably can well cater to evolving consumer preferences in 2024.
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