The impact of mobile on multichannel retail. Key trends
Key metrics and action points Consumer and retail trends Actions retailers should take Multichannel retailing is developing rapidly Establish a presence Being seen across a variety of channels is 1 Consumers are increasingly using more than one channel as part of 1 important for retailers to keep up with competition. Providing up to date the purchasing process as consumption becomes more considered. information on products, services, prices and location and being accessible across all channels can add value. The ever-connected consumer Consumers today are Use social media Retailers should only implement social channels 2 more connected with friends and retailers through social networks. They have also been quick to adopt informational activities such as 1 which are appropriate and add value to their consumers. Retailers should use social sites to gain insight and feedback on products and services and searching and checking for products online and using mobile then execute improvements and communicate these back to consumers. devices. Consumers want to shop how, when and where Offer flexible fulfilment Retailers need to ensure they offer 3 they want 1 multiple fulfillment options. Retailers can no longer run their physical stores and online operations as separate functions. Consumers expect a Consumers have become increasingly demanding and want the freedom to shop and obtain products in a way and a time fully integrated service from retailers with the ability to order online and convenient to them. pick up in store or order in store for home delivery. Information overload leaves us confused Consistent message 4 Too much information can leave consumers confused. As retailers 1 Be cautious not to overload the consumer with information. Also ensure trial various communication methods, consumers can feel the messages sent through various channels are consistent. A clear brand bombarded, overwhelmed and eventually deterred from entering image should be portrayed across all communications. into a conversation. Loyalty harder to achieve Consumer interaction should be personal and 5 Consumers are more demanding and expect retailers to deliver a 1 bespoke Retailers need to understand their consumers before higher level of service and personalised incentives to maintain their beginning a conversation with them. Use CRM data available to provide custom. insight into shopping patterns and habits and then personalise28 conversations with consumers to drive loyalty.
Key metrics and action points Consumer and retail trends Actions retailers should take The retail landscape has changed The high street is The high street’s demise drives flexibility in 6 no longer the primary shopping destination that it once was, as ? formats Retailers with a physical store presence will need to adapt retailers have turned their focus to expansion in out of town formats regionally and locally to cater for consumers’ changing locations and developing online operations. shopping patterns. The role of the traditional store Add value to shopping experience In order for stores to 7 is evolving Stores are becoming less relevant as retail spend ? remain relevant in a multichannel world, retailers will need to turn them increasingly migrates online and OOT. Physical high street stores into brand destinations, which offer a highly immersive and interactive will increasingly become more like showrooms, but still act as the shopping experience. Focus on customer service to disseminate retailer’s hub. information and provide collection points for customers’ convenience. Price transparency is increasing As smart phones play a Emphasize value added services to draw attention 8 more integral role in the shopping process they will increase price ? away from price Retailers need to focus on providing value transparency across numerous retail channels with customers added services and improving the store environment in order to avoid increasingly using price comparison apps such as Red Laser to loss of sales to mobile price comparisons. check prices whilst in store. M-commerce grows in usage and popularity Remain on top of innovation Retailers need to recognise 9 Mobiles will become an important part of the overall purchasing ? that m-commerce is a growing part of the purchasing process, however process. This will increase the amount of spend made through it plays a larger role than being simply a transactional channel. Retailers mobiles and also how customers interact with retailers when on the need to keep up to date with new technologies to improve interaction go. with customers and integrate multiple channels. M-commerce will help drive multichannel M-commerce is the missing link that connects all 10 integration Rather than being another separate transactional ? channels Mobile is the channel that links all parts of a retailer’s channel, m-commerce will play a much bigger role in integrating multichannel operation. Retailers will have to work hard to make sure retailers’ multichannel operations and drive cross channel their ‘online shopping carts’ function across multiple channels allowing29 integration. customers to for example add to ‘wish lists’ or order items through scanning bar codes when in stores.