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Industry Research : Canadian Retailers Lagging on Retail Customer Experience, Meeting Consumer Needs
Retailers in Canada are not paying enough attention to consumer needs and expectations and need to re-energize their focus on customers, specifically the millennial, and revamp the retail experience to meet the shopper’s needs.
In fact, retailers are falling behind, according to a new PwC Total Retail 2016 report, when it comes to attracting, converting and retaining customers which are increasingly seeking new and easier ways to shop in the store, online and via a mobile device. The report reveals 42 percent of millennials, shoppers between the ages of 18 to 34 years old, buy online monthly and expect to be able to use a mobile device in the physical store location.
"This technologically-savvy group is disrupting the Canadian retail landscape by re-inventing the way customer data is collected to help create personalized retail experiences," states an announcement.
"Today's purchasing experience starts from the moment a customer compares products on-line or on their mobile device and goes all the way through to completing the transaction, whether digitally or in store. Throughout the omni-channel experience, customers provide data to retailers, creating several potential points of customer insight," Ted Salter, partner, consulting and deals.
"Using the insights from this data effectively through the deployment of enabling technology can enhance the customer's future experiences while increasing sales and customer engagement. For the customer, it provides a seamless personalized experience that builds a sense of community and loyalty towards retailers."
Millennials in Canada are using mobile devices more than the global consumer segment, as 50 percent access a mobile device for store coupons and promotions code compared to 35 percent globally.
Today's shoppers want a seamless omnichannel environment that provides an "insider" experience that provides information on new products and engaging loyalty programs.
The report also reveals that pricing is a key element in the retail experience, with 66 percent of Canadians citing price as the top reason for shopping at a favorite retailer though 63 percent are willing to buy a product online from another country if the price is better.
"The transformation of the retail industry in Canada requires retailers to evaluate their current structure and organize it around the customer, including building new technological capabilities, upgrading or improving systems and creating linkages between the different aspects of omnichannel shopping environments," states the announcement.
Here are some other key findings:
- Almost 40 percent of consumers under the age of 34 say interactions with favorite brands through social media have driven them to respect and value those brands more
- 68 percent made their first online purchase more than three years ago
- 46 percent cite convenience as the main reason for shopping online
- Top products that customers research online via computer, tablet or mobile: 66 percent consumer electronics and computers; 63 percent books, music, movies, and video games; 53 percent household appliances
- Top products that customers purchase online via computer, tablet or mobile: 52 percent books, music, movies, and video games; 28 percent consumer electronics and computers; 23 percent clothing and footwear
- Top products customers research in-store: 51 percent grocery, 38 percent furniture and homeware, 36 percent clothing and footwear
- Top products customers purchase in-store: 82 percent do-it-yourself/home improvement, 72 percent furniture and homeware, 71 percent household appliances
Posted by Veronica Silva Cusi, news correspondent
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Published: Tuesday, March 1, 2016