Results from a new PwC study show some of the main areas impacting retailers and how consumers interact with them.
The “Total Retail 2015: Retailers and the Age of Disruption” study is PwC’s annual global consumer survey. Released this month, it breaks down current retail “disruptors” into four areas: the evolution of the store, mobile technology, social networks and demographic shifts.
This past August and September, 19,068 respondents completed the online survey, which covers 19 territories on six continents. Canada and the U.S. respondents took part, and did people in Germany, the U.K., Italy, Turkey, Russia, China and Australia.
John Maxwell, global retail and consumer leader at PwC, noted in the report the retail environment is more complex now than ever before. “[Consumers] want their shopping needs met in a way that minimizes uncertainty and inflexibility and maximizes efficiency, convenience, and pleasure,” he wrote.
Here are some interesting findings from the report:
The evolution of the store
When asked why they buy products online instead of in stores, the results showed:
56% said lower prices/better deals than in-store
40% said no need to travel to a physical store
32% said easier to compare and research products/offers than in-store
16% said customer reviews of products available online
When asked why the buy products in-store instead of online, the results showed:
60% said I am able to see, touch and try merchandise
53% said to get the product immediately
25% said I’m more comfortable buying perishable products in-store
22% said I’m able to return items easily
20% said quicker delivery than if purchased online
13% said to support local retailers
13% said because of the atmosphere
12% said to get the lowest price
Mobile and related technologies
When asked which of the following they have done using their mobile/smartphone/tablet/PC, the results showed:
49% researched the products
49% compared prices with competitors
31% located store with mobile phone
25% used a coupon
16% accessed loyalty/reward programs
13% scanned QR codes
12% paid at the cashier
12% received an offer based on proximity to store
4% tweeted the retailer/brand about the product/offer
Additionally, 25% of Canadian respondents say they “strongly disagree” that their mobile phone will become their main tool for which to purchase; only 6% said they “strongly agree.”
Social networks
When asked which of the following they have done using social media
34% said they followed some of their favourite brands or retailers
28% said they discovered brands they didn’t know or brands in which they developed a particular interest
27% said they researched a brand, including reading others’ feedback
23% gave comments about their experience with a product or brand
15% liked and shared products
Demographic shifts
The study asked 18-to-24-year-olds and “everyone else” about which of the following they’ve done using social media:
Followed some of their favourite brands or retailers: 49% 18-24 versus 31% everyone else
Discovered brands they did not know or brands in which they developed a particular interest: 38% versus 26%
Researched a brand, including reading others’ feedback: 30% versus 26%
Provided comments about their experience with a product or brand: 26% versus 22%
This story originally appeared at CanadianGrocer.com.
