The Evolution of Experience Retailing
Oracle recognizes that the pace of change in the global marketplace is unprecedented. Adapting to the needs of today’s global shopper at the necessary speed is a significant challenge. Our view is that consumers are now in charge, demanding the provision of commerce anywhere, the benefits of the competitive global marketplace and the latest technologies to enhance their shopping experiences. This is the age of the individual, the shopper that wants every retail interaction to be ‘good for me’, to be defined and dictated by ‘my’ preferences.
From what we see, retailers do not necessarily understand the full extent of the challenge and therefore, adapting to the needs of today’s global shopper at the necessary speed is a significant challenge.
The Evolution of Experience Retailing Research reveals:
- Consumers want retailers to co-create interactions that are ‘good for me’ - that meet local and cultural expectations and are appropriate in terms of the level, frequency and intimacy of the interaction between the retailer and the consumer
- Led by price, product and choice, the Amazon effect is driving growth, acceptance and demand for the global marketplace
- The importance of service indicates retailers must empower their staff and operations to deliver accurate and connected, information-driven interactions at every touch point
- There is no ‘one size fits all’ approach to meeting customer expectations of a good experience – these differ culturally, regionally and across touch points
- Delivering a poor service and experience is damaging to your business – you will lose customers, reputation and diminish your brand value
- Retailers are missing vital opportunities to personalize communications, as they fail to engage appropriately with customers
- Retailers should ignore the growing importance of mobile and social at their peril.