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New Global Consumer Survey Underscores the Growing Imperative for Retail Experiences That Are “Good for Me”
As new technologies place more power in the hands of consumers, a new survey-based report, “The Evolution of Experience Retailing,” finds that consumers around the world are demanding the provision of commerce anywhere through retail experiences that are both global in reach, yet localized and personalized to meet their individual needs and expectations.
“This survey reveals the extent to which we live in the age of the consumer who wants every retail interaction to be ‘good for me,’ to be defined and dictated by ‘my’ preferences,” explains Mike Webster, senior vice president and general manager, Oracle Retail. “Yet from what we see, retailers don't necessarily understand the full extent of the challenge. They are not adapting quickly enough to the demands of today’s global shopper,” adds Webster.
The August 2012 survey commissioned by Oracle examined the evolving retail requirements of consumers between 18 and 60 years of age in Brazil, China, Germany, Japan, Russia, the UK, and the US.
Specific findings include
- A model for success. To compete in the global marketplace, retailers need to deliver consistently outstanding service while creating experiences with their customers that are built on individual preferences.
- The Amazon effect. Because of its advantages in terms of price, product, and choice, Amazon-style retailing is driving growth, acceptance, and demand for the global marketplace.
- Service is king. Some 88 percent of respondents listed service as very or fairly important. In response to a poor service or experience, more than half of respondents (53 percent) indicated they would switch to a competitor, while 55 percent say they would actively recommend against using a particular retailer. And growing numbers of socially savvy consumers (37 percent) will share their dissatisfaction via social media networks.
- Going granular. Customer expectations of a good experience differ widely across cultures, regions, and even by touch point. There is no one-size-fits-all approach, so meeting the expectations of the individual becomes even more important.
- Embracing mobile and social. Mobile and social technologies are growing in importance, especially within emerging retail markets.
- Delivering connected experiences. The ability to create a connected experience across multiple touch points offers considerable opportunities for retailers to differentiate themselves from Amazon. It allows them to develop strategies to better understand preferences, deliver more-targeted personalization techniques, and provide commerce any time and anywhere.
Download “The Evolution of Experience Retailing".