Author: Dan Berthiaume
Source: CSA The Business of Retail
Retailers need to pay extra attention to a particular aspect of their in-store shopping experience.
Results from “Analogue to Automated: Retail in the Connected Age,” a global survey of 1,000 retailers and 5,000 shoppers from Planet Retail and Displaydata, indicate that Eighty-percent of shoppers say price is the number one factor for making in-store purchases, according to “Analogue to Automated: Retail in the Connected Age,” a global survey of 1,000 retailers and 5,000 shoppers from Planet Retail and Displaydata. And 67% said consistent online and offline prices are the top reason for shopping in a store.
However, 53% of consumers said in-store prices are occasionally inaccurate, and only 18% will shop at a store again if they are overcharged. While retailers recognize the importance of in-store pricing – 82% said price accuracy increases trust and loyalty – 65% can’t make the number of in-store price changes they want.
Consumers are also open to retailers using dynamic pricing in store, at least for certain reasons. Sixty-five percent of consumers accept dynamic pricing for sell-by-date items, while 54% accept it to clear surplus stock and 52% accept it to price match.
Retailers also recognize the value of dynamic pricing – 84% of retailers said dynamic pricing would improve margins, 79% said responding to competitors’ offers is a high priority, and 78% want to offer better pricing and promotions.
In general, consumers want to see a more connected in-store experience. Sixty-three percent of shoppers want prices to match across channels, and 43% want to return online purchases in-store. Three-quarters (76%) of shoppers want more digital in-store experiences, and 67% say store technology influences their choice of retailer. Another 31% want to see electronic shelf labels (ESLs) in store.
Retailers plan to offer more in-store technology – 76% of retail respondents want to give more information at the shelf edge and 42% say digital engagement is a key priority. However, retailers see challenges to providing a connected in-store experience – 77% say a complete view over inventory is essential and 76% say omnichannel engagement is challenging.
The study also examined consumer and retailer views on in-store personalization. Retailers actually show more interest than consumers in having a more personalized brick-and-mortar experience. More than half (54%) of retailers want to identify shoppers, while 50% want to send offers based on purchases and 42% plan to use digital loyalty in-store.
Meanwhile only 33% of shoppers want location-based offers sent to them, 27% want to be recognized by the store, and 25% want to call for help from the shelf edge.