According to the latest research, eight out of ten global shoppers purchases are now informed by digital devices, with shoppers saying they are shopping smarter and getting greater value.
MasterCard recently released a report, Retail CMO’s Guide to the Omnishopper which combines survey data from thousands of shoppers around the globe with transaction-based insights from MasterCard.
According to the report, although in-store sales still account for mover nine-tenths of all retail transactions, the result of increasing digital interaction is a more focused in-store shopper buying from a narrower list of unique stores than in years past.
“Getting smart about smart shoppers is paramount to a retailer’s success, yet shoppers consistently report they’re frustrated that retailers don’t get it,” says Mathieu Loury, senior vice president of Merchant Solutions for MasterCard Advisors, the professional services arm of MasterCard.
“The good news is that the solutions exist to both analyze and answer these expectations—meeting your omnishoppers every step of their empowered journey, and creating an ecosystem that propels them forward.”
Key findings include:
- Technology Use in Shopping is Almost Universal: Eighty per cent of consumers report using technology during the shopping process, such as smartphone apps for price checks, “click and collect” services to buy online and pick up in-store, and in-store technology to research or order a product. In addition, six out of ten are doing more research online today than two years ago.
- Brick and Mortar Stands Strong: The omnishopper chooses physical stores for better customer service and a faster, more social buying experience. This might be a contributor to ecommerce’s relatively flat growth as a share of total retail sales (7.5 per cent globally).
- Consumers Want Specific Inventory, and a Seamless Experience Accessing It: Today’s shoppers know what they want. The top frustration – cited by 73 per cent of respondents – is items not being in stock, underscoring the importance of inventory management for retailers.
- Consumers Feel Smarter and Get More Value: Fully 80 pe rcent of global consumers claim to be getting more value, both in-store and online.
- Merchants Are Primed for Omnishoppers’ Loyalty: Despite having nearly endless choices a click away, only 26 per cent of shoppers like to try new merchants. This can pose a challenge for retailers trying to attract new customers. Just 20 per cent say technology has led them to consider a new retailer.
“When looking at consumers around the globe, Brazilians were the most ardent researchers. In markets like the UK and US, the more consumer’s research before shopping, the fewer stores they visit in the physical world,” said Theodore Iacobuzio, vice president of Global Insights, MasterCard.