The State of Retail 2017: The Shopper is in Charge & Retailers Must Adapt
The State of Retail 2017 survey results suggest that U.S. retail stores left about $150 billion in potential revenue on the table in 2016 by failing to offer shoppers the personalized shopping experiences they want. Respondents said that, on average, they would increase their in-store spending by 4.7 percent—if they received better, more personalized service from retailers. This additional revenue would represent a huge improvement for brick-and-mortar retailers, who are struggling to meet revenue, profit and stock valuation goals.
Previous surveys of retail executives consistently show they believe their stores do provide customers with personalized shopping experiences. But consumers see things differently. About half of this year’s survey respondents (49 percent) said they “never” or only “sometimes” receive what they consider to be personalized service. In fact, 70 percent of the time they shop they said they “never” or only “sometimes” can find a sales associate when they need assistance.
In-store shopping is far from dead. In fact, it’s using online shopping to its advantage, and consumers can look forward to new, innovative shopping experiences in the future. Retail is transforming, taking on new challenges and learning how to work with today’s technology, opening the doors to future growth and customer base expansion. Instead of telling customers how, when and where to shop, retail stores are catering to their customers’ individual shopping requirements. This report helps show why the shopper is in charge, and retailers must adapt.
This survey of more than 2,000 consumers was conducted by a national survey firm during November 2016. This report includes over 30 results with fully linked footnotes to industry publications and other references.
Most helpful customer reviews
0 of 0 people found the following review helpful.
Helpful overview with some surprising results
This is a helpful overview with some surprising results especially as related to in-store versus e-commerce behavior. The entire topic of "reverse showrooming", i.e., people browsing on-line but going to the store to purchase, makes sense, at least for some types of goods. Not sure that this is applicable to purely commodity items, but I understand why this could be helpful for physical stores to survive in the future. This report also helped quantify the somewhat fuzzy notion that personal service "helps" the customer experience by translating this into $$ value. Overall, a decent and timely report. Note that this is written by a vendor (TimeTrade) but they've been doing this report for a few years and keep the selling out of it except for a small blurb on the last page.
Manage research, learning and skills at defaultLogic. Create an account using LinkedIn or facebook to manage and organize your IT knowledge. defaultLogic works like a shopping cart for information -- helping you to save, discuss and share.