There is no argument that COVID has changed the way consumers shop. While omnichannel retail was a buzzword long before the pandemic hit 2020, the sudden need to stay in place moved consumers from in-store shopping to convenient online shopping quickly. Younger consumers were taking the digital shopping route more and more; However, COVID has prompted consumers of all ages to adopt new practices including digital purchases, pick-up and delivery.
While the store remains the way the majority of consumers prefer to shop, online shopping has solidified its position in the hierarchy and is expected to continue to grow. For retailers, it is important to have a strong digital presence, in line with the shopping experience that consumers expect in their stores.
According to the Bureau of Economic Analysis, retail sales predict consumer spending trends, which then predict economic growth. Global retail sales are expected to reach $30 trillion by 2023, compared to $17 trillion worldwide in 2017. Much of this growth is attributable to digital retail. Online retail sales reached nearly $5 trillion globally in 2021, nearly double their numbers in 2018. While the majority of consumers across all generations say they prefer making purchases in a physical store, the shopping experience begins with Internet often. It is blurred between channels.
keep in touch
BEA continues that 87 percent of consumers surveyed said they have started their shopping journey digitally. Yet 62 percent of baby boomers today still prefer to make a definitive in-store purchase, and 58 percent of Generation Zers say the same. This may explain why digital retailers like Wayfair and Amazon merge into traditional or pop-up stores during peak shopping seasons.
Today, 62 percent of consumers in general prefer to shop in stores so they can see, touch, feel and try the products they are thinking. This number is likely higher for the home furnishings retail business, where furniture needs to be “sit-tested” and consumers benefit from the education they receive in home furnishings and lighting showrooms.
This does not mean that they do not refer to their digital platforms during the in-store shopping experience. According to Google, 82 percent of consumers consult the information on their phones while shopping at the store. A strong online presence is essential for today’s retailers to ensure they are visible when consumers consult their phones. Consumers want options when it comes to shopping and convenience is key.
technical support
Three out of five consumers report that a retailer’s investment in technology, such as automated payments, in-store navigation and augmented reality, creates a better shopping experience, according to the National Retail Federation. 63 percent, for example, say they are satisfied with self-pay experiences, and 69 percent appreciate mobile payment options. More than half of consumers are also interested in technology that lets them know if an item is in stock.
Many of these retail changes were approved before Covid, but after, if not already done, retailers need to quickly track their digital presence and tools that make it easier for consumers to have a smooth, efficient and secure shopping experience.
With so much of the online buying journey happening now too, there are many areas in which consumers have expressed their need for more attention from retailers. Consumers are asking retailers to increase their information privacy practices. Securing personal data gives consumers more confidence. Sharing information about how to keep customer information secure fits another consumer demand. They want transparency. Are the products in stock? If not, are there specific access dates and times?
Shoppers also want to complete purchases quickly. They don’t want to wait in long lines or deal with shipping delays.
Digital presence gives retailers an additional opportunity to use content to interact with their customers. Digital newsletters that share behind-the-scenes processes, new deliveries, sales, and more can help customize your store for your customers and give them a convenient way to learn more about your choice and store.
If honing your digital retail presence is something you’ve been putting in the back, now is the time to take stock of how customers find you, how they shop, and the tools you should put in place to give them that seamless online/in-store experience.
