In today’s digitally driven retail landscape, understanding customer behavior and preferences in physical stores is a crucial factor for success. This insight comes from a report titled “Pulse of Retail 2021,” commissioned by digital software company Mercaux. The report emphasizes the significance of capturing customer data and implementing digital technologies within physical stores.
The report surveyed 200 retailers and 2,000 UK consumers, revealing that the retail industry is still in the early stages of digital transformation. However, there has been progress since stores reopened to the public. Olga Kotsur, CEO and co-founder of Mercaux, highlights that stores have evolved from being solely sales channels to multi-purpose, omnichannel centers.
The survey findings indicate that capturing customer preferences and behaviors in-store is considered important by 33% of respondents, with this percentage rising to 47% among CEOs. This highlights the increasing significance of unifying online and offline spaces to provide a consistent omnichannel experience. Additionally, 35% of respondents believe that capturing customer data is almost as important as selling products, emphasizing the importance of a holistic approach.
The report also reveals that 30% of respondents value using physical stores as customer relationship centers, highlighting the importance of deploying clienteling capabilities. Regardless of size, most retailers prioritize physical retail and view it as a high or top priority across all channels. More than half of the respondents report that in-store revenues have rebounded to over 60% of total sales post-pandemic, reinforcing the need for future store investments.
However, the report brings attention to the fact that 38% of retailers feel that their current systems are too outdated to support in-store digital transformation. It also highlights a lack of knowledge among respondents regarding the requirements for implementing in-store technologies, particularly among IT respondents. Furthermore, the report reveals a misconception regarding the time required for digital transformation projects, with 68% of respondents estimating that it would take more than six months.
Managing multiple technology projects simultaneously poses a challenge for many retail teams. Forty-three percent of respondents admit that they are unable to transform their stores due to this limitation, while an additional 43% say it would stretch their teams. Therefore, effective onboarding and training at the point of deployment are crucial to address any concerns and ensure successful implementation.
According to the report, the top in-store digital transformation technology is mobile point-of-sale (POS), followed by clienteling solutions and making and accepting appointments in-store. Retailers are also planning to implement omnichannel consumer apps and self-service kiosks, showcasing their focus on enhancing the customer experience.
Overall, the “Pulse of Retail 2021” report underscores the importance of leveraging digital technologies to understand and cater to customer behavior in physical stores. By implementing the right solutions and providing adequate training and support, retailers can create a seamless omnichannel experience that drives success in the digital age.
Useful links:
1. Mercaux: Learn more about the digital software company Mercaux and their solutions for the retail industry.
2. Retail Dive: Stay updated on the latest news and trends in the retail industry with Retail Dive.
