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Optimizing in-store digital experience helps fashion retailers increase revenue 25 percent

FashionUnited – In a world where shopping experiences are influenced by digital in 75 percent of cases, digital already directly drives more than a third of all retail sales, and it further influences a much higher percentage, concludes a recent report by BRP & Windstream Enterprise.

‘Retail’s Digital Crossroads: The Race to Meet Shopper Expectations’ study reveals that within the apparel and shoes segment, digital sales make 29 percent of total sales, whereas 17 percent of store sales are attributed to digital.

A retailer with 1 billion dollars in annual revenue could potentially gain circa 260 million dollars by delivering a great in-store experience. Furthermore, reinventing the store to truly integrate digital and analogical can help retain consumers and grow their value by approximately 25 percent while acquiring new consumers from competitors.

Digital technology investment requires better alignment with consumers’ demands

However, digital in-store technology investment is misaligned as retailers’ investments haven’t kept pace with consumer expectations. Consumers value technologies that help them shop and pay at their pace, clearly favouring those retailers that give them the ability to control their checkout experience.

On a related note, while 71 percent of consumers rate highly the option of using self-checkout, just 42 percent of retailers are able to offer it. Being able to check out via mobile app is a priority for 50 percent of consumers, whereas just 42 percent of retailers actually offer this option.

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Retailers’ Tech Capabilities Still Fall Short

eMarketer – Today’s consumers are open to various types of retail technologies, and they are even warming up to others that were once seen as too creepy.

A recent study by BRP (Boston Retail Partners) and Windstream Enterprise found that many consumers would be more likely to shop at a retailer that offered tech capabilities like automated returns, as well as augmented and virtual reality experiences. But while interest is there—and retailers are aware of the impact it could have if offered—a good number of them don’t offer such capabilities yet.

In fact, while 68% of US shoppers surveyed by BRP and Windstream said they would be more likely to shop at a retailer that offered automated returns capability, just 8% of retailers said they offer this feature.

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Retailers not yet meeting shoppers’ digital expectations: BRP

Luxury Daily – While digital influences up to 75 percent of all in-store visits, retailers have not been keeping pace with shoppers’ preferences, according to a new Boston Retail Partners report.

The consultancy’s “Retail’s Digital Crossroads” report examines how retailers who are quick to adjust to today’s non-linear, multichannel shopping journeys will attract more customers. Although retailers have been investing in the digital shopping experience, not all of these investments reflect consumers’ preferences.

“While we have intuitively known that digital had become such a pervasive element of the overall shopping experience, it was surprising to quantitatively validate how much it influences in-store consumer behavior and purchases,” said Ryan Grogman, senior vice president and practice lead at BRP, Boston. “Consumers spend a considerable amount of time researching products, checking reviews, validating inventory availability and comparing prices before they even visit a store.”

The report is based on surveys of 1,212 retail consumers and 60 retail executives in the United States. Among the shoppers surveyed, there was a 50/50 gender split and Generation Z, millennials, Generation X and baby boomers were about equally represented.

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Retailers can’t keep pace with consumers’ digital preferences

Chain Store Age – Consumers said digital influences up to 75% of their pre-store visits, and it’s leveraged in 46% of in-store shopping experiences. Yet, less than half of retailers deliver on the most important digital capabilities that customers desire, according to “Retail’s Digital Crossroads: The Race to Meet Shopper Expectations,” a report from Boston Retail Partners.

According to data, consumers are more likely to shop at retailers that align next-generation technologies to their digital preferences, and understand the impact. These customers are after more frictionless and relevant shopping experiences, however, in many cases, retailers still don’t offer the capabilities that impact consumers’ shopping preferences.

For example, 68% of consumers are more likely to shop a retailer that offers automated returns capability versus one that doesn’t. Yet, only 8% of retailers offer this service. Similarly, 65% of consumers want to use proximity-triggered mobile coupons, but only 8% of companies offer them. Smart fitting rooms appeal to 53% of shoppers, but only 18% of retailers feature them.

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BRP Report Shows How Digital Influences Shopping

Convenience Store Decisions – Consumers expect greater convenience and empowerment to shop the way they want and where they want. According to a new report from Boston Retail Partners (BRP) and Windstream Enterprise, rapidly evolving customer expectations and digital technologies are driving a major transformation in the retail industry.

“The Retail’s Digital Crossroads: The Race to Meet Shopper Expectations” report, based on research conducted by Incisiv, combines findings from surveys of 1,212 retail consumers and 60 retail executives to understand the effect digital has on the shopping experience.

“The digital divide in retail is growing, as over 75% of retail shopping traverses the digital realm, but less than half of retailers deliver on the most important digital capabilities that customers desire,” said Brian Brunk, principal, BRP. “Further, very few retailers offer the next generation digital technologies, like automated returns and proximity-triggered mobile coupons, that could significantly influence future purchase decisions. Retailers must transform and quickly close the digital gap to remain relevant with their customer.”

“Mobile devices and the capabilities they enable are the primary catalyst for the continued evolution of the customer experience,” said Ryan Grogman, senior vice president and practice lead, BRP. “The majority of today’s consumers research products and brands digitally prior to visiting a physical store and, once they are in the store, about half of them use their mobile devices to perform price comparisons, read product reviews, and even validate inventory.”

Read Full Article: BRP Report Shows How Digital Influences Shopping