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.