Eight out of 10 global shoppers’ purchase decisions are now informed by a digital device, with consumers saying they are smarter shoppers and getting more value than before. However, though in-store sales still account for more than 90% of all retail spending, the result is a more focused in-store shopper buying from a narrower list of unique stores than in years past.
MasterCard’s The Retail CMO’s Guide to the Omnishopper combines survey data from thousands of shoppers around the globe with transaction-based insights from MasterCard. Key findings include:
• Technology use in shopping is almost universal: Eighty percent of consumers report using technology during the shopping process, such as smartphone apps for price checks, “click and collect” services to buy online and pick up in-store, and in-store technology to research or order a product. In addition, six out of 10 are doing more research online today than two years ago.
• Bricks and mortar stands strong: The omnishopper chooses physical stores for better customer service and a faster, more social buying experience. This might be a contributor to e-commerce’s relatively flat growth as a share of total retail sales (7.5 percent globally).
• Consumers want specific inventory, and a seamless experience accessing it: today’s shoppers know what they want. The top frustration – cited by 73 percent of respondents – is items not being in stock, underscoring the importance of inventory management for retailers.
• Consumers feel smarter and get more value: 80 percent of global consumers claim to be getting more value, both in-store and online.
• Merchants are primed for omnishoppers’ loyalty: despite having nearly endless choices a click away, only 26 percent of shoppers like to try new merchants. This can pose a challenge for retailers trying to attract new customers. Just 20 percent say technology has led them to consider a new retailer.
The Retail CMO’s Guide to the Omnishopper blends insights from MasterCard transaction-based insights with a proprietary survey of omnishoppers conducted in nine markets: Brazil, China, Germany, Hong Kong, Indonesia, Poland, UAE, U.S. and U.K. The online survey of 11,337 people was conducted July 2015.
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