360-Degree Engagement Is the Key to Shopper Loyalty
By Joe Skorupa
Retailers know that success is built one person, one shopper, one relationship at a time. Those who listen to the voice of the shopper through analytic tools and social media need to apply those learnings in a way that ensures trust and customer satisfaction. This is especially true for the dominant Millennial shopper segment, the digital natives, which the just released RIS/TCS Shopper Insight 360 Study discovered is different than other generations in some important ways but similar in others.
The Shopper Insight 360 Study, produced in partnership with a research team from Tata Consultancy Services led by global head of technology for retail and CPG Aashish Chandra, is a new study that focuses on listening to the voice of the shopper and then mapping their likes and dislikes to a game plan that retailers can use to reinvent retail.
This year’s study represents a big leap forward for the annual shopper study, which has been redesigned from a new perspective, one that recognizes that the path to purchase and marketing funnel are dead. Retailers have relied on these outdated concepts for years assuming they were somehow in charge of the shopping experience. This year’s study identifies shopper pain points with old retail methods and makes recommendations for transforming them in a way that earns trust and loyalty.
Listen, Learn, Adapt
Shoppers tell us they want retailers to think mobile first, speed up the digital transformation of stores, stay current with innovations from other industries, and streamline the interplay between online, mobile and store channels within single brands. Here are some key datapoints behind the findings from the study:
- 59% of shoppers go into a store at least twice per month
- 34% of shoppers shop by computer/laptop or smartphone at least once per day
- Retailers who want to improve relevancy with shoppers and influence their buying decisions should focus on product selection (72%). Retailers who want to do the same for online sales should focus on helpful product content (52%).
- Multi-channel shopping is the norm: 38% of shoppers say their most frequent method of decision making is using a combination of store, computer/laptop and smartphone. Using one channel for making shopping decisions is so rare it is essentially irrelevant (6% for store only, 4% for computer/laptop and 1% for smartphones).
These important conclusions from the RIS/TCS Shopper Insight 360 Study just scratch the surface from one of the most detailed shopper preference studies in retail. For those who want to see a full set of charts and analysis click here.