3 April 2012
IGNORE SHOPPERS' DEMAND FOR 'RAPID RETAILING' AT YOUR PERIL, SAYS CABLE&WIRELESS WORLDWIDE
• Research reveals that convenience and speed have increasing influence on buying behaviour
• Some shoppers are willing to pay a premium in-store for immediate access to goods
• Retailers need to create a 'rapid retailing' experience in order to remain competitive
London, 3 April 2012: Shoppers are increasingly impatient and want a 'rapid retailing' experience, independent research commissioned by Cable&Wireless Worldwide (CWW) has revealed. Driven in part by the instant nature of digital technology and proliferation of mobile devices, consumers expect instant access to product information and to move effortlessly between retail channels (mobile, website, in-store etc). They also want stock immediately or very short delivery times. CWW claims that retailers need to embrace these trends and transform the in-store customer experience in order to remain relevant to the shopper of tomorrow.
The survey shows that price continues to be important for
shoppers - more than half say cheap prices are their number
one priority when choosing a retailer. However, buying
behaviour is increasingly shaped by convenience and speed.
For example, 40% rank 'items in stock' as the most important
criteria for shopping in-store and a third (30%) of people
use their mobile phone while in-store to speed up their
buying decisions, by reading product reviews and so on.
The desire for a rapid experience is further underscored by a
lack of tolerance for slow websites - nearly half (46%) of
online shoppers will switch to another retailer's website if
they experience a 30 second delay. Expectations continue to
be high when it comes to speed of delivery, with three
quarters of consumers expecting deliveries to arrive within
two days of order.
Diane McAuliffe, Director Retail, Leisure and Logistics,
Cable&Wireless Worldwide said, "Retailers are operating in a
world where speed and convenience are determining shopper
behaviour. It's a big shift and retailers that want to remain
competitive must adapt and provide a 'rapid retailing'
experience. If people want to use their phones in-store to
find online reviews, then retailers should help them by
providing wi-fi and a mobile-optimised website. It helps
forge deeper relationships with customers and allows the
retailers to offer personalised in-store offers. Once a
customer is in a shop, the key is to provide them with the
most informed, convenient and fast shopping experience
possible."
Encouragingly, the research indicates that once in a shop,
consumers are willing to pay a price premium for convenience
and speed. More than half would need to save 10% or more to
prompt a purchase from another store. Similarly, one fifth
will pay a 10% premium to have the goods immediately, rather
than buy cheaper online and wait for delivery.
From an analysis of the research data, CWW has identified key
characteristics of the shopper of tomorrow, and has provided
insight into how retailers should respond:
• Shoppers will expect improving levels of customer service across channels: Retailers must deliver a real-time, personalised and seamless experience across multiple shopping channels. For example, they should provide shoppers with direct access to information
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about store-specific stock levels so they can make choices about which channel to use and which store to visit.
• Consumers will increasingly rely on technology (personal and in-store): Online shopping systems must be easy-to-use, intuitive, personalised and highly responsive, irrespective of channel. The provision of web-enabled tills and internet kiosks enhance the shopping experience by allowing customers to track store-specific stock levels or order out- of-stock items for home delivery.
• Customers will require shorter and shorter delivery times: Retailers need a highly efficient supply and distribution chain with 100% in-stock availability and same day delivery becoming the norm.
• Shoppers will need new reasons to spend more time in-store: Retailers must be creative in making the in-store shopping more experiential and unique. For example, retailer-supplied wi-fi will enable retailers to engage with customers whilst in-store, targeting them with relevant offers and personalising the shopping experience.
~ ends ~
ABOUT THE RESEARCH
To identify the key issues surrounding attitudes to shopping,
CWW commissioned YouGov to undertake some primary research
amongst shoppers. YouGov SixthSense conducted a survey among
its online panel, drawing on a nationally representative
sample of 1,957 UK adults aged 16+ in September 2011.
Further details on the research findings can be found
here:
http://www.cw.com/services/industry/retail/rapid-retailing-form/
CONTACTS
For more information please contact:
Will Cameron, Cable&Wireless Worldwide, 07822 803889
ABOUT CABLE&WIRELESS WORLDWIDE
Cable&Wireless Worldwide (LSE: CW) provides integrated
communications and data hosting services to large enterprises
and mid-market customers in both the public and private
sectors.
With an unrivalled heritage and a globally significant
network Cable&Wireless Worldwide can provide robust and
resilient connectivity to over 150 countries.
To find out more, visit http://www.cw.com
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| This press release was issued by Cable & Wireless Worldwide plc and was initially posted at http://www.cw.com/assets/content/pdfs/resource/rapid-retail-03-april-2012.pdf . It was distributed, unedited and unaltered, by noodls on 2012-04-04 19:48:20 PM. The issuer is solely responsible for the accuracy of the information contained therein. |