NEWS AND VIEWS ON THE LATEST TECHNOLOGY SOLUTIONS
Competitive retailers work to create excellent customer experiences. However, with 92 percent of European shoppers purchasing online at least some of the time, brick-and-mortar retailers need to accommodate new consumer behaviours and meet new demands. In addition, merchants must recognize the impact of technology on how consumers shop – and on their businesses.
Meeting Demands for Convenience and More
Access to e-commerce sites 24/7 and easy-to-use apps available at consumers’ fingertips have made it relatively easy to shop without leaving home. Not surprisingly, convenience was the primary reason that consumers participating in a Retail X survey cited for engaging with merchants digitally. It’s the leading reason in Spain with 79 percent of consumers changing their habits for greater convenience, followed by Sweden (76 percent), Ireland (74 percent), France (73), Italy (69 percent), Finland (66 percent) and the UK and Romania (62 percent each).
While convenience is important to shoppers in other parts of Europe, 67 percent of consumers in Norway say shopping online allows them to find better prices, 44 percent cite choice, and 34 percent cite delivery options as more important than convenience. In Germany, 55 percent of consumers prefer online shopping for expanded choices, 54 percent say prices are the driver, followed by convenience at 48 percent of respondents.
Engaging with retailers online has given consumers options – and they’ll take them. Retailers feel the impact of technology every time they see a customer check a smartphone in-store to look for an out-of-stock product or to find the product they want at a better price. Technology has enabled consumers to find exactly what they want quickly.
Another impact of technology – particularly in the retail space – is the shift to subscription services like Amazon Prime or Asos Premier Delivery. The highest use of these services is in the UK, with 76 percent of shoppers taking advantage of subscriptions. Analysts estimated that Europeans would purchase 560 million subscriptions in 2021, a quarter of the worldwide total. Subscriptions are popular for music purchases, with 317 million households worldwide, and on-demand video services, with over 554 million subsections around the globe.
This trend has forced businesses of all types to rethink their business models, make the most of their services, and become more digital-savvy and user-friendly.
3 Ways to Capitalize on the Impact of Technology on Consumer Behaviours
Technology solution providers (TSPs) can help their clients adapt to consumer behaviours altered by the impact of technology. Implement systems that help merchants:
Technology Influences Consumer Behaviour and Vice Versa
Even if the solutions you provide today perfectly support consumer behaviours, they may not be what retailers need to meet expectations in the future. Digital trends shift frequently, so it’s essential to continually monitor what retailers need to provide the experiences consumers want and to help merchants maximize engagement and revenues.
Technology solution providers who ensure their solutions stay on the leading edge will position their clients – and their own businesses – for growth.