The global supply chain crisis, inflation, and currency issues have all had an impact on the price of goods around the world. In response, consumers now expect retailers to take into account their personalised shopping preferences, both online and in-store. According to SOTI's new retail study, The Technology Effect: Strengthening omnichannel to meet consumer demands, retailers that do not leverage technology to improve the online and in-store shopping experience risk losing customers.
The study dives into the key challenges that today's consumers face and explains why, due to these new behaviours and expectations, retailers must turn to innovative technology solutions to meet these expectations.
Supply chain challenges and changing consumer behaviour
Recent economic and supply chain issues have profoundly affected the consumer shopping experience. For example, 65% of French consumers reported an increase in the price of goods they wanted to buy, 53% reported that items were no longer available after placing an order and 29% reported longer delivery times for advanced orders.
Innovation in delivery is a critical factor for retailers' competitiveness. Deliveries from abroad, which often take longer, are avoided by 45% of French consumers. 50% expect to be able to collect an item in shop the same day, and 35% will shop elsewhere if delivery takes longer than two days. Visibility into the delivery process has become essential for 72% of shoppers.
In addition, consumers are increasingly concerned about sustainability, with 46% preferring to buy from e-tailers that offer sustainable delivery and return options (58%). The study shows that retailers need to offer sustainable delivery and return options to meet consumer expectations and contribute to a more sustainable future for all.
The new norm: the hybrid business model
The difficult events of recent years have reshaped consumer behaviour and preferences. The hybrid business model has become the norm. 94% of French respondents shop in-store and take it with them, and 87% of consumers buy products online and collect them in-store.
With inflation concerns in mind, retailers who want to stay ahead of the competition, increase revenues, and build customer loyalty must invest in good mobile technologies to enhance the hybrid shopping model, offer sustainable delivery and return options and provide real-time visibility into the supply chain.