By Marie-Christin Hansen-Oracle on Mar 28, 2014
In December 2013, Oracle commissioned leading UK market research agency Redshift Research to carry out a study of consumer behavior. The research interviewed 4,500 adults from Brazil, China, France, Germany, Japan, Russia, South Korea, the UK and the USA.
Findings revealed that as a new democratic relationship emerges between
digitally-empowered consumers and retailers, the latter group is being
forced to re-evaluate technology investments and strategic initiatives
to capture loyalty, drive spend and remain competitive.
Announced this week at Oracle Industry Connect in Boston, our research report The New Retail Democracy explores this emerging retail dynamic. The report identifies what matters to global consumers in their shopping experience and how you, as a retailer, can meet and exceed their expectations.
- 52% of respondents want Access Anywhere - access to information in-store, online and on mobile devices, enabling them to make purchases anytime and anywhere
- 93% want to understand availability of products and a further 58% rate it as more important than price, indicating that Availability Always is a priority
- 46% of respondents admitted to being more loyal and 30% are likely to spend more with a retailer that provides information on availability, emphasising the strong link between availability, loyalty and spend
- 92% will not wait for a product to come into stock, with 88% indicating they will source it elsewhere instead
- 73% of respondents highlighted the importance of Individual Retail - every interaction with a retailer to be individual to the consumer, defined by interests, requirements and purchase history
- 55% admit to spending more in a transaction that is supported by a retail assistant - highlighting the value of people in promoting a more positive interaction
- 48% are willing to purchase direct from brands - emphasising the growing threat of brand convergence
- 82% of consumers consider the adoption of new technologies important to their retail experiences and are using multiple touch points, including mobile phones, click and collect, social networking sites and online magazines to complete their shopping journeys
To find out more and download the whitepaper, visit: www.oracle.com/newretaildemocracy