Today we unveiled the UK results of Oracle's New Retail Democracy global consumer research. The findings show us that the UK consumer is a demanding one, less loyal than other consumers across the rest of the world, but rewards good access to information and product availability with higher spend:
- 93% think understanding availability is important
- Understanding whether a product is available influences loyalty and spend in the UK:
- 40% say they are more likely to be loyal to a retailer that provides this information (46% globally)
- 38% say they are more likely to spend more with a retailer that provides this information (30% globally)
- Availability is of equal priority to price, although globally availability rates more important (58% globally)
- 50% want access to information on the origin of products, in particular 79% want to understand the origination of their food (74% globally)
The UK is a highly demanding retail market. Shoppers are clearly voting with their feet in the UK and it is availability of product and access to product which is driving those votes. Retailers not investing in innovations around web availability updates and click and collect will quickly lose market to retailers offering more choice, value and individual service. It no longer matters where you sit in the price order - the UK consumer expects access to information and total availability from the discounters to the luxury brands.
However, it is worth noting that the UK market is very sensitive to price and we are seeing that through retailers like Tesco announcing pound zones in their supermarkets. Compared to the rest of the world, the UK shopper is less loyal but they will spend more with retailers who make available the information they need and access to and products they want. The UK consumer is sophisticated and discerning, and while they are more mercurial than the rest of the world, they are openly rewarding those retailers who read and respond to the demands of the UK market.
Visit the New Retail Democracy microsite to see why access anywhere matters to UK consumers, how availability always has become crucial in retaining loyalty and find out about the value technology brings to their shopping journey.
The research explores the emergence of a more democratic relationship between consumer and retailer, and explores the challenge for retailers to understand, empower and represent this new digitally-empowered consumer. Oracle commissioned leading market research agency Redshift Research in December 2013, interviewing 4,500 adults from Brazil, China, France, Germany, Japan, Russia, South Korea, the UK and the USA.
Access country specific results for the UK at www.oracle.com/newretaildemocracy. Available resources include whitepapers, infographics and fact sheets.