Oracle Retail launches global consumer research: “The Evolution of Experience Retailing”
By Sarah E Taylor-Oracle on Jan 16, 2013
Oracle has launched its new research entitled “The Evolution of Experience Retailing”, examining the views of consumers on the global marketplace and what this means in terms of meeting their needs, to help retailers to define their strategies and key business imperatives and enable them to compete more effectively.
Oracle recognises that the pace of change in the global marketplace is unprecedented. The view we have is that consumers are now in charge, demanding the provision of commerce anywhere, the benefits of the competitive marketplace and the latest technologies to enhance their shopping experiences. This is the age of the individual that wants every retail interaction to be ‘good for me’, to be defined and dictated by ‘my’ preferences.
Consumers between 18 and 60 years old from Brazil, China, Germany, Japan, Russia, UK and USA were interviewed in August 2012 for the ‘Evolution of Experience Retailing’ survey on their views to fundamental retail principles, including customer service, overall experience, preferences and shopping trends and attitudes to technology in the retail process.
This new piece of research was officially launched last night at a VIP reception at the American Museum of Natural History, by Mike Webster, Senior Vice President and General Manager of Oracle Retail.
Some of the key findings of the research include:
- Consumers want retailers to co-create interactions that are ‘good for me’ - that meet local and cultural expectations and are appropriate in terms of the level, frequency and intimacy of the interaction between the retailer and the consumer
- Led by price, product and choice, the Amazon effect is driving growth, acceptance and demand for the global marketplace
- The importance of service indicates retailers must empower their associates and operations to deliver accurate and connected, information-driven interactions at every touch point
- There is no ‘one size fits all’ approach to meeting customer expectations of a good experience – these differ culturally, regionally and across touch points
- Delivering a poor service and experience is damaging to your business – you will lose customers, reputation and diminish your brand value
- Retailers are missing vital opportunities to personalise communications, as they fail to engage appropriately with customers
- Retailers should ignore the growing importance of mobile and social at their peril
- Consumers are demanding that this ‘good for me’ experience be consistent across multiple touch points, driving the need for retailers to deliver commerce anywhere
Country specific results will be announced over the following weeks – stay tuned for further updates.