By Marie-Christin Hansen-Oracle on Mar 30, 2015
Last week, we launched our latest consumer research "Retail Without Limits - A Modern Commercial Society", based on a survey of 5,000 consumers in Australia, Brazil, China, France, Germany, India, Japan, Russia, the UK and USA. We asked global shoppers what matters to them when shopping, and are now challenging retailers to Learn about, Adapt to, and Execute in a border- and limitless retail market that is driven by the "invisible hand" of the now: convenience through technology.
Our modern interpretation of Adam Smith's age-old theory that self-interest drives the market states that convenience is now the force that dictates consumer shopping journeys. Consumers want a converged commerce experience, in which retailers combine the best of digital and in-person resources. Advancements in technology are very much influencing the need for convenience, as they facilitate and enhance consumer experiences. With technology, and especially mobile technology, now playing such a large part of everyday life, we are accustomed to getting what we want, when and how we want it. Retailers have no choice but to adapt to the expectations and lifestyle of the modern consumer.
We are hence asking retailers to follow three simple principles: Learn, Adapt and Execute. Let's start with #1...
Today’s retailers must listen and learn from their customers in order to gain competitive advantage in a retail markets that is removing borders or limits.For the full report, or to learn more, please visit: http://bit.ly/1BtBtDL.