In an earlier blog post we announced that we were surveying over 1,500 young consumers and would be publishing the results at World Retail Congress in Berlin. Mike Webster from Oracle presented the results to a busy room at the conference last week and the results have been hugely popular both with retailers and with the press.
You can download a white paper of the results at http://www.oracle-retail.com/digitalnatives/ for your own perusal, and please see the official press release below for the key information. If you're interested in looking at the raw data then please get in touch.
Digital Natives Demand a Better Multi-Channel Experience, Reveals Oracle Research
Price, Product, Choice, Promotions and Technology are Key to Creating a Winning Shopping Experience
Redwood Shores, Calif. – September 27, 2011
Oracle’s latest research on the future of retail in 2025 according to the digital native generation born after 1980, reveals that the shopping experience of the future needs to be connected, fit-for-purpose and always available.
Oracle commissioned the survey in July 2011 to examine the views of digital natives to current shopping needs and their expectations of these needs in 2025 as they come of age, interviewing 1,514 young consumers between 19-23 years from the UK, Germany and France.
Results revealed that digital natives love to shop but they are discerning, wanting differentiated products, pricing and services based on their preferences, to interact with retailers when and how it suits them, and for this experience to be seamless and connected whatever channel they choose.
Technology is the key to expediting the shopping experience, whether in-store to facilitate a sale, or using online channels to research and compare price, promotions and choice, suggesting that retailers must optimize their operations in support of customer priorities and operate in a connected 24/7 environment.
German consumers are the most internet savvy using online channels to shop and research more than their international counterparts, while British digital natives are more likely to use self-service technologies in stores, and in particular are keen to be given the opportunity to do so in fashion stores.
Findings also reveal that stores remain the channel of choice for digital natives and will remain critical to the shopping experience of the future, which has meaningful impact for bricks and mortar retailers.
When it comes to online shopping however, this group prefers pure-play internet retailers over multi-channel retailers who have expanded their businesses online, illustrating that the latter must continue to invest in developing their multi-channel strategies from an organizational, operational and technical perspective to meet the growth of online commerce.
Price is the most important purchasing criteria for this group and is perceived to remain so in 2025 along with promotions; and while product range is also a key motivator, brand appears to be less important than price, range and assortment.
Retailers appear not to be targeting this group correctly with personalized promotions, indicating that there is opportunity for retailers to make better use of actionable insight and create a winning shopping experience for all.
A whitepaper titled: ‘The Future of Retail: Through the Eyes of Digital Natives’ providing key findings and analysis on the results is available to download at: www.oracle-retail.com/digitalnatives
Key findings of the research were announced by Oracle® Retail’s Senior Vice President and General Manager, Mike Webster, at a session on The Retail Consumer in the Year 2025
at the World Retail Congress in Berlin today.
“This research presents a number of interesting findings for retailers outlining considerable opportunities,” said Mike Webster, Senior Vice President and General Manager, Oracle Retail. “To drive long-term growth, retailers need to provide superior experiences that consumers are demanding. The research supports the importance of creating a solutions platform that provides a connected multi-channel shopping experience.”
Notes for Editors
to The Future of Retail: Through the Eyes of Digital Natives survey were generated from 1,514 European consumers aged between 19 and 23. The two-part survey covering retail today and perceptions and expectations of retail in 2025 was conducted using Redshift Research in July 2011 using its online consumer panel. The study compiled online responses from 506 respondents in the UK, 503 in Germany and 505 in France.
About Oracle Retail
Oracle provides retailers with a complete, open and integrated suite of business applications, server and storage solutions that are engineered to work together to optimize every aspect of their business. 20 of the top 20 retailers worldwide - including fashion, hardlines, grocery and specialty retailers - use Oracle solutions to drive performance, deliver critical insights and fuel growth across traditional, mobile and commerce channels. For more information, visit our Web site at http://www.oracle.com/goto/retail
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