This video describes a very interesting study done by Cognizant, which surveyed consumer preferences and behaviors. It is so important for a retailer to define and understand it’s target market because every customer segment has different priorities (price, customer service, selection, etc…). This means that there is no one strategy that will work for all retailers. Retailers must create a value proposition that is consistent with their target market’s needs and expectations if they want to continue to survive in a growing market. These days there is so much competition, retailers can’t afford to make too many mistakes.
The study described in the video found that generally, customers still prefer shopping in the traditional brick-and-mortar stores. They enjoy the experience of shopping in store and feel that it is important to see and touch the products in person. This is good news for these types of retailers, however, this does not mean they can sit back and coast. Many consumers, especially males, people with high income, and those ages 18-45, expect retailers to adapt to the multi/omni channel environment, and expect a consistent experience across all channels.
The survey also found that the three biggest complaints from consumers had to do with out of stock merchandise, lack of signage, and difficulty finding items. The fact is, only about half of a store’s customers will ask for help, and the other half will leave without you ever realizing there was a problem. So what is the best way to overcome these issues? Invest in your employees. If associates are better able to respond to customer needs, they should be successful in delivering a more seamless experience.