WRC 2014: Bricks still lead clicks in generating retail revenues
In-store sales are still the driving force behind retail sales despite the trend towards online shopping, according to a recent survey of senior retailers.
Research released to coincide with the World Retail Congress taking place in Paris this week revealed that 68% of sales are being made in physical retail stores, with the internet claiming a mere 16% share.
Social media is currently only generating 2% of revenues, the study conducted by Australia’s Monash University found.
However, despite the dominance of in-store sales, many industry leaders have prioritised online channels, which they regard as a major business opportunity in the coming year.
More than 60% of those surveyed rated online, mobile and social channels as more important this year than they did last year.
In addition, more than half of respondents ranked social media and “peer-to-peer recommendations” as the primary influence on consumer behaviour, and 57% claimed that the age of digital interaction had left their brand more “in the spotlight”.
The survey was carried out with around 250 senior retail executives, with the majority CEOs, chairmen or managing directors.
The report comes a matter of weeks after Twitter announced the introduction of its ‘buy now’ button; an e-commerce function designed to allow users to make instant online purchases with the press of a button at the end of a tweet.
Broader industry analysis has revealed a relatively positive outlook for the global retail market, with sentiment concerning future growth described as moderately optimistic.
Asia remains the key focus for international growth, with the 2014 results also showing noteworthy increases in the attractiveness of North America, Central and South America and Africa.
Help test our new apparel sourcing tool.
- Trump and the apparel industry – Infographic
- How US border adjustment tax could affect apparel
- British Brexit plans prioritise tariff-free trade
- $1.7bn package to boost Pakistan clothing exports
- Mexico riots hit apparel retailers and shipments
- Cambodia clothing exports at risk from Brexit
- Apparel brands urge Bangladesh PM to address wages
- American Apparel to shutter all stores?
- New project to digitalise European fashion chains
- Brands need to tackle Turkey factory refugee abuse
- Outdoor performance apparel 2016: A broader perspective
- Anti-odour clothing: fresh fashion for an active lifestyle
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Global market review of lingerie – forecasts to 2022
- Global apparel markets: product developments and innovations, October 2016