US: New retail democracy demands commerce investment
An increasingly democratic relationship with consumers is forcing retailers to re-evaluate their technology investments to ensure they remain competitive, according to a new study.
Oracle Retail's new global consumer research - The New Retail Democracy - explored the shopping habits of 4,500 consumers from around nine countries including Brazil, China, France, Germany, Russia, and the US, to determine whether retailers are meeting consumer needs.
The findings revealed consumers are demanding better access to information, product and process, along with more tailored interactions with retailers. This has meant retailers are having to prioritise the provision of a 'commerce anywhere' business model in order to be relevant and competitive.
Of those surveyed, 92% said they wouldn't wait for a product to come into stock, with 88% indicating they would source a product elsewhere in this situation. This, the report noted, is placing pressure on retailers to integrate demand forecasting, planning, merchandising, supply chain, marketing and commerce capabilities across all touch points.
Around 82% of consumers said they consider the adoption of new technologies as "important" to their retail experiences and are using multiple touch points such as mobile phones, click and collect, social networking sites and online magazines for shopping.
Around 73% highlighted the importance of "individual retail", meaning every interaction with a retailer should be relevant to the individual consumer based on their interests, requirements and purchase history.
"As consumers continue to dictate how, when and where they make purchases, Oracle believes that providing commerce anywhere is imperative for retail success." said Mike Webster, senior vice president and general manager, Oracle Retail. "Retailers need to invest in aligning and integrating retail processes with the needs of individual consumers to compete and grow effectively in the new retail democracy."
Click here to view the full report.
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