Home / Knowledge / News / Apparel/Garments / Retail stores need to create unique experiences: PwC
Retail stores need to create unique experiences: PwC
12
Feb '15
As online shopping continues to grow at the expense of store visits, the premium in the future will be on creating unique, brand-defining experiences that keep customers coming back— whatever the channel, says global consultancy firm PricewaterhouseCoopers (PwC) in its annual global total retail consumer survey.
 
The survey ‘Total Retail 2015: Retailers and the Age of Disruption’ covered more than 19,000 respondents in 19 territories on six continents.
 
According to the survey, consumers are developing their own approach to researching and purchasing, both online and in-store. “They (consumers) want their shopping needs met in a way that minimises uncertainty and inflexibility and maximises efficiency, convenience, and pleasure,” says John G Maxwell, global retail and consumer leader, PwC, in the report.
 
As per the study there are four retail disruptors. The first disruptor is the evolution of the store. Around 36 per cent of the respondents said they go to a brick and mortar store at least once in a week, which is much higher compared to people shopping online via PC (20%), online via tablet (10%), and online via mobile phone (11%). But, the premium in the future will be on creating unique, brand-defining experiences by offering sheer convenience or offering something that excites and engages customers and bring back to the store.
 
The second disruptor is the mobile and related technologies, which is rapidly becoming a crucial shopping agent as shoppers demand more personalisation. People are using mobile phones not only to shop but also to get product information, check prices and even seek advice from friends.
 
The proliferation of the social media is the third disruptor of total retail stores. The research says the bottom-line effect of social media on retailing is just starting to be felt. The analysis suggests that social media’s impact on retail may evolve along two tracks: “One for the developing world in which social media becomes more and more part of the daily fabric of shopping, represented most robustly by China, and a separate one for the developed economies, where social media continues to be more of a communications tool rather than a shopping tool.”
 
The final disruptor is demographic shifts. The survey found that shopping behaviour of ‘digital natives’, i.e. the 18-24 year olds who have grown up with the Internet, was different from the rest of sample. In countries with aging populations like China and Japan, retailers can count on a large segment of consumers who are healthier and prosperous than their previous generations and are intending to spend in the foreseeable future.
 
A polar opposite demographic disruption is taking place in India and the nations of Africa which continue to get younger. This also has positive ramifications for global retailers as robust GDP growth in these regions will bring millions more consumers in the middle class every year. (RKS)
 

Fibre2fashion News Desk - India


Must ReadView All

Pic: Shutterstock

Textiles | On 10th Jul 2020

US, Kenya launch negotiations for free trade agreement

United States trade representative Robert Lighthizer and Kenya...

Pic: Shutterstock

E-commerce | On 10th Jul 2020

Commonwealth, ILO join partnership for inclusive e-com

The global 'eTrade for All' initiative, which aims at making digital...

Pic: Nike

E-commerce | On 10th Jul 2020

Nike Rise unveiled in Guangzhou as new store concept

Nike recently introduced Nike Rise, a first-of-its-kind store...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Increased need for online fitting solutions as retailers shift to...

Pinkesh Jain, Everflow Petrofils Ltd

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Software Firms, Head honchos

Software Firms
Head honchos

AI / robotics may challenge existing long value chains

Oliver Schmitz,

Oliver Schmitz

Germany-based Gmöhling is a leading manufacturer of aluminium containers...

Kalai Selvi,

Kalai Selvi

Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....

Pratik Agarwal,

Pratik Agarwal

Breya is a brand of Indo-Western clothes for women owned by ABP Apparels...

Davide Vigano, Sensoria

Davide Vigano
Sensoria

Sensoria is a leading developer of smart garments and IoMe (Internet of...

Pranesh Sridharan & Berndt Koll, Lenzing

Pranesh Sridharan & Berndt Koll
Lenzing

The Lenzing Group produces Lenzing Lyocell and Modal cellulosic fibres of...

Robin Grankvist, OrganoClick AB

Robin Grankvist
OrganoClick AB

Robin Grankvist talks about PFCs, additives and various chemicals used in...

Cigdem Akin, Cigdem Akin

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Sarah Denise Cordery, Sarah Denise Studio

Sarah Denise Cordery
Sarah Denise Studio

Manchester, England-based Sarah Denise Studio provides relevant fashion...

Varsha Wadhwa, VW

Varsha Wadhwa
VW

Coming from a family that ran a business of jute and linen mills since...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


July 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search