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Digitally strong retailers to gain sales in 5 yrs: Google

22
Sep '20
Pic: Shutterstock
Pic: Shutterstock
Retailers with a strong digital offering will gain additional sales in the next five years and there will be a large contraction of physical-only retailers witnessed across all markets, according to two top Google executives, who recently said multi-channel and marketplace formats will drive 86 per cent of sales growth in the next five years, as consumers shop both online and in-store.

By 2024, 53 per cent of retail revenue will go to retailers that have a digital offering as part of their business models, Pablo Pérez, Google head of market insights for Spain and Portugal, and Georgie Altman, strategic insights manager for Google UK, wrote recently in a report. Both are retail experts.

If stricter lockdown measures are extended or reinstated, this could stretch to 56 per cent as consumers continue to shop online instead of in-store. Digitally mature markets like the United Kingdom and the United States will see two-thirds of revenue coming from retailers with digital channels. In France, this will nearly double by 2024, the biggest increase we found in any market, they wrote.

The pandemic has made consumers more fluid about whether they buy online or offline, with 73 per cent describing themselves as channel agnostic (up 65 per cent from pre-crisis). Consumers will expect a more blended and seamless experience as they continue spending across both channels, their research showed.

As purchase decision-making becomes more messy, consumers also expect to have helpful information to make their own decisions, including competitive pricing, recommendations delivered in moderation, and helpful personalization, they said.

“The future of retail is not about an either/or when it comes to physical or online presence. Retailers will need to move on from focusing on where the transaction is happening and refocus on integrating online and offline experiences,” they added.

Fibre2Fashion News Desk (DS)


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