Retail vs. E-commerce Trends: A Match (Made in Heaven)

LADIES & GENTLEMEN, WELCOME TO THE ENCOUNTER OF THE YEAR... BRICK-AND-MORTAR "THE VETERAN" RETAIL Vs E-COMMERCE AKA "THE KID" WEIGH-IN: Kg Kg Kg Kg $3.9 TRILLION $294 BILLION CURRENT SALES VALUE WITH SALES VALUE WITH 17% ANNUAL INCREASE RATE (EST. $414 BILLION BY 2018) 1.1 M RETAIL ESTABLISHMENTS IN US ONLY FAN BASE 94% OF TOTAL RETAIL SALES 200 MILLION DIGITAL SHOPPERS STILL GENERATED AT BRICK-AND-MORTAR STORES... IN THE US ALONE BY 2015, SPENDING $1700/PERSON. TEENS AND SENIORS BOTH ENJOY THE FIRST-HAND IN-STORE EXPERIENCE... THREE-QUARTERS OF SURVEYED US ADULTS ALREADY SHOP ONLINE. .STILL, FOOTFALL IS DECLINING BY 15% ANNUALLY. GEN Y-S ARE THE BIGGEST FANS, BUT GEN X-S SPEND THE MOST. YET 2/3 OF 50+ AMERICANS ALSO BUY FROM E-RETAILERS! ...LET'S GET READY TO RUMBLE! MISSED JABS HALF THE CUSTOMERS DO SHOWROOMING 2/3 OF CUSTOMERS DO WEBROOMING (RESEARCHING ONLINE, THEN PURCHASING OFFLINE INSTEAD...00PS!) (LOOKING AROUND AT THE STORES, THEN GETTING THE PRODUCT ONLINE INSTEAD...OUCH!) SAVED BY THE BELL $4 TRILLION 72% OF YOUNG CUSTOMERS RESEARCH THEIR OPTIONS ONLINE BEFORE ACTUALLY MAKING IT TO A STORE. WORTH OF MERCHANDISE IS ABANDONED IN ONLINE SHOPPING CARTS IN 2014, YET 63% OF THAT COULD POTENTIALLY BE RECOVERABLE... 2/3 OF IN-STORE SHOPPERS GO ON THEIR SMARTPHONE AT SOME POINT TO CHECK PRICES ONLINE BEFORE MAKING A PURCHASE AT THE SHOP... CARRY ON, THE COUNT IS NOT OVER YET! HUH, THAT WAS A CLOSE ONE! COUNTERPUNCH NOW WE'RE TALKING THE MOST IMPORTANT DRIVERS FOR CHOOSING ONLINE SHOPPING: 30% OF SURVEYED CUSTOMERS PREFER SHOPPING IN STORE TO BE ABLE TO SEE OR FEEL THE ITEM FROM DIFFERENT ANGLES AND ASK 24/7 ACCESS; CONVENIENCE; BEING ABLE TO EASILY FIND EXACTLY WHAT YOU'RE LOOKING FOR. FOR INSTANT ADVICE. GREAT MOVES! NICE HOOK! IT'S A DRAW! 3 OUT OF 4 CUSTOMERS WHO FIND ONLINE INFORMATION USEFUL ARE MORE LIKELY TO VISIT STORES. THE WEB WILL ACCOUNT FOR OR INFLUENCE 59% OF U.S. RETAIL PURCHASES BY 2018. 55% OF ALL SHOPPERS WHO BUY ONLINE WOULD PREFER TO PURCHASE FROM A RETAILER WITH A PHYSICAL STORE OVER AN ONLINE-ONLY VENDOR. DIGITAL INTERACTIONS INFLUENCE 36 CENTS OF EVERY DOLLAR SPENT IN THE RETAIL STORE, APPROX. CATEGORIES MOST INFLUENCED BY INTERNET RESEARCH WILL BE: %24 $1.1 TRILLION TOTAL. GROCERY, APPAREL & ACCESSORIES, HOME IMPROVEMENT & FURNITURE AND CONSUMER ELECTRONICS 22% OF CONSUMERS SPEND MORE AT THE STORES IF DIGITAL CHANNELS ARE INVOLVED IN THE PROCESS. THESE WILL TAKE UP $1.1 TRILLION OF THE EST. $1.8 TRILLION TOTAL WEB-INFLUENCED RETAIL SALES BY 2017. LIFTING BOTH HANDS IN THE AIR: SHOPPERS INCREASINGLY WANT A SO CALLED "SEAMLESS OMNICHANNEL EXPERIENCE'. 2/3 OF CUSTOMERS HAVE MADE PURCHASES IN THE PAST 6 MONTHS THAT HAVE INVOLVED MULTIPLE CHANNELS. OMNICHANNEL CUSTOMERS SHOP MORE FREQUENTLY AND SPEND 3.5X MORE THAN OTHER SHOPPER TYPES. 84% CUSTOMERS BELIEVE THAT RETAILERS SHOULD BE DOING MORE TO BETTER INTEGRATE THEIR OFFLINE AND ONLINE CHANNELS. BY 2016, THE QUESTION WILL NOT BE "WHERE' BUT 'HOW': 89% OF COMPANIES EXPECT TO COMPETE MOSTLY ON THE BASIS OF CUSTOMER EXPERIENCE, NOT THE CHANNEL. FINDING NEW WAYS TO COMBINE E-COMMERCE AND RETAIL, PROVIDING CONVENIENCE & PERSONALIZED EXPERIENCES IS THE ONLY WAY TO WIN THIS MATCH - HAND IN HAND. Sources: A.T.Kearney, Business Insider, CMO by Adobe, Deloitte, Ebay, Econsultancy, Forbes, Forrester, Google, International Business Times, PWC, Retail Touchpoints, Ripen Ecommerce, Statista, TechCrunch, US Government Census, Zendesk Learn more at whisbi.com