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Retail Reorientation

Cognizant RETAIL WITHOUT BOUNDARIES 2012 Shopper Experience Study From shopping habits to preferences to demographics, Cognizant's 3rd annual Shopper Experience Study paints a picture of the contemporary consumer. Using 3,800 responses gathered from diverse demographics, the study reveals the need for retailers to establish "Retail without Boundaries," creating a fluid, cross-channel shopping experience. See the factors influencing consumer spending, and how retailers can optimize their end-to-end shopper experience. In-Store Shopping is Alive and Well Shoppers will shop at anytime, anywhere, and through any channel In-store shopping remains king of all shopping trips 75% occur in stores But the channel depends upon the product and customer segment... 81% 66% vs. of shopping trips for consumable products occur in store of shopping trips for specialty products occur in store Shoppers with an income above $150,000 will buy their electronics in store only 55% of the time In contrast, shoppers over the age of 46 will go to the store 96% of the time to buy their groceries Early Adopters of Digital Experiences Shoppers with an income above $150,000 Male shoppers Younger generations (18-45) Key characteristics of these demographics Less wary about sharing their private information in order to get a more personalized experience More influenced by digital resources (e.g. store's website, tablet app and smartphone apps) More inclined to use social media, mobile and online chat for customer service. FOUR KEY THEMES EMERGED Store Associates are a Retailer's Brand Ambassador... for Better or Worse 3 PRIMARY ROLES OF STORE ASSOCIATES & SUCCESS AT PERFORMING ROLE Product advisor fail Help locate products average Resolve in-store issues pass 2 How Personal is too Personal? *Ranked on a scale Shoppers are Infuenced by Personalization from O to 5 - In-store, loyalty-based special treatment 3.44 Personalized in-store offers 3.17 In-store acknowledgment as a highly-valued customer 3.15 Online recommendations based 2.91 on product search history 2.88 Personalized e-mails Online recommendations based on other 2.76 customers' product search histories Personal greeting in the store 2.72 O Personalized offers delivered via mobile phone 2.26 Shopper Skepticism and Their Willingness to Share Information "Ranked on a scale from 0 to 5 Information tracked by loyalty number 2.89 Name, address, or e-mail for web account 2.69 E-mail collected at point of sale 2.60 Phone number collected at point of sale 2.26 Online tracking cookies 1.86 Mobile phone geo location tracking 1.83 Information tracked by credit card 1.82 3 Showrooming can be a Retailers' Frenemy In order to combat the threat of showrooming, retailers need to get the basics right first. They also need to leverage their advantages over online competitors: Customer Service and Differentiated Experiences Group Buying Interactive In-store Store Associates Experience Real-time Inventory Look-up Social Integration A Are you Keeping up with the Joneses or Investing for the Future? Shoppers expectations are changing rapidly, driven by advancements in consumer technology But some new strategies are not hitting the mark What Retailers Advice for Survey Says Get Wrong Retailers Shoppers' purchase dechiom are least fluenced by stores' tablets Replicate websites on their mobile apps and copy competitors' apps. Rethink the customer experience and how mobile can be used to keep shoppern coming back and wnartphone apps. Shoppers want more product info and better website navigation when shopping ontine. Manage product information in silos no proper employee trainine standards and governance. Invest in product Info management . to improve the experience accross all charnets. Social media is not a preferred medium for purchases. Clamor to figure out how they can drive sales through social media. Use social media as a viral marketing channel where shoppers become the volice of the brand. To better understand shopper behavior and Cognizant recommended retailer response, download our full study at

Retail Reorientation

shared by cognizant on Mar 06
The phenomenon of online and mobile shopping spread at a blitzing pace, catching many players off–guard. The subsequent frenzy to catch up has, however, meant that many retailers have not taken the ...


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