Retailers are not meeting customer expectations, and in many cases are missing the fundamentals, according to a new global consumer study by Oracle Retail covering 15,800 respondents. The two sides dramatically disagree on how easy it is to return purchases. Shoppers and retailers are also split on what constitutes their most important in-store experiences.
The study was recently released at the Oracle Retail Industry Forum in Madrid.Retailers are not meeting customer expectations, and in many cases are missing the fundamentals, according to a new global consumer study by Oracle Retail covering 15,800 respondents. The two sides dramatically disagree on how easy it is to return purchases. Shoppers and retailers are also split on what constitutes their most important in-store experiences.#
While 57 per cent of the 210 retailers surveyed noted that returning products is 'very easy’, the same share of consumers disagree and rate the return process as a 'complete hassle' or say at least that could be easier.
More than half (56 per cent) of consumers rated convenience as the top priority, while only 34 per cent of retailers noted it as such. Consumers also ranked discovery, as in space to experiment and try new products (36 per cent) and expert advice (22 per cent) as important when shopping in-store. This was much higher than retailers who indicated these attributes at merely 18 per cent and 6 per cent respectively.
When asked how retailers are preparing to deliver against ever-changing consumer shopping needs, ‘faster shipping’ reigned supreme. Consumers not only agreed but were open to different ways their order could arrive as long as the delivery is fast and cheap.
Ninety two per cent of consumers said they would love ‘free one-day delivery by whatever means is most expedient–drone, driverless car, messenger, etc. This represents a significant increase in positive sentiment toward new delivery models as compared to previous research.
The price for late deliveries according to 13 per cent of consumers is they would never order from that retailer again, according to a press release from Oracle Retail.
Today's shoppers don't view online and in-store as discrete channels and expect the same level of 'perceived convenience' no matter where they shop. In fact, 51 per cent of consumers associate convenience with a great shopping journey, regardless of channel.
In North America, convenience has been raised to new levels, with 57 per cent of respondents in the region valuing convenience above all else, compared to 50 per cent in Europe.
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