LONDON – A new retail survey by Squire Sanders, Kantar
Retail and the Retail Trust reveals that shoppers in Britain lack loyalty and
will ditch a retailer for lower prices and convenience, Retail News reports.
Among the trends for retailers to note:
- Roughly 90% of shoppers showroom, looking at
products in a store but completing a purchase later with the cheapest retailer.
- Half of shoppers do not care that online
retailers escape paying local taxes, as long as it makes prices cheaper and
more convenient for them.
- 60% of consumers prefer multi-channel
retailers (those with web and physical stores) for their added convenience and
cost savings.
- 70% of consumers prefer shopping
in-store.
The report offers retailers advice on how to fight back
during times when the consumer is so fickle: Make the most of the in-store
experience, offer selective price matching and make sure employees are bright
and knowledgeable about store offerings.
Additional recommendations include:
- Multi-channel
is key. Shoppers don’t shop channels – they shop retailers and categories.
Having both a physical and virtual presence is critical for success.
- Head off
showrooming threat. Selective price-matching can help eliminate
showrooming.
- Make the
most of bricks and mortar. Offer interactivity, theatre, product
trialing and sampling in stores, to best leverage the in-store experience.
“Shoppers are relentless in their search for value – both in
terms of money and time,” said Bryan Roberts, retail insights director at
Kantar Retail. “The proliferation of choice generated through multi-channel,
supermarkets and shopping centers, combined with the rampant promiscuity of
shoppers in terms of retail repertoire, means that the high street is under
unparalleled pressure. If changes — from both local and central government —
are not forthcoming, then high street retail as we know it is facing a steady
slide into oblivion.”