The retail sector has evolved into a multi-faceted industry, with the shopping ‘experience’ available both on- and off-line. It is now important to be frictionless, faultless, and personal as consumers shift between physical and digital modes of buying goods and services.
850 stores are predicted to be opened by digital native retailers within the next 5 years but it’s important to note that 50% of ecommerce spend still touches a physical store at some stage of the transaction. This is because the uprise in digital spending has resulted in more ‘try before you buy’ shop-visits over the last year across shopping centres.
Why? 78% of millennials said they would rather spend money on an experience than buying “stuff”; so if the experience prior to purchase is positive they are more likely to spend on that brand or product.
A social space for discovery, learning, and shopping underpinned by a digital layer of customer experience must be created to ensure satisfaction.