Oracle commissioned the “Evolution of Experience Retailing” research to analyze market developments and investigate how the needs of consumers aged 18 to 60 are being met in Germany, Brazil, China, the United States , Japan, United Kingdom and Russia. The fundamental principles of retail were evaluated, such as service, experience and consumer preferences, in addition to purchasing trends and attitudes based on the use of technology, as well as the mandatory requirements to meet demands and compete more effectively.
“Oracle recognizes that changes in the global marketplace are happening at an unprecedented pace. We see that customers are in the driver's seat, demanding access to anywhere shopping options, with the benefits of the competitive global market and the latest technologies to enhance their experiences. This is the era of the individual who expects every retail interaction to be 'good for me,' defined by 'my' preferences,” said Mike Webster, senior vice president and general manager, Oracle Retail.
For more information and to see the survey results in full, visit the website: www.oracle.com/experienceretail.
Research Highlights
- Oracle's global research revealed that today's consumers are well-informed, knowledge-driven and demand that retailers collaboratively create positive interactions, delivering an experience that meets local and cultural expectations. These interactions also need to be adequate in terms of the level, frequency and depth of contact between the retailer and the consumer.
- Prices, products and options are important requirements for consumers to obtain the benefits of the global market, led predominantly by Amazon, which has managed to catalyze the power of consumer data to offer insights that meet all expectations in terms of consumer experience.
- Service is an increasingly relevant aspect and was mentioned by 88% of those interviewed as something very or reasonably important. Retailers are under pressure to give their teams and store operations enough autonomy to deliver accurate, connected interactions based on information gathered at every touchpoint.
- Perceptions of the experience differ between online and physical store purchases, highlighting that, although there is no generic approach to commerce as a whole, retailers must focus efforts on allowing commerce to happen anytime, anywhere. anywhere (according to 56% of interviewees) and must offer easily navigable online channels (61%). In physical stores, consumers want product displays (62%) and a vibrant and engaging environment (56%).
- Consumers do not accept poor service and experiences, with half of respondents (53%) indicating they would switch to a competitor or strongly recommend that other consumers avoid a particular retailer (55%). Additionally, a growing number of highly conscientious consumers (37%) say they would share their dissatisfaction on social media.
- Personalization is not as valued compared to service and experience, meaning retailers are not understanding how consumers want to interact with them. But everything indicates that the focus is related to targeted information and offers, based on consumer preferences and sent to mobile devices (39%), and access to a single shopping cart across different channels (36%).
- Mobile and social channels may not yet be the preferred commerce channels, but they are growing in importance, as mentioned in relation to personalization and the use of social media for impression management, especially in new retail markets.
- The study points out that consumers increasingly demand positive experiences at different points of contact, which offers opportunities for retailers to differentiate themselves from Amazon's online offerings through strategies that expand knowledge of consumer preferences, provide more targeted personalization and enable commerce to occur anywhere.
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