There has been a tectonic shift in consumer expectations and retailers are having to rapidly cope with it in order to remain relevant.
Consumer retail shopping behavior has changed forever. The economic downturn of recent years made consumers more price conscious. At the same time, there has been an explosion in the quantity of information available to consumers anytime and anywhere. New shopping channels have become mainstream.
Information availability on products and prices is here to stay and will only get more transparent. Competition is more intense than ever before. The result is less brand and shopping channel loyalty.
Many, if not most, of today’s shoppers expect a well-orchestrated experience no matter which channel they choose.
Consumers expect to shop online and have delivery at home or in a brick-and-mortar store. Or shop in the store, buy online, and have delivery at home. Or any other combination of shopping, buying and delivery. In short, they want an omni-channel experience that provides the convenience they want, the service they demand, and competitive prices.
Armed with smart phones and tablets, today’s shoppers are informed and able to make fast choices among alternative retailers.
Retailers are rapidly evolving to meet the needs of today’s consumers. Leaders are gaining ground on their competitors. Slow responders are seeing an erosion in market share.
The blog post next week will explore retailers’ responses to changing consumer expectations and what that means to their small business suppliers.The Extraordinary Change in Consumer Expectations by Steve Brewer