The Retailer’s Dilemma: Selling to the ‘Smarter’ Shopper
September 09 2015 - 9:00AM
Business Wire
MasterCard #OmnishopperGuide finds consumers
researching online more, shopping at fewer stores as
technology becomes ubiquitous
Technology now touches nearly every retail transaction, creating
a vastly different shopping experience for retailers and consumers
alike, according to a report released today
by MasterCard. Eight out of ten global shoppers’ purchase
decisions are now informed by a digital device, with consumers
saying they are smarter shoppers and getting more value than
before. However, though in-store sales still account for more than
nine-tenths of all retail spending, the result is a more focused
in-store shopper buying from a narrower list of unique stores than
in years past.
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“Getting smart about smart shoppers is paramount to a retailer’s
success, yet shoppers consistently report they’re frustrated that
retailers don’t get it,” says Mathieu Loury, senior vice president
of Merchant Solutions for MasterCard Advisors, the professional
services arm of MasterCard. “The good news is that the solutions
exist to both analyze and answer these expectations—meeting your
omnishoppers every step of their empowered journey, and creating an
ecosystem that propels them forward.” The MasterCard Retail CMO’s
Guide to the Omnishopper combines survey data from thousands of
shoppers around the globe with transaction-based insights from
MasterCard. Key findings include:
- Technology Use in Shopping is Almost
Universal: Eighty percent of consumers report using
technology during the shopping process, such as smartphone apps for
price checks, “click and collect” services to buy online and pick
up in-store, and in-store technology to research or order a
product. In addition, six out of ten are doing more research online
today than two years ago.
- Brick and Mortar Stands
Strong: The omnishopper chooses physical stores for better
customer service and a faster, more social buying experience. This
might be a contributor to eCommerce’s relatively flat growth as a
share of total retail sales (7.5 percent globally).
- Consumers Want Specific Inventory,
and a Seamless Experience Accessing It: Today’s shoppers
know what they want. The top frustration – cited by 73 percent of
respondents – is items not being in stock, underscoring the
importance of inventory management for retailers.
- Consumers Feel Smarter and Get More
Value: Fully 80 percent of global consumers claim to be
getting more value, both in-store and online.
- Merchants Are Primed for
Omnishoppers’ Loyalty: Despite having nearly endless
choices a click away, only 26 percent of shoppers like to try new
merchants. This can pose a challenge for retailers trying to
attract new customers. Just 20 percent say technology has led them
to consider a new retailer.
“When looking at consumers around the globe, Brazilians were the
most ardent researchers. In markets like the UK and US, the more
consumers research before shopping, the fewer stores they visit in
the physical world,” said Theodore Iacobuzio, vice president of
Global Insights, MasterCard.
Methodology: The Retail CMO’s Guide to the
Omnishopper blends insights from MasterCard transaction-based
insights with a proprietary survey of omnishoppers conducted in
nine markets: Brazil, China, Germany, Hong Kong, Indonesia, Poland,
UAE, U.S. and U.K. The online survey of 11,337 people was conducted
July 2015.
About MasterCard
MasterCard (NYSE:MA), www.mastercard.com,
is a technology company in the global payments industry. We operate
the world’s fastest payments processing network, connecting
consumers, financial institutions, merchants, governments and
businesses in more than 210 countries and territories. MasterCard’s
products and solutions make everyday commerce activities – such as
shopping, traveling, running a business and managing finances –
easier, more secure and more efficient for everyone. Follow us on
Twitter @MasterCardNews, join the discussion on
the Beyond the Transaction
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version on businesswire.com: http://www.businesswire.com/news/home/20150909005462/en/
MasterCardMedia:Julia Monti,
914-217-9533Julia_Monti@MasterCard.com
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