New global PwC Retail & Consumer Report 2018
PwC have just published their global Retail & Consumer Report 2018 which canvassed the opinion of online shoppers in 27 territories including 1,000 in Ireland.
The inaugural 2017 Irish report included the following key insights:
- Shift to online is real and happening at pace
- Mobile is a game changer
- Social media is emerging as the great influencer
- Security is key to building trust
- The role of the store is critical and cannot be ignored
The PwC Retail & Consumer Report 2018 has further examined these insights plus some new areas however the key facts remain unchanged. The power has very much shifted from those who make and sell products to the consumers who buy them. Offering consumers what they want, when they want it, will separate the winners from the losers. With new technologies including artificial intelligence, voice-assisted devices, augmented reality and blockchain all driving accelerated rates of disruption, this shift of power to the consumer has never been greater.
Online has made it easier for consumers to seek out value, which in turn changes how they engage with stores. Christmas 2017 was a victim of this with deep Black Friday discounting disrupting how consumers spend in a key trading period in terms of revenue and profit generation. These new forces will only increase in intensity and with emerging technologies playing a much more influential role in how we shop, disruption is now the accepted norm. Preparing for this disruption is essential as retailers and brands seek to win market share in rapidly changing markets where technology is now driving change at a pace never experienced before.
Key facts from the 2018 report include:
- 38% of 25-34 year olds shop online weekly
- 18% say they shop less often at other retail stores as a result of Amazon (34% in the USA)
- 33% say they are more likely to shop with a retailer who offers mobile payment
- Less than 50% say they are satisfied with the in-store shopping experience
- 34% say they are comfortable to have their shopping patterns monitored
- 51% say they are not comfortable for a retailer to identify them when nearby
- 57% only use credible websites when shopping on their mobile phone
- 52% say they are concerned about security when making mobile payments
- 38% say they use social media to inspire their purchases
- 94% of 18-24 year olds use social media to inspire their purchases
- 77% of consumers are willing to pay for same or next day delivery
- 69% consider return shipping to be the most attractive service if they don’t have to pay
The full report can be accessed here.