More Than 90% of Shopping Transactions Take Place Inside a Physical Retail Store

 

There’s a lot of hype and misinformation about consumer shopping habits regarding mobile devices and online ecommerce, but the fact remains that more than 90% of all shopping transactions still happen inside physical retail locations. Only 1.6% of consumers have actually made purchases on a smartphone, according to a recent report by the U.S. Department of Commerce, and the same data found that less than 7% of retail purchases were made online.

Physical retail environments are successfully competing with the online world by elevating customer experience and providing a reason for consumers to visit a physical retail stores. Retailers are deploying new technologies, such as digital signage to inform and engage shoppers and increase brand awareness. Digital signage helps shoppers to make better buying decisions by streamlining the shopping experience while providing a deeper emotional connection to their brand.

Retailers are deploying digital signage networks to fill a variety of tasks and in the process reduce the need for additional sales staff. Digital signage can function as part of an assisted selling solution connecting consumers and sales associates to inventory. Retailers are using digital signage screens to provide immersive experiences for consumers by combining multimedia, interactive touchscreens, social and mobile connectivity. Retailers are also increasingly using large-scale video walls, which are a real head-turner and attract shopper’s attention at street-level. Additional applications include wayfinding and virtual storefronts that enable shoppers to browse a retail catalog after hours and order merchandise using their smartphone.

Consumers are gravitating to retailers that deliver personalized service, according to survey by TimeTrade, which projects that store traffic will continue to remain strong in 2016. More than 70% of survey respondents said they were planning to shop in-store as much as last year, and 18% expecting to shop in-store even more than in 2015. However, the emergence of the on-demand economy, in which brands are increasingly delivering more personalized goods and services, gives shoppers more leverage and is heightening expectations. TimeTrade’s survey found a growing disconnect between customer expectations and current service offerings, which presents an opportunity for retailers to tailor in-store shopping and provide more “concierge” experience.

Original post by: Screen Media Daily