Fri. Jul 30th, 2021
Retail Innovation
Retail Innovation
Retail Innovation

Retail Innovation-How we shop has changed drastically in just the past few decades. Instead of window shopping in the mall, many customers now rely on AI product recommendations and shop via mobile without ever setting foot in a store. Retail technology and customer demands may be constantly changing, but one thing that will always be vitally important is customer experience. These statistics show the changing retail landscape and just how much customers depend on personalization, convenience and great relationships with brands.

73% of consumers use multiple channels to shop. – Harvard Business Review

In 2018, 51% of e-commerce brands offered same-day delivery, up from 16% in 2017. Experts predict that within the next two years, 65% of retailers will offer same-day delivery. – BRP Consulting

41% of e-commerce brands now use shoppable Instagram posts. – Digital Commerce 360

87% of consumers begin their shopping journey with digital, a jump from 71% in 2017. – Salesforce

77% of consumers, including 60% of millennials, have had relationships with specific brands for more than 10 years. – InMoment

77% of consumers say discounts influence where they shop, and 48% say discounts can speed up their decision-making process. – eMarketer

53% of consumers want all coupons to be digital. – Inmar

Getting personalized discounts based on their purchase history is important for 76% of consumers. – Loyalty

48% of shoppers have left a brand’s website and made a purchase from a competitor because of a poorly personalized experience. – Marketing Dive

The majority of consumers (80%) are more likely to purchase from a company that offers personalized experiences. – Edelman

If given the choice, 87% of consumers would ask brands to remove their personal information. – Oracle

More than 70% of millennials and Gen Z belong to loyalty programs, compared to less than 20% of Baby Boomers. – PRNewswire

68% of consumers said they would be more likely to shop on sites that offer automated returns. – Windstream Enterprise

87% of customers will abandon their online carts if the checkout process is too difficult. – PRWeb

The majority of customers (58%) say their top reason for leaving a shopping cart is high shipping costs. – PRWeb

The average U.S. household is enrolled in more than 18 loyalty programs but is only active in about 8. – MaCorr

84% of customers will abandon a purchase if the website isn’t secure. –Global Sign

82% of consumers consult their phones while they’re in a store deciding what product to buy. One in 10 of those people end up buying a different product than they had planned. – Think With Google

69% of online shoppers say that the quality or relevance of a company’s message influences their perception of a brand. – Think With Google

Smartphones were used in more than one-third of U.S. retail sales in 2018, including everything from initial product research to actually making a purchase. That accounts for more than $1 trillion in sales. – Forrester

When customers have a great experience, they’re willing to pay up to a 16% price premium. – PwC

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Article Credit: Forbes

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