New research from Oracle suggests that an increasingly democratic relationship is emerging between digitally-empowered consumers and retailers, making retailers re-evaluate technology investments and strategic initiatives to capture loyalty, drive spend and remain competitive.
Dubbed The New Retail Democracy, the Oracle study finds that consumers are demanding better access to information, product and process, along with more individualised interactions with retailers as they take ownership of their retail experiences.
According to the study, the single biggest challenge for retailers is to understand, empower and represent the digitally-empowered consumer across all touch points. Meanwhile, some 82% of consumers consider the adoption of new technologies important to their retail experiences and are using multiple touch points, such as mobile phones, click & collect, social networking sites and online magazines to complete their shopping journeys.
Mike Webster, senior vice president and general manager at Oracle Retail, commented: “As consumers continue to dictate how, when and where they make purchases, Oracle believes that providing commerce anywhere is imperative for retail success.
“Retailers need to invest in aligning and integrating retail processes with the needs of individual consumers to compete and grow effectively in the New Retail Democracy.”
Essential Retail Innovation Blog