8.6 C
New York
Tuesday, July 27, 2021
Home Industry Unified commerce and the change of retail landscape (part 1/2)

Unified commerce and the change of retail landscape (part 1/2)

Technology continues to change the world at a very fast pace. That does include the way people shop. Everybody is now familiar with having millions of items available only a couple of clicks away. This provides customers with the gift of convenience and security; something they appreciate and value.

But having a great website is not anymore enough. Therefore brands now need to keep up with the evolving shopping trends. The overall customer experience is a key differentiator for brands and getting it wrong when the competition is only a click away could lead to disaster for retailers.

Let’s have a look at some data: 2/3 of shoppers (67%) are still choosing to shop at physical retail outlets. Yet 42% of shoppers are using mobile apps, and over a third (37%) making the most of BOPIS (buy online and pickup in-store). The BOPIS approach seems to be an increasingly popular way to shop, with nearly three quarters (74%) of consumers reporting that if a store didn’t offer a BOPIS option or similar, it would influence their decision to shop there.

Most shoppers are willing to exchange their personal details for bigger and better discounts, whether shopping in-store (80%) or online (78%) Cash is a thing of the past, with the majority of all shoppers (93%) choosing to use cashless payment methods. Around a third-place contactless (33%) or mobile wallets (30%) within their top three preferred cashless payment methods.

Consumers globally still prefer to actually go into a shop. It’s clear there’s still a lot to be said for seeing the product first-hand before committing to purchase. But shopping online has a lot of advantages, offering people much more convenience in this fast-paced world than visiting an actual store. This is leading consumers to shop across multiple channels; an experience known as unified commerce. Not only are shoppers utilizing different shopping methods, but they’re also multi-tasking. They’re shopping while relaxing, watching TV or in the comfort of their own bed. Particularly true for the younger consumer, it’s even being done at work, on holiday or during their early morning commute.

The end of Part 1

Part 2: https://everly.eu/2020/02/05/unified-commerce-and-the-change-of-retail-landscape-part-2-2/

Avatar
Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

Starling Bank revenue skyrockets by 600%

The digital bank Starling has managed to grow revenues to £97.6 million from £14 million in the previous period.

Revolut launched a travel booking feature

After Softbank lead an $800 million investment into Revolut, the UK-based challenger bank came up with another feature - travel booking.

Kid accounts and challenger bank options for children

Revolut junior vs. Starling Bank Kite? 🤔 Once again Everly - challenger bank news joined forces with the Scientia team and their Fintech Insights, the digital banking research platform, to compare several challenger banks' junior accounts from parent's and kid's perspectives! 👍 Check the full article here

Lunar raised €210m and reached unicorn status

The Danish challenger Lunar Bank has raised €210m in Series D funding and managed to reach unicorn status.