Research: Nearly 75 Percent of Consumers Say the Way They Shop Stores Has Changed Significantly, Retail Tech Failing to Keep Pace
June 18 2024 - 9:00AM
Business Wire
New Research by RSR, Sponsored by Jumpmind,
Shows Retailers are Struggling to Deliver on What Shoppers Want in
the Store Experience Today, as Well as New Associate
Requirements
Technology has permeated virtually every aspect of our lives –
however, retail stores have become one of the last tech-free zones
in existence – a scenario that is putting retailers at risk of
failing to meet shopper expectations in an increasingly
tech-enabled world.
36% of fashion and specialty retailers say their existing
technology is not up to the challenge of today’s tech-savvy
customers and employees. This is one of the key findings of new
research conducted by Retail Systems Research (RSR) and sponsored
by Jumpmind, Inc., a leading provider of innovative retail
technology solutions.
The report, "Why the Retail Store Won't Survive as a 'Tech-Free
Zone’,” is based on a survey of more than 100 U.S.-based retailers
and more than 1,100 U.S. shoppers to understand the challenges
retailers face and the state of retail technology, alongside
shopper expectations and experiences.
While 69% of consumers surveyed indicated they like to browse
stores, nearly 3 in 4 say the way they shop in stores has changed
significantly in the past three years. 87% want the same access to
product information in the store that they get in the digital
world, and 70% like how retailers blend the online and store
experiences together into a consistent shopping journey. Consumers
want personalized and localized product offerings in the store, and
value efficiency–two-thirds want to “get in and out as soon as
possible.”
Buy-online-pickup-instore (BOPIS) has created all-new tasks for
store personnel, which in turn has created the need to find
operational efficiencies to maintain expense-to-sales ratios and
per-order profitability. One-half of all retailers continue to
struggle with the new functions that add to the cost-to-serve and
require better trained and enabled employees.
Meeting all these customer and associate needs requires an
infusion of information and technology, and its strategic
application in stores is increasingly separating retail brand
leaders from laggards.
65% of retailers recognize the importance of a store management
portal that alerts them to various in-store events and Key
Performance Indicators (KPIs) to better manage their stores, making
information both simple and actionable. 58% say “endless aisle and
assisted selling” are the highest-value customer facing
capabilities in the store, while 50% say location-aware promotions
are a high priority.
The research shows that retailers that have made investments in
tools such as in-store fulfillment solutions, the ability to check
cross-channel inventory in real time, and mobile point of sale are
paying real dividends, helping both attract new associates and
provide relevance and utility to those associates in
customer-facing interactions.
“Shoppers are likely to encounter more tech-friendly options at
their doctor’s office than they are at most retail stores, and
these consumers are resolute in their message: they want the store
experience to level up,” said Brian Kilcourse, Managing Partner at
RSR. “Stores simply cannot continue to exist as ‘technology-free
zones.’ Retailers must move now to harmonize the physical store
with digital channels to enable access to inventory and customer
information across the entire enterprise, and to offer the same
level of digital content to consumers in the store as they have
during digital shopping, while empowering store associates to be
more efficient and able to deliver the type of experiences
consumers desire.”
"We are at a critical juncture in retail, where understanding
and meeting consumer expectations with the right technology can
make the difference between thriving and merely surviving," said
Joe Corbin, Jumpmind President and CEO. “The research findings are
a call to action for retailers to jumpstart their technology
initiatives to create the type of in-store shopping experiences
that customers and associates value.”
The full report, complete with in-depth analysis and actionable
retailer baseline recommendations, is available here:
https://www.jumpmind.com/retail-systems-research-rsr-report/.
Retailers interested in elevating their in-store experience and
staying ahead in the competitive landscape are encouraged to
download the full report.
About Jumpmind
Jumpmind is a leading provider of innovative retail technology
solutions. Our cloud-native, mobile POS platform empowers retailers
to streamline operations, enhance customer experiences, and achieve
sustainable growth. With a future-proof architecture and a focus on
delivering exceptional value to our clients, Jumpmind is committed
to shaping the future of retail technology. Jumpmind powers
inspired in-store experiences for a growing list of leading
retailers, including American Eagle Outfitters, Build-A-Bear
Workshop, Petco, Reitmans Canada Ltd., The Paper Store, and The
Vitamin Shoppe. Learn more about Jumpmind at www.jumpmind.com.
About Retail Systems Research
Retail Systems Research ("RSR") is the only research company run
by retailers for the retail industry. RSR provides insight into
business and technology challenges facing the extended retail
industry, thought leadership, and advice on navigating these
challenges for specific companies and the industry. To learn more
about RSR, visit www.rsrresearch.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240618263474/en/
Erin Lutz Lutz Public Relations and Marketing (for Jumpmind)
949.293.1055 erin@lutzpr.com