The retail market is experiencing unprecedented strides in technological advancement. IDC’s Worldwide Vertical Markets IT Spending 2014-2019 Forecast estimated global IT spending in retail to be $86 billion in last year alone.
Much of the catalyst driving digital transformation in the retail sector is fueled by customer demand. As consumers become more tech savvy and digitally informed, they expect a more seamless and personalized shopping experience.This shift in buyer expectations and behavior is creating a tech revolution for retailers, who in order to drive sales and loyalty, need to have a single view of the customer across every channel whether it’s in-store, online or on social media.
To fully understand the current state of the retail revolution, HSO UK recently issued a survey of 60 consumers which reveals their expectations when it comes to omni- channel, personalization and their interactions with retail brands.
The survey analyzed the current expectations of today's consumers and gauges how well retailers are meeting their buyer's needs. The survey also looked at how consumers buy, how they engage, and how they respond to personalized offers.
Here are just a few of the survey's key findings:
- 59% of consumers expect their favorite retailer to know their online buying history when shopping in-store
- 50% of respondents feel their favorite retailer does not know their likes and dislikes
- 66% of respondents feel that retailers do not have a complete picture of their spending habits across channels
Read the full survey report.
While it's clear that retail buyers are demanding a more harmonized experience, many retailers have a long way to go until that is achieved. To help smooth the journey to digital transformation in retail, Gavriella Schuster, Microsoft Corporate VP Worldwide Partner Group, recently highlighted some partner success stories and shared how their solutions are helping to revolutionize the customer journey.
Learn more about HSO's solutions through Microsoft Dynamics and how we're driving digital transformation in the retail space.