We are undergoing a retail revolution – one that is driven by evolving consumer expectations and behaviours. The industry is transforming and consumers have never had so much choice.
Disruption is now the new norm. Retailers must embrace digital innovation to drive growth and deliver winning consumer experiences.
To support planning for disruption, we are delighted to present our second Irish consumer insights report. Part of PwC’s global retail initiative, now in its seventh year, the global report canvassed the opinion of online shoppers in 27 territories worldwide, including 1,000 in Ireland and over 22,000 globally.
Our latest Retail and Consumer Report highlights a positive outlook amongst Irish consumers. 82% expect the Irish economy to perform the same or better than in 2017, which is good news. But despite this, less than a third expect to spend more in 2018 than they did last year. Retailers will have to work harder than ever to attract and retain customers.
Mobile will become the dominant online shopping channel, and mobile-friendly websites with trusted payment options are now expected as standard. In 2018, retailers must focus on delivering a personalised, seamless mobile experience that’s relevant to each stage of the customer journey.
Enhancing the customer experience across increasingly blurred digital and physical channels must be a priority. Bricks and mortar stores remain the most popular shopping channel for consumers, but less than half of Irish consumers are satisfied with their in-store experience.
Retailers have access to vast amounts of data which can enhance the customer experience. While Irish consumers seem to trust retailers to collect and use data to offer personalised experiences, they’re not comfortable with location-based targeting. Demonstrating effective security and GDPR compliance can drive trust and loyalty with consumers.
From delivery options to tracking technologies and click and collect services, getting the last mile right is critical. With three quarters of Irish consumers willing to pay for same or next-day delivery, aligning your supply chain model with these growing demands is critical.
Social is the new media
Our research confirms social media as the most influential tool for driving purchases, especially for younger age groups. Retailers must ensure they know their core customer segments so that they can tailor their social strategy.