The State of Retail 2016

In a recent timetrade.com research effort, author Sarah Wallace reports on the results of a survey of 5,444 consumers which asked 'in-depth questions regarding their perceptions and behaviors around retail shopping'. Here are some of the key findings of 'The State of Retail 2016' consumer survey:

• Consumers still look to the in-store experience. "72% plan to shop in stores as much as they did last year, and 18% plan to shop more."
• Consumers prefer to purchase items in-store. "If an item is available online or in a nearlby store, 71% of respondents will buy the product in the store."
• Consumers like to touch and feel things. "85% of consumers report they like to shop in stores because they want to touch and feel the products before making final purchase decisions."
• Prompt service is what consumers value most. "Consumers rank prompt service, personlaized service, and smart receommendations as what they value most when shopping in a retail store."
• The majority of consumers will abandon a store altogether if not given prompt attention.
• Consumers do not feel that big name stores are providing VIP-like service.
• Most consumers who use mobile devices in their shopping experience - do so to compare prices. "Mobile devices are used - in this order - for comparing prices, researching different products, and finding the nearest store location."
• Consumers still look to your website as a source for promotional information.
• Most retailers are designing promotional strategies that appeal to Millennials.

The in-store shopping experience is popular with a significant percentage of today's consumers IF that experience is based around a strong commitment to customer service. So while many of us would seek lower and lower prices, keep in mind that service is the defining attribute for your store and business.