New research from Deloitte reveals that instead of cannibalising physical retail, online retail is actually driving in-store sales by providing shoppers with a more flexible shopping experience. Up to 25% of recent online or mobile purchases in the UK involved products which customers could have not purchased locally, representing nearly €9 billion in online and mobile sales.
A new report by Deloitte, and commissioned by eBay, sets out to answer the question of how shopping beyond the store is affecting offline retailing – estimating that in the UK last year, up to €9 billion of sales may have been enabled by omnichannel retail, and €7 billion of sales in Germany.
The report reveals that frequent shoppers and those planning high-value purchases are more likely to use a range of channels for their purchases, so a presence across channels allows retailers to capture this ‘buy any time, any where’ shopper segment.
‘Super Shoppers’ – 18% of UK consumers – account for 70% of all UK retail spending, with these shoppers twice as likely to shop via a mobile device and 30% more likely to conduct research online to check prices before visiting a store.
Deloitte’s study suggests that a broad presence across channels can in many scenarios positively influence store sales, demonstrating a significant opportunity for retailers to use a mix of stores and online presence to boost their bottom line.
“Customers are in the driving seat and pushing retailers for ever higher standards of service and greater convenience”, said Tanya Lawler, vice president of eBay UK. “Customers fully expect your store and online channels to be joined up.”
As omnichannel shopping becomes pervasive, embracing these trends and continuing to adapt to technology-enabled changes in consumer behaviour will enhance a retailer’s competitive position. If you’re not reaching the consumer across multiple channels, you’re at risk of missing out on valuable sales which could be hard to recapture in the future.
Discover how Profitero delivers critical competitor price intelligence to help omnichannel retailers compete more effectively. Profitero will be attending BRC’s Omnichannel Retailing conference on 4th March so come and meet us there, or contact us at sales@profitero.com to find out how we can help you grow sales and increase margins.
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About Profitero
Profitero is the leading global provider of online competitor pricing data. We provide both bricks & mortar and online retailers with their competitors’ prices, promotions and full product assortment information. Profitero’s accurate and timely competitor intelligence enables our customers to make better informed and more profitable pricing decisions, helping them to increase sales as well as margins.
More than 40 global retailers, including Staples, Sam’s Club, Tesco, Waitrose and Ocado, rely on Profitero Price Intelligence to:
- Benchmark competitor prices
- Manage their prices and promotions
- Attract price sensitive shoppers
- Negotiate better with suppliers.
Our pricing data can be seamlessly integrated into price optimization solutions such as Blue Yonder, Revionics and IBM DemandTec, to deliver more accurate and effective price optimization. Profitero is also the preferred supplier of online competitor pricing data to Nielsen’s retail customers across more than 100 countries.
To discover how Profitero can help make your pricing smarter, contact us at sales@profitero.com or visit www.profitero.com.