A new study of British and American consumers reveals the high cost of failing to adapt to their needs through digital services.
The study, which was carried out by American commerce solutions firm Kibo, involved 3,000 people from the United States and United Kingdom. The resulting report is called the Kibo 2016 Consumer Trends Report.
Above all, the report shows that consumers in both the US and UK are willing to switch favored retailers based on the availability of key digital services. For example, more than half of US and UK respondents said they’d ditch a retailer if it failed to offer them a preferred method of delivery.
But that’s not all. Consumers also said their preferred method of shopping is online, with items shipped directly to their homes. Consumers also want same-day delivery and, perhaps unsurprisingly, said they shouldn’t have to pay any extra money for that service.
That said, consumers are also interested in buying a product online and picking it up in-store. Roughly four in ten Americans and one-third of Britons said they’d prefer this shopping option if it were available.
It’s also important to consumers that retailers use digital channels to make it clear how much of their product is available. In fact, two in every three respondents said they wouldn’t order from a company that failed to confirm a product’s availability through a website.
Kenneth Frank, Kibo’s chief executive officer, says the study reveals the growing expectations of consumers in the US and UK. “As the marketplace becomes increasingly crowded, retailers need to remain a step ahead with their digital services and fulfillment options to ensure the loyalty of their customers,” said Frank.
“Most consumers have their preferred places to shop, yet retailers’ lack of progression toward offering a true omnichannel experience can erode their customers’ loyalty.”
Looking forward, Frank suggests that the retail landscape will continue to evolve based on the availability of cutting-edge digital services. In short, the companies that fail to adapt will be rapidly squeezed out by those that do.
“The speed of change in the retail landscape is relentless,” Frank added. “Embracing modern technologies is especially crucial for retailers and manufacturers looking to compete with the likes of Amazon and other Internet giants setting the digital benchmark.”