TrendSource 2017 Retail Industry Report Shows the Battle Between Online and Brick-and-Mortar Continues
San Diego, California – May 25, 2017 - TrendSource’s 2017 Industry Retail Report tells us that shoppers have already largely determined which experience offers better availability of products and variety of selection (online), and which offers superior customer service and ease of returns (in-store). One place where they have yet to decide, however, is pricing. While 62% of respondents believe pricing is better online, respondents were almost evenly split between brick-and-mortar and online when it comes to pricing for fashion and home improvement.
TrendSource’s Senior Director of Client and Consulting Services, Evencia Leite, noted: “Except for electronics, shoppers no longer inherently view online as cheaper, so instead of worrying about price matching, retailers should consider creating in-store experiences shoppers value.”
The report offers more good news for traditional retailers: Millennials, who were supposed to be the death of brick-and-mortar retail still prefer in-store shopping experiences over online. In fact, every generation still prefers in-store shopping for fashion (73%), electronics (66%), and home improvement (76%).
“Despite all the talk of millennials killing brick-and-mortar retail,” observed Senior Analytics Director Brian Harward, PhD, “they have not been as quick to abandon traditional stores as we thought. Retailers should be in retention mode, not giving up hope or fighting to win back what they haven’t yet lost.”
What is bringing shoppers in-store? In all three categories, immediacy was king: “Getting the items immediately” drive 85%, 83%, and 88% of shoppers to brick-and-mortar electronics, fashion, and home improvement stores, respectively.
Download the full report here.
TrendSource Inc. is a leading Market Research and Strategic Consulting firm based in San Diego, California. With over two decades of experience working with Fortune 500 clients and global brands, TrendSource serves a variety of industries including Grocery, Retail, Food Service and Technology. For more information about this study or TrendSource’s services, visit http://www.trendsource.com
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