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Smart insights: Retail

The pace of change in the retail industry is driven by digital advancements: more touchpoints, more product reviews and comparisons for consumers to access anytime, anywhere. And more variety in the path to purchase of shoppers.

To stay competitive and relevant, retail businesses need to understand evolving shopping behaviors and target group demands. They need to apply this knowledge to create differentiated experiences across both digital and physical environments.

Our retail industry research experts provide the insights to support you at every stage: from measuring your shoppers’ experiences and paths to purchase, to monitoring retail performance and trends.

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    • 07/05/17
    • Retail
    • Consumer Goods
    • Connected Consumer
    • Singapore
    • English

    Conquering the Connected Shopper and their multiple paths to purchase

    Conquering today’s connected shopper is a battle. Consumers’ expectations of convenience, choice, price and experience are continually escalating. Whatever you make or sell, the true power rests in the palm of shoppers’ hands. The “always-on” culture of connectivity puts both manufacturers and retailers under intense pressure to stay relevant and create “fans for life”. This is a cut-throat, slim profit environment that is further endangered by emerging hyper-competition from global marketplaces. Conversion is more key than ever. No retailer or manufacturer has a free pass to success. No existing business models are guaranteed. For instance, in the recent past, the generalists and the manufacturers that supplied them were all-powerful. Today, specialists and global market places like Amazon are squeezing the generalist model. Clearly, whatever the sector, whatever the scale or geography, all players must constantly re-evaluate their strategies and tactics to ensure they win the connected shopper’s business. It is essential to constantly be on top of your shopper by focusing on the right touchpoints at the right moment throughout the whole omnichannel path to purchase. So, if you’re serious about conquering the connected shopper, you must understand today’s retail environment and anticipate tomorrow’s trends to plan and prepare for the future.

    The connected retail transformation: Two very different routes to purchase

    Retail is transforming to keep pace with the connected shopper and their demands. We believe that in the future, shopping will either be functional, rational and efficient, or it will need to offer an emotional connection or be an experience. Our two future scenarios for retail in the connected world are rooted in our extensive knowledge gained from researching consumers. What is common to them all is that the shopper is front and center, and has more control than ever before of how they shop and what they buy.

    One: Staying in

    Here the smart home of the future takes over the functional aspects of shopping, ordering and replenishing supplies as they run out. Never fear, this won’t disengage shoppers from brands, as virtual and augmented reality will come to the rescue. For fun, connected shoppers will be able to try on clothes, trial appliances and test drive cars – all from the comfort of their home.

    Two: Going out

    If you leave the comfort of your home to shop, there will be two very different options. On the one hand, much shopping will become uber-convenient, super-fast and easy with in-store GPS navigation, pick up points, automated payments (no queues) and minimal browsing. Mobile phones will have a key role to play, becoming hand-held shopping trip assistants. On the other, retailers will offer experiences, where shopping will be seamlessly integrated into socializing and entertainment. The smartphone will be the connector of the personalized digital and physical retail world, for chatting, browsing, sharing experiences and paying. Whether shopping from the home or when out and about, manufacturers will increasingly focus on their own omnichannel retail concepts. They will want to get closer to their shoppers and find personalization-driven business models where this can deliver a profit.

    Getting up close and personal with the connected shopper

    There is no one “connected shopper”, every consumer and every purchase is unique. For a 360° perspective, you need to evaluate the key target audience segments in detail. How do they behave, what are their need states, how can you meet their expectations? From Gen X, Y and Z to iBrains, Millennials and Baby Boomers, we’ll help you identify and reach your audience with the relevant product, service and experience at the right point in their purchase journey. With more consumers than ever saying they feel overwhelmed by choice, understanding and helping shoppers find the products they really want will become a core tenet of the successful retailer. Relevance and persuasion will become more important as key success factors. As a result, many retail marketing budgets are shifting to content and attribution marketing to be closer to the shopper during the moments that matter. The focus will be less on where the purchase happens, and much more on how you can influence it. Having an in-depth customer understanding is essential if you are to offer shoppers the all-important personalized product or service, such as H&M’s customized dress designed with Google. And it’s most definitely key if you want to anticipate their needs to increase their basket size and grow loyalty.

    Reinventing business models

    Achieving a profit requires a laser-like focus on logistics and operations, constant innovation, relevant marketing, perfect customer service, excellent customer and market intelligence… the list is infinite. By focusing on the connected shopper and building a true picture of buyers of all sorts of products and services, you can identify the business models that give you the best chance of success in the retail transformation. Marco Wolters is Global Industry Lead Fashion, Home & Lifestyle at GfK. He can be reached at Marco.Wolters@gfk.com. hbspt.cta.load(2405078, 'a7c49c12-21d2-41fc-a305-57b021074f75', {});
    • 06/20/17
    • -INDUSTRIES
    • Ad Hoc
    • -SOLUTIONS
    • -SPECIAL TAG
    • Retail
    • Technology
    • Automotive
    • Consumer Goods
    • Connected Consumer
    • Singapore
    • English

    How can we help you? Meet our expanded ASEAN team

    Our clients and partners are at the heart of all that we do. Our experts combine passion and creativity with world-class industry and product knowledge to deliver relevant insights that matter for your business. Learn more about our newly expanded ASEAN team of regional experts!
    • 06/09/17
    • Retail
    • Technology
    • Point of Sales Analytics
    • Singapore
    • English

    Master the different elements of your media mix using store-level sales data

    In our free webinar, you'll learn how to juggle the different elements of the media mix and maximize their performance so that they deliver a greater return on investment.
    • 05/29/17
    • Retail
    • Technology
    • Point of Sales Tracking
    • Connected car
    • Singapore
    • English

    Smart major domestic appliances are connecting with households globally

    Smart connected major domestic appliances (MDA) like washing machines, dishwashers and tumble dryers are winning over Connected Consumers globally. Discover more about sales of smart MDA with our infographic.
Solutions
  • Brand and Customer Experience (BaCE)

    Brand and Customer Experience (BaCE)

    Brands are under pressure to develop emotional connections and relationships with consumers and business decision makers.  Brands need to respond in-the-moment, to enrich the customer experience – and develop strategies that influence ”moments of truth” throughout individual brand journeys.  

  • Consumer Panels

    Consumer Panels

    Your business is all about your consumers. So understanding them is essential in ensuring your products and services meet their needs, and in identifying opportunities for growth.

    Our international consumer panel data and research expertise provide you with smart customer insights into who your consumers are, their attitudes and behaviors, across channels.

  • Digital Market Intelligence (DMI)

    Digital Market Intelligence (DMI)

    When consumers shop, search, communicate, gather information and engage with companies or brands online, they behave differently depending on which device or screen they are using. They expect a consistent experience regardless of the channel or device they are using.

  • Point of Sales Tracking

    Point of Sales Tracking

    Retailers and manufacturers are under pressure to develop products and services that maximize sales and profit and to keep customers coming back.

    Success relies on having the most up-to-date sales data, combined with robust analysis to understand which products and services are performing well in the market – and which are not. With this information, clients can set clear strategies for commercial growth and increase return on investment.

  • Shopper

    Shopper

    Digital continues to open up new paths to purchase, changing how and where people shop. More and more data becomes available every day, as shoppers embrace multi-channel brand experiences. To stay competitive in this big data, multi-channel environment, businesses need to identify and leverage the most relevant data along the entire path to purchase. 

  • User Experience (UX)

    User Experience (UX)

    Our user experience (UX) research and design experts help our clients create and improve customer experiences for existing or new products and services

    Today’s consumer is bombarded with promises for compelling experiences. They are sophisticated and demanding.  To be successful, a new product or service needs to be intuitive, usable, engaging and desirable. The user experience needs to be emotional in order to be memorable.

  • Geomarketing

    Geomarketing

    Our geomarketing solutions and consultancy provide our clients with smart insights into location-specific factors that impact the success of business sites, shops, sales territories, target groups, as well as chain store and distribution networks.

  • Mystery Shopping

    Mystery Shopping

    Consumers face a complex array of brand touch points every day of their lives. To deliver a consistent brand experience, marketers need to know how consumers are actually experiencing their brand. Our mystery shoppers give you all the help you need to understand these experiences, and respond to them to maximize the return for your business.

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