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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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    • 08/22/17
    • Retail
    • Technology
    • Promotion and Causal Retail
    • Global
    • English

    Whitepaper: Six steps to getting your online pricing right

    Download our white paper in which we’ve identified six core activities that you need to master in order to make the right pricing decisions.
    • 08/14/17
    • Retail
    • Consumer Goods
    • Global
    • English

    4 things your brand is missing out on without an online store finder

    According to a 2017 study on ecommerce trends, 61% of shoppers are more likely to research brands before making a purchase. So while shoppers are on your site, it’s important to keep them there and give them more of a reason to buy your products. One strategic way of doing this is to capitalize on using a store finder or ‘where to buy’ application on your website. Besides what may seem obvious with this function (giving customers information into where they can buy your products), there are some other key benefits your brand may be missing out on if not installed.

    Lost sales due to comparison shopping

    Many brands lose business to competitors through comparison shopping. In a 2017 survey, 71% of shoppers believe they will get a better deal online than in stores, so it’s likely that they are going to shop around for the best one. Having a store finder that displays pricing and stock information for other retailers can help sales tremendously as it keeps potential buyers from starting a product search on a marketplace where they can compare and find competitive products. Tip: Make sure your store finder technology is able to list pricing and stocking info in real-time so that you are giving our customers the most accurate and up-to-date info.

    Value-Added convenience

    Today’s digitally connected and multi-channel shopping consumers always seem to be on the go either by surfing the web or physically out shopping. By having a store finder application on your website you are providing your shoppers with all the right ways to buy your products – your website, in store, or through other online channels. And by displaying all pricing, inventory and location information this is a major convenience that helps save your customer’s time and you are helping your customers find retailers who they may already be loyal to. Tip: For further convenience, it is essential that your store finder is responsive for those mobile shoppers and can be geo-targeted to their location so that location results are showing near-buy retailers.

    Channel support

    Although not customer facing, by having a store finder that lists the location, pricing and stocking info of your key retailers, you’re offering more support to your channel partners. And if you are a brand that doesn’t have a shopping cart on your website to support resellers, a store finder is even more valuable to your business and your channel relationships. Eliminate cart abandonment due to comparison shopping and keep them coming back with a positive shopping experience.

    A better online shopping experience

    Enhancing your product detail pages with quality product content and images all make for a good online shopping experience, which can lead to sales. With the added convenience and functionality of a store finder, your product detail pages are set up for an even greater experience that can help keep customers coming back to your site, no matter the stage of their buying journey. Tip: Ensure you are able to use your store finder technology to its full potential by tracking performance metrics. When set-up with all the right information such as, real-time pricing and inventory, geo-targeting, and a responsive design, a store finder just may be the ultimate product closing tool. Interested in adding a store finder or looking for other options? As a product content company, GfK Etilize has all of the data to easily crawl and match products with different identifiers on popular retail sites, to always show accurate products and inventory. We also automate the addition of new products as launches happen, to maximize sales on newer, best-selling SKUs.
    • 08/11/17
    • Retail
    • Technology
    • Global
    • English

    How is the smartphone transforming brick and mortar retail?

    When we think about how smartphones have changed the retail landscape, it often revolves around how e-commerce is banishing traditional brick-and-mortar establishments to obsolescence. At least, that’s what you would gather from sensational news reports about the current mall crisis in the US and the shutdown of several local stores in Singapore such as furniture store, iwannagohome and fashion brand, Raoul. Here’s a story that’s less newsworthy, but equally true. Rather than being the harbinger of doom and gloom of physical retailers, the smartphone also has enormous potential to transform physical retail for the better. The smartphone has made shopping a breeze with apps for fashion, groceries, electronics and food, with the likes of Zalora, Lazada, Redmart and Honestbee. If implemented effectively as part of an omnichannel marketing strategy, smartphones could somewhat ironically be the key to survival for physical retail outlets. For the uninitiated, the idea of omnichannel marketing is simple. Brands need to provide customers with a seamless experience, regardless of channel or device. Whether it’s in-store, online, via social media or through a smartphone app, the consumer’s experience should be consistent and complementary. A one-size fits all approach does not work though, as shoppers behave differently by country. That’s why it’s essential for retailers to have market research intelligence on shopper needs and behavior, to tailor retail strategies for the local market.

    Smartphones have enhanced our lives

    In our 2016 Connected Consumers Report, we referred to the smartphone as the ‘hub of the consumer’s life’ – a nexus where their offline lives meet their digital ones. Smartphones are the top choice for online shopping (it used to be the desktop) as they give shoppers numerous benefits and convenience. Our research shows that 45% of all shopping is influenced by mobile, and without having to enter the physical stores, shoppers can avoid queues, order ahead and enjoy customized offers. Smartphones are also beneficial for e-commerce sites that want to move offline, for example Amazon – which has recently been making headlines for opening bookstores and grocery stores. Amazon has been using mobile technology to track customer preferences and sales, and enabling shoppers to grab groceries and walk out of the store as the order gets posted to the shopper’s Amazon account later. Closer to Singapore, we’ve seen homegrown brands like Naiise, HipVan and Love Bonito extend their online presence offline in shopping malls. Naiise for example, offers self-collection services at its physical stores for online orders. hbspt.cta.load(2405078, '19fbe304-01ff-4a00-a0a7-7864a1840b6e', {});

    The role of smartphones in consumer retail

    In our global survey on consumers’ activities with mobile phones in stores, we found that globally, 40 percent of shoppers use their smartphones while in a physical store to compare prices and contact a friend for advice, while 23 percent and 22 percent buy products through an app or through a website respectively, proving that once customers step through the door, even more can be done to seal the deal. Beauty retailer Sephora for example, has successfully used augmented reality and lip-mapping technology in it’s app – Sephora Virtual Artist, to instantly and effortlessly help users figure out which of 3,000 lipsticks shades suits them most – a typically time consuming task. Singapore shopping malls such as 313@Somerset and Parkway Parade have been experimenting with proximity marketing and mobile location analytics to reach out to shoppers who are surfing nearby, in a more targeted manner while showcasing offerings effectively. Through proximity alerts, patrons are able to enjoy exclusive deals, purchase and redeem their items immediately.

    Winning consumers with customized mobile services

    One of the most valuable resources of a smartphone is that it can provide retailers with information, which is key to capturing brand loyalty – a trait that today’s spoiled-for-choice Connected Consumers are lacking. Brands can leverage customer data and point-of-sales (POS) analytics to offer more personalized services such as customized offers. In turn, this presents an opportunity to generate long-term relationships. AsiaMalls for example, which owns six heartland malls, has seen success with AMperkz, its card-less loyalty program that enables personalized and location-based rewards and exclusive member offers. Starbucks too, has seen massive success in the past six years by taking its popular loyalty program to the mobile platform, resulting in higher sales, customer loyalty and foot traffic. Last year, 25 percent of the chain’s transactions in the United States were from a smartphone. Mobile Order & Pay, the company’s mobile order-ahead service has been lauded for providing convenience, but the code behind it – the data-driven algorithm to predict, personalize and recommend individual offerings at checkout shouldn’t be understated either as it’s a data-driven Artificial Intelligence (AI) algorithm based on consumers’ preferences and behavior; and behaviors that Starbucks is trying to drive. In the age of the Connected Consumer, omnichannel shopping is becoming the new normal. Therefore, understanding the shopper’s purchase journey is crucial – and this is one of the toughest challenges faced by retailers today. However, armed with research insights on the route shoppers take when making a purchase, ways in which different online and offline touchpoints influence their purchase decision, and the type of media they are exposed to; retailers can optimize their omnichannel strategy. Karthik Venkatakrishnan is Regional Director at GfK. To share your thoughts, please email karthik.venkatakrishnan@gfk.com or leave a comment below. hbspt.cta.load(2405078, '19fbe304-01ff-4a00-a0a7-7864a1840b6e', {});
    • 08/10/17
    • Retail
    • Geomarketing
    • RegioGraph
    • Geodata
    • Picture of the month
    • Global
    • English

    Map of the month: Sales area productivity, Europe 2016

    Growth in sales area productivity (gross retail turnover per m2) is an important gauge of market health for retailers looking to expand to new regions. In 2016, sales area productivity grew by 0.9% in the EU-27 (this excludes the UK due to the exchange rate disparity). Luxembourg, Switzerland, Norway, and Sweden top the rankings, but retailers can also prosper in countries with lower values, but less market saturation. Various factors influence sales area productivity, including retail format, brand strength, location quality, competitor presence, and the available purchasing power of the population.
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. With this, companies can optimize each step of the shopper journey. 

  • 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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