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Retail Technology, Retail technology News

Lack of digital technology costs retailers

Lack of digital technology costs retailers
Thursday May 24 2018

New research has revealed that inaccurate and inconsistent pricing allied to a lack of in-store digital technology is costing retailers in lost sales

Launched by Displaydata and Planet Retail, the research report Analogue to Automated: Retail in the Connected Age surveyed 5000 consumers and 1000 retailers to understand what consumers want from physical stores, and how retailers are responding. 

The findings clearly show that retailers are failing to keep up with shifting consumer attitudes towards price and promotion and are unable to engage with shoppers digitally, in real-time, when they are on the shop floor.

According to the report, there is an increased consumer desire for a more digital and connected shopping experience that meets their expectations around pricing, promotions and availability, and matches the information shoppers can get online, such as competitors’ prices, stock levels and more.

Enhanced experience 

Over two thirds of shoppers want technologies that enhance their experiences in stores. 33% want promotions sent direct to their mobile devices; 31% want Electronic Shelf Labels (ESLs) to show accurate, real-time prices, promotions, and detailed product information; and 27% want to be identified as a loyal customer.

The desire for digital services correlates with the poor experiences that almost half of shoppers (42%) claim to have had in store due to a lack of Wi-Fi, a lack of information at the shelf edge, and differences in product availability in store and online.

Andrew Dark, CEO, Displaydata said: “To effectively harness the power of price, thrive against online competitors and retain shoppers trust, retailers must create a digitally connected environment to meet the high customer expectations that are being shaped by online experiences.”

Sarah Herrlein, senior retail analyst, Planet Retail added: “Our research shows consumers expect a more consistent, automated experience, but their trust and faith in the store is lessening due to basic technological inefficiencies. With retailers spending billions on things like manual price changes, the case for deploying digital technologies that optimise efficiencies, deliver the customer a better experience AND better value in-store, has never been greater.”

Tagged as: Digital technology | pricing | Displaydata | Planet Retail