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New report shows digitised retailing is the way of the future
Archived article dated Monday April 28th 2008
Contrary to suggestions that the online channel may soon prevail over bricks and mortar stores, new research commissioned by Visa Europe indicates that these two routes to market are likely to perform complementary roles.
With internet sales expected to account for almost 20% of turnover by 2012-15, and websites becoming increasingly transactional rather than informational, we are also likely to see a rise in the application of technology within the retailer community. As a result there will be a rise in automated self scanning, product tracking for inventory using RFID (Radio-Frequency IDentification) and targeted promotions delivered directly to consumers while they shop. In addition they are likely to have access to PC/web based facilities in store giving immediate access to product and customer reviews.
According to 'The Store of the Future 2012-2015', a report by the Centre for Retail Research, if we fast forward seven years, the fate of the high street seems uncertain with over one quarter of retailers (28.7%) expecting a drop in store numbers. Store formats are likely to change with 70% of retailers expecting to introduce new formats and more information services by this time.
Customers will be able to order on the website and pick up items in stores whilst smaller stores may focus on services and information rather than holding large inventories. Automated self scanning begins to loom large on the horizon with over 22% of retailers expecting to introduce this in some form. RFID tags are likely to be introduced by 34% of retailers to help them make better use of product inventory management and in the future used to offer customer promotions, whilst almost 50% or retailers expect to use technology to send customer targeted promotions using demographics and loyalty card information using email and texts.
According to Dr. Steve Perry, Executive Vice president, Visa Europe: “The critical role that converging technologies are going to play in shaping the retail space of the future is clear for all to see. The study shows that while changes may occur over a relatively short time period, the Store of the Future is likely to be shaped by a range of technologies in the digital era, but all will have a common goal - to create greater convenience for the customer and in turn achieve stronger differentiation and business success for the retailer.“
Tagged as: visa | consumer studies
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