Retail: Staying on top of Digital Trends

Cognizant ARE YOU KEEPING UP WITH THE JONESES OR ARE THE JONESES KEEPING UP WITH YOU? It is essential for retailers to move quickly to introduce new, value-added shopping experiences. Hơw and where to experiment is different for every retailer depending on their target audience. Shoppers go to Digital Resources for Specialty Products 1st Websites and Searches 7th Friends and Family 2nd Retailer Websites 8th Store Associates 3rd Print Materials 9th Social Media 4th Product Packaging 10th Retailer's Mobile Apps 5th Television 11th Retailer's Tablet 6th Signs or Interactive Product Displays "While shoppers turn to digital resources to help them make informed purchase decisions for specialty products, use of retailers' tablets and mobile apps is still nascent." = Consumables = Specialty *Ranked on a scale from 1 to 5 2.00 0.60 2.38 0.73 Retailer's Website Retailer's Mobile Smartphone App 2.10 0.60 2.58 0.61 Other Internet Searches & Sites Retailer's Tablet Some Digital Trends are Moving East to West APAC is a leading indicator of where to invest. Although North American shoppers' social influence lags APAC, there's every evidence that the influence of social will only grow in North America. China 4.5 Hong Kong 3.5 3 North America 2.5 Australia 1.5 1. U.K 0.5 the product Other customers' online on social media sites (e.g. Facebook) ratings and reviews. Mobile payment is not yet important to shoppers in North America; however shoppers in APAC are ready. China 4.5 Hong Kong 3.5 North America 2.5 2 Australia 1.5 U.K 0.5 PayPal and Bill Me Later Digital Wallet via a Personal Mobile Device Leveraging Digital Assets in Stores is the Next Frontier TOP ONLINE SHOPPING PROBLEMS D.. NO IN-STORE RETURNS Unclear Information Cannot Find Product Undesirable Policies Difficult to Purchase No Cross Channel Integration No Advance Web Features 4th 5th 6th If retailers fix these problems, they can build a foundation that creates better in-store experiences. ONLINE SHOPPER WANTS 60% of more interactive shoppers want experiences in stores 64% of more consistent information shoppers want between stores and online channels Experiences Shoppers Want on Social Networking Sites SOCIAL NETWORK PREFERENCES facebook 4.2 Blogs 3.4 Other 3.0 twitter 3.2 Pinterest 3.1 myspace 3.8 SOCIAL EXPERIENCE PREFERENCES 1 Exclusive promotions / sales (2 New products sneak peak (3 Feedback on products (4 Customer service 5 Fun, interactive experiences (6 Social responsibility 7 Make a purchase Shoppers age +65 are slow to adopt technology, but love Facebook! Cognizant To better understand shopper behavior and recommended retailer response, download our full study at www.cognizant.com/shopperstudy