Customer Evolution – The Important Numbers for the Future of Retail Brands
Recently I attended a presentation on Global Trends in Retail put on by PWC. One of the speakers was Dr Violet Lazarevic from Monash Business Schools ‘Australian Consumer, Retail, and Services’ Research Unit who presented a fascinating summary of take-outs from the recent World Retail Congress in Dubai. Dr Lazarevic opened with the four key numbers that represent the current evolution is customer behavior, being driven predominantly from China. Each number reflects an area that retail brand owners and managers need to understand and leverage if they are to find growth in a forever tough marketplace.
The numbers are:
64% – The number of smart phone users globally who check their phones more than 150 times each day.
Yep, you read that right. Smart phone users are not only numerous, but wildly active. Given the growing importance of mobile in shopping habits, the challenge for brands is being included in those 150 checks each day.
40% – The number of retailers who’s in-store experience needs most improving.
The good news if this statistic relates to you, is that improving your in-store experience is entirely in your control – so what are you waiting for?
90% – The number of sales that still include and in-store element.
For all the coverage that online sales get – the vast majority of sales still happen in-store. This is even more the case for Australian retail. Yes you need to have an integrated online/off-line presence, but whatever you do, don’t stop polishing your golden eggs.
50% – The percentage of sales influenced by digital shopping (whether research, peer review or online transaction).
There’s no getting around digital. It’s an important part of the pathway to purchase for many, and it’s only going to become more important still.
David is the founder of Truly Deeply, a brand agency with 25 years experience working with brands to position them for growth. His deep expertise is in the creation of high engagement brands that attract the attention of their audience and stand out from their competitors. David has extensive experience working with corporate, retail, food & beverage and entrepreneurial clients. Find out more at…
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