Consumers are looking for a more personalized shopping experience, and are willing to share select details about themselves with their favorite retailers to help educate brands on exactly how, when and where to approach them, according to the third annual consumer survey by IBM.
The survey of more than 28,500 global consumers finds that consumers are willing to provide information to retailers about their media usage (75%); demographics (73%); identification, such as name and address (61%); lifestyle (59%); and location (56%) for a more targeted and smarter shopping experience.
Increasingly, savvy retailers are responding to this need and using sophisticated technology to make sure every interaction with customers is spot-on, based on individual preferences, location and lifestyle. IBM’s ongoing research shows that retailers must provide clear compelling reasons to shop; deliver personalized offerings and reach shoppers when and where they prefer, in order to win over their wallet share. According to the IBM survey, consumers are more than willing to give retailers the data to make this experience possible.
“The speed of technology innovation, consumer adoption and access to information has created an environment where everything is known and the consumer is truly the one in power, coalescing around shopping communities of ‘we,’” said Jill Puleri, global retail leader, IBM Global Business Services. “Retailers can win over this empowered consumer based on re-establishing a trusted relationship and building loyalty through improving the store environment, product assortment and store communications.”
Key consumer findings include:
- 71% desire to shop digitally using technology (e.g. website, mobile, social network, retailer website to co-create products, TV using remote control, social videos like YouTube, electronic games);
- 29% desire to use one technology, 18% use two and 24% use three ;
- 85% of consumers believe social networks will save them time;
- 87% of consumers willing to use TVs because of convenience;
- 74% believe electronic games will be a convenient, fun way to shop;
- 66% of consumers are optimistic about the future of their income;
- 31% believe their income will stay the same;
- 35% believe income will increase by 20% in the next 5 years; and
- Optimism driven by China (95%), Brazil (91%), and Mexico (63%) in their belief that their incomes will increase.
For more information, go to ibm.com/iibv