13 Feb Information is the New Retail Imperative
Retail is going through the biggest transformation in decades and yet stagnant retailers are trying to “tweak” the model. That just isn’t going to work anymore. The informed shopper is here to stay. And retail will never be the same.
Why is information so important?
Deloitte University released its 2016 Holiday Survey stating 66% of consumers will webroom before purchasing, while 50% will showroom before purchasing during last year’s holiday season. Per Techopedia, showrooming is when a shopper visits a store to check out a product but then purchases the product online from home. Webrooming is the opposite behavior to showrooming. With webrooming, consumers research products online before buying them in a physical store. Whether shoppers are buying online or in-store, brick-and-mortar stores and online retailers must provide excellent online product information or risk losing out on sales.
Consumer electronics, toy companies and consumer packaged goods (CPG) retailers looking to score big need to entice shoppers to their websites by providing the most compelling information. Informed shoppers want better information, better prices and a better overall experience. The best retail ecommerce sites will make it easy for shoppers to find this information – instead of having them cross-shop while in the store.
Retailers should look at webrooming and showrooming as an opportunity to answer consumer questions. 87% of shoppers webroom before visiting a store and 79% showroom while in-store. Yet, most retailers assume the showrooming consumers mainly go to Amazon to check prices. Yet, 89% of the customers that showroom visit the retailer’s website while in-store. The question is are they getting the information they need while shopping?
More can be done.
Recently Kenwood entrusted SYNQY to promote their content across their expansive dealer network. In addition to saving hundreds of hours a year for dealers to implement the frequent website updates, shopper engagement rates improved significantly. Kenwood promotional SYNQYs engagement topped more 12% and these SYNQYs generated over 250 hours of incremental shopper engagement in the second half of 2016.
It’s time for brands to step up their online information game. The new information medium is not TV/radio ads or even Facebook ads, it’s rich media content on retailer’s shopping chart pages. To learn more about how SYNQY can help your brand, visit http://synqy.com/brands/.