Infotech Lead America: An Accenture study said 72 percent of consumers aged 20-40 in the U.S. and U.K. use mobile devices while in-store to compare prices, but the majority leave before making a purchase.
Consumers in this age group are concerned about online privacy, while they will permit retailers to track their shopping behavior to personalize their shopping experience.
52 percent of the 2,000 consumers surveyed in each country believe that in-store prices are higher than online prices. While 60 percent say that online prices entice them to visit a store where they can compare prices and view merchandise up close, 48 percent still go home to buy the products from that retailer online, but 32 percent buy products online from a different retailer. Only 20 percent make their final purchase in-store.
“The showrooming trend can pose a threat to retailers, given that nearly a third of our respondents make their final online purchases with other stores,” said Baiju Shah, managing director of strategy and innovation for Accenture Interactive.
“But consumers don’t want to shop online exclusively and our work with retailers shows that physical stores don’t have to compete on price alone but rather focus on the whole experience. Retailers need to create a seamless, multi-channel experience that blends the digital and physical, and delivers convenience, price and relevance,” Shah added.
Consumers are interested in having a more personalized shopping experience, despite their concern for privacy protection. 64 percent say they would be receptive to receiving text messages when visiting a store informing them of offers that match their past shopping interests, and 60 percent strongly agree that it is acceptable to receive advertisements on their smartphone if they opt into them.
86 percent are concerned about websites tracking their online shopping behavior. 85 percent are aware that such tracking goes on but they understand that tracking enables companies to present offers and content that matches their interests. 49 percent are receptive to their favorite stores or brands using their tracking data to inform their future purchases and make them aware of product availability.
For 64 percent, it is more important that companies present them with relevant offers against only 36 percent who say companies should stop tracking their website activity. 88 percent agree that companies should give them the flexibility to control how their personal information is used to tailor their shopping experience.
92 percent are more inclined to purchase from a company that makes use of social media channels. For 67 percent of the respondents, Facebook is their preferred social media channel. 80 percent of consumers are more likely to buy from a company that uses online and email communications and 70 percent are more inclined to buy from companies using mobile applications.