Majority of retailers – 56 percent – believe they are not adequately meeting their customers’ expectations, found a new research by YouGov commissioned by Honeywell Safety and Productivity Solutions.
The global study of retail decision makers in Europe and the US examined the impact of the challenges associated with addressing consumers’ demands for speed and convenience.
Only 34 percent believe they have the right product in stock at the right time, the study also revealed.
“Today’s consumers expect a convenient, frictionless shopping experience where the item they want is readily available for purchase and can be picked up in a store or delivered in virtually no time at all,” said Karen Bomber, director or retail industry marketing at Honeywell.
“E-commerce has resulted in more purchasing options than ever before for shoppers, and retailers are faced with a host of complexities in fulfilling those orders and keeping store shelves stocked with the appropriate inventory.”
However, the study also found that 6 out of 10 retailers believe new technology could be the answer to the retail industry’s digital transformation and so hold the key to enhancing the in-store shopping experience and increasing revenues.
“Retailers are looking at ways to provide their associates with modern, mobile technology to deliver a quality shopping experience,” said Bomber. “Nearly 67 percent of retailers are considering increasing the use of mobile devices, such as handheld computers and tablets, in their stores. The study also revealed that merchants are considering investments in big data and predictive analytics technologies to improve efficiency in their retail operations.”