Era of the individual forcing retailers to adapt

The ‘era of the individual’ is here, and if retailers don’t adapt, they will fall behind.

In fact, some are already falling behind, a new survey by Planet Retail and Wipro Limited confirmed.

The survey, entitled The Era of the Individual: Unleashing the Power of ME’ asked 300+ senior executives at retailers with global operations and annual revenues of $750 million or more about digitally connected customer experience.

According to the study, 82 per cent of the retailers agreed investments in digital technology and operational improvements would help them target customers as individuals, while 18 per cent said they were “extremely happy” with their current ability to target customers based on their habits and preferences.

The executives questioned are based in Canada, France, Germany, the UK and the US.

Besides the ‘era of the individual’, the report also suggests consumers expect retailers to deliver a great customer experience based on all the data being collected.

Shopping journeys need to be optimized as well, the survey suggests, and the store must become a ‘digital magnet’.

Srini Pallia, Chief Executive, Consumer Business Unit, Wipro Limited said, “The research clearly highlights that, while retailers have embarked on their digital journey, much remains to be accomplished to support more meaningful engagement with the consumer. Further, consumers entering the store today are painfully aware of the obvious divide between the physical and digital worlds. We, at Wipro, believe that harnessing the power of the individual and creating meaningful experiences is imperative to gain competitive advantage. Together with Wipro Digital and our Strategic Design Business, Designit, we are certainly on the right path to understanding the customer journey better.”

The full report can be found on this link.