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With mobile devices in hand, consumers visit stores to compare prices but nearly half make their final purchases online, Accenture Interactive survey shows.
The Accenture Interactive survey aimed to determine which shopping channels are used most frequently, how consumers move between channels, how social media influences purchasing decisions and the value consumers place on price, privacy and personalized shopping experiences.
Nearly three out of four (72 percent) of consumers aged 20-40 in the United States and the United Kingdom use mobile devices while in-store to compare prices, but the majority of the 2,000 in total surveyed leave before making a purchase. The Accenture Interactive survey shows that while consumers in this age group are concerned about online privacy, they will permit retailers to track their shopping behavior to personalize their shopping experience.
Infographic: Shoppers Prefer Personalization Over Privacy
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Survey Results: Shoppers Prefer Personalization Over PrivacyDownload Survey Results [PDF, 583 KB]
“It is clear that consumers are demanding a more individual relationship with retailers and in the emerging ‘forever prospect’ model of retailing, that means service and product experience can be more critical than price,” said Baiju Shah, managing director of strategy and innovation for Accenture Interactive. “Consumer marketing needs to address the current disconnect between offline and online shopping and enhance the physical store front with tailored digital experiences.”
More than half (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.
“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,” added Shah.
Personalization outweighs privacy concerns: The survey shows that the consumers surveyed are extremely interested in having a more personalized shopping experience, despite their concern for privacy protection. Sixty-four 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.
Social media established at the heart of retailing: The survey confirms the importance of social media, with 92 percent of respondents 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. The survey also showed that 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.
November 19, 2012
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