Physical retail is not dying but evolving and retailers focused on true in-store experiences will thrive.
That's a major finding of "State of Consumer Behavior Report 2020," released by digital signage solution provider Raydiant.
The survey polled 1,000 U.S. consumers on shopping habits, preferences and behaviors both online and in brick-and-mortar stores.
Additional findings include:
- 68.9% of respondents said a good in-store experience is either important or very important to them.
- Price remains king, but experiences provide differentiation. While 56.6% of respondents said they would shop more at physical locations for exclusive discounts not available online, 22.8% said they would shop more if store owners provided unique experiences.
- Of respondents aged 18 to 34, 55% prefer to shop online, while 57.5% of those over 35 prefer to shop at physical locations.
- People who prefer to shop at physical locations name the ability to see and touch products as their primary differentiator (40.3%), followed closely by an enjoyable shopping experience (38.4%).
- For men, the shopping experience (44%) is more important than the ability to see and touch products (23.4%). Women feel differently, with 45.7% prioritizing the physical presence of products and 34.6% preferring the experience.
- People of all ages who prefer shopping online name convenience as their primary motivator. For young people, access to discount codes came second at 23.3%, while older shoppers enjoy the ease of price comparison (11.2%) and transaction speed (10.9%).
- The omnichannel experience is critical, especially regarding price comparisons. More than 68% of respondents had searched for a better price online after finding a product at a physical store.
- Most people appreciate human customer service reps, with 62.4% finding store associates helpful.