News

Customer is still king according to survey

Annual Total Retail Survey emphasizes the need for Canadian retailers to provide a full consumer experience.

April 30, 2015

According to the Total Retail Survey – Canadian Respondents, released yesterday by PwC Canada, the most successful Canadian retailers will be the ones that understand their customers best and create a retail model that generates a memorable retail experience for the consumer, both online and in-store.

Canadian retailers need to change their strategies, operating models and infrastructures to not only offer a multiple channel experience, but also be able to evolve as the needs of their customers evolve, according to the survey.

"Making the transition is always easier said than done and many retailers are unsure how to start," Ted Salter, ‎partner, said in a release. "However, this is not a phase and retailers that do not address these issues will risk becoming irrelevant, especially as the buying power of the younger generations increases."

The annual PwC survey spoke to Canadian consumers about their shopping habits and preferences. A number of disruptors stood out as challenges that Canadian retailers must address in order to thrive in the evolving retail environment, namely the in-store model, mobile technology and social media, according to the survey.

Other highlights from Canadian respondents surveyed include:

• 75 percent browse online before making a purchase in-store
• 94 percent use traditional payment methods (credit/debit cards and cash)
• 24 percent envision using a digital currency in the future
• 32 percent follow some of their favorite brands or retailers on social media
• 27 percent use social media to research brands, including feedback from others
• 22 percent have discovered new brands on social media
• 54 percent make online purchases at least once a month
• 78 percent have been shopping online for at least three years