Today's consumers are more enlightened and empowered than ever. And they are placing ever-greater demands on their retailers to either "get it right" or lose their business.
Driving consumer behavior today – at least in large part – are new technologies that allow them access to huge amounts of information about retailers and their offerings. They know more than ever about what they want, how they want it and who they want it from. Plus, they are willing to explore new ways to interface with their retailers of choice. For example, 78 percent of our respondents want to co-create product offerings with their retailers. And an increasing number are willing to use digital television and their mobile phones to shop and make purchases – by sending a text message or pressing a button on their television remotes.
Shoppers – especially younger Generation Y consumers (ages 20-30 years) – are also increasingly using social media and alternative channels to communicate with and about their retailers.
Keeping pace with today's empowered consumers is essential for the retailer hoping for long-term prosperity. Consumers will expect anytime access to the information, products and services they want. And those retailers that deliver what they demand will thrive. Smarter consumers will thus produce smarter retailers, retailers that are better equipped to win a bigger share of the minds, hearts and wallets of the consumers they delight.
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About the author
Global Retail Lead,
IBM Institute of Business Value
A conversation with Jill Puleri, IBM Global Retail Leader, and Stephen Dubner, co-author of Freakonomics and SuperFreakonomics
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