{{item.videoDuration}}
{{item.title}}
{{item.videoDuration}}
Infographic: The evolution of retail
Customer experience is changing. The evidence presented by a series of PwC surveys and publications over the last year is overwhelming. As consumers demand choice, convenience and control, technology is there to enable retail to provide.
Our colleagues in the US have pulled together four of the ways that retail is evolving with technology.
Machine learning with customer data
Customer preferences are important, and understanding them requires powerful advanced data analytics. Before, customer preferences were imprecise and based on a lot of assumption. Now, retailers can understand what customers want, what they don’t want, and what they buy in real-time.
Early adopters spend more. Treasure them.
While they have higher expectations than consumers in general, early digital adopters are less price-conscious and are willing to spend more. These are the customers who will trial your digital experiences, but don’t try to explain things to them directly, they want to be influenced, not sold to.
Eliminate the checkout line (and its frustration)
There is nothing more frustrating than waiting in line to check out. Being the last moment a customer spends with your brand, inefficiency and time-wasting is not the way to leave a good impression. Pay-wave technology, click-and-collect and the ability to pay via apps are all popular in part because they avoid such scenarios.
The bricks-and-mortar ambassador
The death of the retail store has long been prophesied, but its demise is a long way off. Finding the right location and using it to herald a brand, rather than (or as well as) stock it, is a way to stay in the minds of customers, particularly younger ones who value the experience of shopping.
For more detail on the way retail is evolving, and the technology getting it there, visit the PwC Retail Evolution site or download the retail revolution executive summary.
{{filterContent.facetedTitle}}
{{contentList.loadingText}}
{{contentList.loadingText}}