Is this bank statement correct? Do I really only shop with 4 retailers these days?

In my role I speak with several retailers each week and I get posed a common dilemma - how can today’s digitally enabled, super savvy consumer be turned into an opportunity rather than a threat to future trading? The (self-made) conclusion each retailer reaches is that the answer is simple, retail 101 simple, and it’s to stay in touch with the evolving demands of the consumer. The important supplement to this in the new consumer-retailer relationship paradigm is that technology should be used as the crutch to understand and predict these consumer demands and to bring frustration free shopping experiences to the consumer.

 Now I think of myself as a digitally enabled, super savvy consumer but after examination of my recent bank statement I can also safely say that I am extremely fickle with where I spend by money. The common traits of the retailers I spend with probably represent retailers considered as “on the ball”.  There are 4 key areas they meet or surpass my expectations;

1.       They offer the convenience to interact and shop as I choose fit whether it is online, physical or a combination of the two such as click and collect.

2.       There is consistency of experience across digital and physical shopping.  An example being I can typically check instore stock online.

3.       They provide contextualised and tailored engagements such as relevant promotions based on my wants and needs.

4.       My data is used to help me at multiple stages of the purchasing process, from searching for products to payment and delivery preferences.

With IoT and other digital technologies becoming more mature this opens the opportunity for the benefits of optimised inventory management, in-store ordering, omni-channel activity analytics and mobile and wearable technology to become more prominent in retail environments. The outcome, I hope, is that there will soon be more than 4 retailers I feel content with handing over my money to.