Raydiant’s new series, the Future of Shopping, interviews experts and thought leaders with a goal of better understanding what organizations can do to prepare themselves for what lies ahead.
The following is an interview we recently had with Matthias Woggon, CEO & Co-founder of eyefactive GmbH.
How has consumer shopping behavior evolved over the past 5 years?
Shoppers flock to stores to experience the product – to see, feel and try it – before they purchase it. While they value this traditional aspect of the shopping experience, they also seek the digital shopping features they are attuned to. It has become second nature for customers to use their mobile phones in-store to search for price comparisons, discounts, promotions, ratings, video reviews and social media content. Tech-savvy customers also seek virtual experiences that allow them to visualize the product’s performance in real-life settings.
What are the top 3 trends shaping the ways consumers shop?
Retail Technologies: In 2021 and beyond, it will be crucial for brick and mortar stores to deliver a seamless multi-channel customer experience in-store. Retail technology will continue to play an instrumental role in digitizing the shopping experience and achieving deeper customer satisfaction. There is no doubt that retail stores will play a key role in meeting customer demand when stores are finally allowed to reopen. Retail managers are already using the lockdown period to enhance their stores and equip them with innovative solutions of the future.
Customer Experience: Customer experience can be a tilting factor in whether a customer makes a purchase or not. Good customer experience is so delightful, that customers are actually willing to pay more for a better experience.
E-Commerce: By creating unique and deeply satisfying experiences, retailers create a compelling reason for customers to break away from the monotony of online shopping and visit stores for their shopping needs. In-store shopping is great for business. Numerous studies show that customers who visit stores are more likely to make additional, unplanned purchases.
What’s the future of shopping?
With growing competition from e-commerce and as pure online shops like Amazon enter the brick and mortar space, retailers are under tremendous pressure to innovate and digitize their customers’ experience. Retailers that successfully pivot to accommodate the new-age mobile-savvy consumer will find that technology can actually be a boon and not a bane for the retail industry.
What are 3 actionable steps an organization can take to prepare for the future?
Interactive Self-Order Terminals: Interactive touchscreens empower customers with the ability to control the digital experience as per their own needs and interests.
Omni-Channel Solutions: Interactive technologies can also be linked to customer’s user accounts or synced with their mobile phones to deliver a seamless omni-channel experience in-store. As an example, customers can discover products on large-scale touchscreens, add them to cart and then transfer their cart to their mobile phone to complete the checkout privately and securely on their own device.
MultiTouch Tables with Object Recognition: In addition to interactive screens, customers can also interact with smart products resulting in a unique sensory experience that revolves around the product. The smart product would be tagged with a simple marker chip. When placed on a multitouch table, the smart product would instantly activate the touchscreen and enable the customer to learn more about the product, visualise it in action, compare it with other products placed on the screen and so on. Retailers can choose from a range of different touchscreen software or touchscreen apps to decide on which features to include to meet their customer’s specific needs.