Post-COVID, consumer trends and expectations in the retail industry have dramatically shifted both locally and internationally
The expectation for ease of transaction, coupled with immersive and entertaining retail experiences, is reshaping the industry. As a result, there is a growing need for retailers to innovate continuously to meet evolving consumer demands while ensuring trust and engagement in when, where and how they engage with their current and future customers.
What do these shifting expectations mean for marketers?
It's hard to keep with rapid technological advancements and increasing consumer expectations. To help you win at shelf, this research explores the four big shifts in retail.
Chapters
Chapters
E-commerce Evolution
‘Compressed commerce’ is being driven by a need for ‘efficiency’ and ‘ease’
Trust is the bedrock of successful e-commerce, as ‘security’ and ‘privacy’ become the most important drivers of value in Australia by 2030.
Source: Nine’s The Value Equation 2023
of Australian online shoppers want to get from inspiration to purchase as quickly as possible
Source: Wunderman Thompson Future Shopper Report 2023
of Australian consumers expect personalized experiences as a standard of service from the brands they interact with
Source: Nosto. Accenture Personalization Pulse Check Australia, 2023
of e-commerce retailers agree that personalised search is critical to higher conversions, yet only 66% have the functionality
Source: Nosto. Accenture Personalization Pulse Check Australia, 2023
Key takeouts for brands
Convenience
Save time through a frictionless experience
Curation
Credibility
Trust and peace of mind that transactions are secure
Blurred Lines
Touchpoints are proliferating, and in some cases converging, as physical stores become increasingly digitised
of consumers research their purchases online before they buy them in-store
Source: Wunderman Thompson Future Shopper Report 2023
Only 27% of Australian retailers are prioritising omnichannel data integration, and only 14% are investing in an omnichannel strategy
More than 1 in 2 Australians want a seamless experience across all channels
This increases to 63% for Generation X, Y and Z Australians
Source: The Australian Retail Report 2023, Shopify
Source: Nine's Bespoke Survey via Idea Exchange
Key takeouts for brands
Consistent
Show up consistently across platforms and channels
Connected
Find ways to seamlessly bring physical and digital experiences together
Evolution
Find new ways to bring the shopping experience to consumers
The In-store Draw
Retailers need to give consumers a new reason to go in-store
Retail-tainment
With physical shopping becoming an entertainment pastime, brands are recreating their instore experience to bring utility, joy and theatre to their retail spaces.
Key takeouts for brands
Entertain
Find ways to bring entertainment to in-store
Engage
Make it an engaging experience that activates your audience
Purpose
Serves a purpose beyond selling alone
Loyalty's Next Frontier
The complex purchasing journey means retailers must work harder than ever to acquire and retain customers. Many retailers are renewing their focus on customer retention strategies through enhanced loyalty initiatives
Experience-driven, customer-centred loyalty programs aren’t yet the norm, but are likely to be within a few years.
of the global brands surveyed by loyalty tech provider Antavo are already planning to revamp their existing programs
Key takeouts for brands
Personalise
Leverage technology to provide truly personalised loyalty offers and experiences
Experiences
Take loyalty beyond points, rewards and financial incentives
Innovate
Consider subscription models, collaborations and partnership
Brands to watch
Get inspired by those that are reimagining the retail-scape.
Beauty Genius
The Smart Cart
Puppy School
Loyalty Program
How will you reimagine your retail experience?
The E-commerce Evolution
From personalised to hyper-personalised
Blurred
Lines
From physical to phygital experiences
The In-Store
Draw
From retail therapy to
retail-tainment
Loyalty's
Next Frontier
From loyalty loving to loyalty living
For further information on State of the Nation: Reimagining Retail, contact your Nine representative or complete the form. A member of the team will be in touch.
