Despite the rise of e-Commerce, brick-and-mortar stores are as relevant as ever. In fact, disposable income spent by U.S. consumers in stores will reach $5 trillion by 2020, according to eMarketer. In fact, 85% of consumers say they prefer to shop in physical stores, according to TimeTrade research. And, if given the opportunity, 71% of consumers said they would even prefer to shop at an Amazon store over Amazon.com.
For the survey, titled: The 2015 TimeTrade State of Retail Report, TimeTrade surveyed 1,000 consumers to understand their shopping behaviors and preferences.
This tactile experience is important, however, consumers also value face-to-face interactions with store associates. In fact, 90% of consumers say they are somewhat or extremely likely to make a purchase when they receive assistance from a knowledgeable store associate. Looking at specific age groups, 64% of Baby Boomers expect in-store associates to know the best products for their specific needs and budget, which is 17% more than the other participating respondents.
Although Millennials enjoy shopping online, they’re just as likely to purchase in store as prior generations. Supporting this point, 92% of consumers 25 to 34 years old said they plan to shop in stores as often, or more, than they did in 2014. Despite increased efforts to integrate mobile into the in-store experience, more than 42% of consumers still have never made a purchase using their mobile devices. However, consumers tend to use their mobile devices to compare prices (61%) and research products (50%).
The report concluded that retailers that create high-value, personalized interactions will provide a more satisfying experience for customers. Specifically, in order for retailers to survive and retain market share, they must understand customer wants and needs and then use modern technology in-stores to empower their store associates.
Click here to access the full report.