Phy-gital shoppers rescind the law of supply and demand
The law of supply and demand can best be seen two days before Christmas at the local Toys R Us. Just look for the gaping holes on the shelves and the angry customers tearing into the stock boy. “What do you mean you’re out of Pretty Pink Robot Destroyer! My little girl will be heartbroken!”
Then the customer whips out her phone and buys said toy for nine times the going price on eBay making one clever seller’s holiday a lot more jolly.
Technological problem solver Mindtree, says that when customers combine physical and digital shopping (phy-gital), their able to flip the law of supply and demand into the law of demand will supply.
If shoppers don’t find exactly what they’re looking for in your brick and mortar store, they’ll find it and buy it online while they’re still standing in your checkout line.
With all of this customer competition, both online and off, retailers (and marketers) have to do everything they can to keep said customer from continuing his search at another outlet.
The majority of respondents in the Mindtree survey said they simply want a seamless experience across all channels. That doesn’t mean you have run both an online and offline biz. It just means you have to make the shopping experience as simple and pleasurable as possible.
Mindtree surveyed nearly 4,000 people across four countries and came away with five key points.
First, was that thing about the seamless experience.
Next, shoppers said they thought offline stores could make better use of technology. UK and US shoppers say they want to be able to try clothes on virtually (Is that possible?) And they want an app that tells them how crowded a store is so they can arrive at a more optimal time.
Number three is all about personal information. 90% of respondents said they’d be happy to share if it gives them a better shopping experience but only 4% were willing to communicate with retailers via social media.
The fourth point was all about information. Shoppers want to know more – more about the products, more about the retailer and they want added value information like recipes for the groceries they buy.
Finally, shoppers said they’d be willing to pay more for a better experience. You know the drill; free shipping, free returns, loyalty points, free samples and gifts. . . . 360 product views online and as close to one-click checkout as possible.
Come holiday time, people are always going to pay more to get that special toy their child simply has to have. But for everything else, it’s an open market so don’t give your customers a single reason to go shop somewhere else.