The line between brick and mortar and e-commerce no longer exists in the customer’s eyes according to a recent study by Deloitte.
The question for retailers is no longer if digital is influencing sales, but how much is digital influencing your customer’s purchase process. What was once viewed as a separate part of the retail business can no longer afford to be separated, it is now a central and critical component to the entire business.
So how much is digital influencing retail purchases? By the end of 2014, the answer is $1 trillion in retail sales directly linked to digital. And that number is only going to grow.
Key Findings from the Deloitte Study:
Over $5.6 billion in retail sales, today, are influenced by digital
- This number is expected to continue to rise.
- By the end of 2014, 50% of in-store purchases will be influenced by digital (to the tune of $1 trillion).
Fear not the Showrooming Customer
- 80% of shoppers reported using digital before and during shopping.
- Shoppers who use a digital device while shopping convert at a 40% higher rate.
- Shoppers who use a digital device while shopping spend on average 22% more than they had planned.
Social Media Equals Brand Loyalty
- Customers trust what they read on social media, particularly from peers.
- 75% of customers trust product information found on social channels.
Embrace the DIY shopper
- 80% of customers prefer to browse and shop unassisted by store employees.
- The more specialized (and technical) the store’s merchandise, the more likely digital devices will influence sales.
So what does this all mean for brands?
All hail the Single Digital Experience:
- Retailers that provide a robust digital experience on a mobile device will increase the likelihood of customer’s converting at their store.
- Target and Macy’s have proven that embracing showrooming (via in-store Wi-Fi and use of Beacon technology) can increase retail conversions and loyalty.
- Customers who search for a product locally via their mobile device visited the store 80% of the time and converted 33%.
Here at The Good, we are experts at helping brands drive sales. If you want to see how your brand can improve its e-commerce revenues by 100%, fill out this form for a complimentary Stuck Score™ to grow your sales.