The State of the Store research study
Insights from consumers and retailers into the European shopping experience
Radically changing consumer expectations are disrupting the traditional model of retailing. How well are physical stores responding to this challenge?
A study by Infosys reveals there are growth opportunities when retail chains create an ‘ideal store’ experience in each and every store. This requires new forms of collaboration between retailers and consumer packaged goods (CPG) suppliers to get the tills ringing.
The independent study, State of the Store, is based on a survey of 2,250 consumers and 75 major retailers in France, Germany and the UK. The study found that there are significant revenue opportunities for retailers who collaborate with their consumer packaged goods (CPG) suppliers to create a more personalized and convenient shopping experience. By working together to ensure they stock the right amount of the right product, in the right part of the store, supported by the right promotions, both retailers and their CPG suppliers can secure profitable growth and increase market share.
Highlights from the study
What consumers said:
- The survey uncovered that consumers are much more likely to impulse shop in-store (68%) than online (6%) – which makes it more important for retailers to ensure their shelves are always stocked and are maximizing shoppers’ in-store experience
- When in store, 69% of consumers found their main choice of products to be unavailable at least once over the past three months. In these instances, over a third of consumers don’t buy anything or buy a different brand
- Bargains were top of the list, with 71% saying they will spend more on products if they are on promotion. However, 53% of consumers are not satisfied with how easy it is to find promotions in-store
What retailers said:
- 60% of retailers want to co-create more targeted promotions, while 48% said they were looking for support to develop local store-specific programs with their CPG suppliers
- The study also revealed that absence of shared real-time customer trends between them was seriously impacting an effective in-store experience. In fact, only 5% of retailers share customer data on a daily basis with their CPG suppliers
- While 71% share basic shelf data, only 22% of retailers are prepared to share point-of-sale (POS) data with their CPG suppliers and only 25% are willing to provide shopper behavior characteristics
70 percent of shoppers face stock shortages, says European State of the Store study from Infosys
A sneak peek into the State of the Store
What is the State of the Store?
No two stores are alike
Creating ‘ideal’ stores