What consumers expect from omnichannel retail, how Generation Z shops, why the year-end outlook is bright for retail sales, what Apple Pay means for retailers, and more—welcome to this week’s edition of Retail Technology News, a weekly wrap-up from Quantum Retail of some of the top stories in the retail industry. Here’s what was news last week:
A Platform For Omnichannel Success (Retail TouchPoints)
To meet consumers’ demands for seamless and consistent experiences across all channels, retailers must evolve from a siloed channel approach to a centralized commerce approach. This infographic outlines consumers’ current expectations and retailers’ omnichannel aspirations.
“Generation Z” Is Poised To Drive A Surge In E-Commerce Growth (Business Insider)
There are surprising and important differences in behavior depending on gender, age (especially for Generation Z), income, and education. Generation Z, those aged 18 to 24, spends almost one in ten of their dollars online—and they are spending a much higher proportion of their income online compared to other generations.
RetailNext: Retail performance improves in 2014 (Chain Store Age)
Retail performance has continued to improve throughout 2014, according to the RetailNext Composite Index analyzing more than 15 million shopping trips across specialty and larger format retail stores within the U.S..
Being Hyperagile the Key to Future Retail Success (Retail Online Integration)
The retail industry is in the midst of a significant digital evolution. Leaps in technical innovation present major opportunities for retailers willing to embrace change and equally significant threats to those that stubbornly hold on to status quo.
Smart shoppers do it online, then in-store (Retail Systems)
59 percent of shoppers in the UK use their smartphones to check prices online before making a purchase in-store, according to a new survey. 44 percent say they prefer the experience of shopping in a physical store, followed by 31 per cent who stated that it depended on the type of shopping they were doing.
“Location, location, location.” How where you live influences how you shop online (The Washington Post)
In the digital era, there’s no doubt consumers are more connected to each other and to global retail brands than ever before. But despite this connectivity, the neighborhoods we live in—and the acquaintances we encounter there—still have deep influence on how we shop.
August retail sales increased 0.5 percent (National Retail Federation)
The National Retail Federation calculates that August retail sales increased 0.5 percent seasonally adjusted month-to-month and 2.7 percent unadjusted year-over-year. When combined with revisions to July, August sales indicate a consistent improvement in consumer confidence and spending.
Consumer spending showing renewed life (USA Today)
The American consumer has a pulse, after all. Economists are revising up estimates for consumer spending in the current quarter and the rest of 2014 after last week’s solid retail sales report. Americans stepped up their purchases broadly, snapping up furniture, electronics, sporting goods and clothing.
How Much Showrooming Are Consumers Really Doing? (eMarketer)
Brick-and-mortar retailers worry that their expensive storefronts are just museums for ecommerce sites—expensive to maintain and feeding product sales directly to competitor ecommerce sites like Amazon.com. But is worrying worth it if ecommerce sales only make up around 6% of total retail sales?
What Apple Pay means for retailers (Internet Retailer)
The adoption of Apple’s new mobile payment system depends on retailers installing terminals with new technology, and consumers finding it easier to pay with a smartphone than with plastic or cash. A change coming to store checkout counters could make it easier for many retailers to accept Apple Pay.
Assortment Planning: Adapting to the new retail market (white paper)
Learn how to balance the complex challenges of assortment planning, SKU rationalization and localization. The current market is asking retailers some very difficult questions – questions that their existing processes and tools do not have the answer to. This white paper outlines how retailers can overcome these challenges to stay competitive and pull ahead.