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Strategy Briefing

Retail in the Age of the Empowered Consumer

32 pages, Sep 2018

US$1,325

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About This Report

New Report Guarantee

If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE!

Leveraging Euromonitor International’s proprietary Empowered Consumers segmentation, this report explores how Empowered Consumers behave during their pre-purchase, purchase and post-purchase parts of their shopping journey. It explains how the retail industry is adapting to these behaviours and highlights specific retailer examples. It concludes with recommendations on how to be successful.

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Overview

Why buy this report?

Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.

Empowered Consumers represent a quarter of the population

Consumers that engage in empowered actions, such as reading and writing reviews and checking prices at least weekly, account for 26% of consumers worldwide, according to Euromonitor International. This is up from 24.3% in 2016.

Empowered Consumers take research seriously before purchasing

Endless information means that Empowered Consumers are engaging with reviews and checking prices frequently during the pre-purchase part of their journey. Retailers have a plan to capitalise on the power of reviews and a plan for pricing in an omnichannel world.

Retailers must deliver the right products through the right channels seamlessly

Empowered Consumers expect convenient and experience-led shopping across digital and store-based channels. Retailers must embrace omnichannel retailing to meet these needs.

The customer journey does not end with the transaction

The relationship between customer and retailer no longer ends with the transaction. Retailers must examine their post-transaction strategies to encourage reviews and deliver best-in-class customer service.

The customer journey is a loop, not a line

The Empowered Consumer is now at the heart of retail. Successful retailers will understand their different customer types and their shopping journeys. At every touch point, retailers will provide an experience that is consistent with the retailer’s brand story so that their customers will act as their best brand ambassadors.

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Overview

Scope

overview

Key findings

Table 1 contents

Introduction to the Empowered Consumer

Consumers have the power now

The demographics of the Empowered Consumer

Empowered Consumers can be your best customers

Technology is what empowers consumers

Pre-Purchase Behaviours

Which influences resonate with Empowered Consumers?

Retailers capitalise on the power of reviews

Social media humanises retailers

Checking prices is a habit for Empowered Consumers

Amazon leads in best practices for reviews and dynamic pricing

Purchase Behaviours

Important product features for Empowered Consumers

Why Empowered Consumers like to shop in stores and online

Empowered Consumers typically prefer computers/tablets for purchases

Empowered Consumers expect an omnichannel experience

Alibaba pursues “New Retail” strategy

Post-Purchase Behaviours

Empowered Consumers are engaged consumers

Community and incentives lead to customer reviews

Retailers need an omnichannel approach to customer service

Glossier’s gTEAM redefines customer service

Finding Success with Empowered Consumers

The customer journey is a loop

Empowered Consumers are here to stay

The four questions retailers must ask and answer to be successful

Research Overview

Overview of Lifestyles survey

Why buy this report?

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Megatrends

Strategy Briefing

Retail in the Age of the Empowered Consumer

New Report Guarantee

About This Report

New Report Guarantee

Overview

Why buy this report?

Empowered Consumers represent a quarter of the population

Empowered Consumers take research seriously before purchasing

Retailers must deliver the right products through the right channels seamlessly

The customer journey does not end with the transaction

The customer journey is a loop, not a line

Want to find out more about this report?

Table of Contents

Overview

Scope

overview

Key findings

Table 1 contents

Introduction to the Empowered Consumer

Consumers have the power now

The demographics of the Empowered Consumer

Empowered Consumers can be your best customers

Technology is what empowers consumers

Pre-Purchase Behaviours

Which influences resonate with Empowered Consumers?

Retailers capitalise on the power of reviews

Social media humanises retailers

Checking prices is a habit for Empowered Consumers

Amazon leads in best practices for reviews and dynamic pricing

Purchase Behaviours

Important product features for Empowered Consumers

Why Empowered Consumers like to shop in stores and online

Empowered Consumers typically prefer computers/tablets for purchases

Empowered Consumers expect an omnichannel experience

Alibaba pursues “New Retail” strategy

Post-Purchase Behaviours

Empowered Consumers are engaged consumers

Community and incentives lead to customer reviews

Retailers need an omnichannel approach to customer service

Glossier’s gTEAM redefines customer service

Finding Success with Empowered Consumers

The customer journey is a loop

Empowered Consumers are here to stay

The four questions retailers must ask and answer to be successful

Research Overview

Overview of Lifestyles survey

Why buy this report?

Want to find out more about this report?

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