Retail in the Age of the Empowered Consumer

September 2018

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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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. 

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
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