Shoppers No Longer Think Online Pricing is King

TrendSource 2017 Retail Industry Report

Retailers should be in retention mode, not giving up hope or fighting to win back what they haven’t yet lost.

TrendSource’s 2017 Industry Retail Report tells us that shoppers have already largely determined which experience offers better availability of products and variety of selection (online), and which offers superior customer service and ease of returns (in-store). One place where they have yet to decide, however, is pricing. While 62% of respondents believe pricing is better online, respondents were almost evenly split between brick-and-mortar and online when it comes to pricing for fashion and home improvement.

TrendSource’s Senior Director of Client and Consulting Services, Evencia Leite, noted: “Except for electronics, shoppers no longer inherently view online as cheaper, so instead of worrying about price matching, retailers should consider creating in-store experiences shoppers value.”

The report offers more good news for traditional retailers: Millennials, who were supposed to be the death of brick-and-mortar retail still prefer in-store shopping experiences over online. In fact, every generation still prefers in-store shopping for fashion (73%), electronics (66%), and home improvement (76%).

“Despite all the talk of millennials killing brick-and-mortar retail,” observed Senior Analytics Director Brian Harward, PhD, “they have not been as quick to abandon traditional stores as we thought. Retailers should be in retention mode, not giving up hope or fighting to win back what they haven’t yet lost.”

What is bringing shoppers in-store? In all three categories, immediacy was king: “Getting the items immediately” drive 85%, 83%, and 88% of shoppers to…

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