Multi-channel shopping is becoming the norm in UK retail, and is driving a fundamental shift in the way UK consumers shop. Retailers need to prepare themselves for a wave of change and innovation, and ensure they’re well placed to serve the demanding UK consumer.
Multi-channel retail is not new - retailers have been investing in new channels such as online and mobile, new service options such as click & collect, and in delivering seamless cross-channel interactions; however, multi-channel is now gaining scale, and the UK is leading the world in terms of both consumer behaviour and retailer expertise. But are these investments driving profitable growth, and what are the implications for retail sector in the coming decade?
Our research shows that the UK consumer has become increasingly sophisticated and confident when shopping. Increased access to information and a broader set of offers mean consumers can now pick and choose how they research, buy and receive their purchases to suit their individual needs. This has led to distinct changes in the way consumers shop - particularly how and why they use store space - which are now shaping the UK retail landscape, and the balance of power in the sector.
Our analysis concludes that the most successful multi-channel retailers will be those that are able to grow share of wallet by tuning their propositions to serve more of their customers' needs, more often. Key to this is developing a single view of the customers, a live view of stock availability across all locations, and are able to profitably deliver multi-channel propositions. But this must in turn be supported by new ways of measuring success, and new organisation and governance structures with incentives that support a truly multi-channel customer experience.
PwC has a broad range of services to help our retail clients identify the best options for multi-channel investment, and develop the right operating model for multi-channel success.
Download a copy of the report: Meeting the demands of the new multi-channel shopper
