“We have seen decades of diminishing experiences in brick and mortar stores, and the differences identified in these results point to its impact on consumers over the years,” said Bob Phibbs, CEO, The Retail Doctor. “Retailers have fallen behind in offering in-store experiences that balance personalisation and customer service but there’s an opportunity to take the reins back. The expectation from consumers is clear and it’s up to retailers to offer engaging and custom experiences that will cater to shoppers across a diverse group of generations.”
Beauty is in the eye of the beholder: Retailers struggle to keep stride with generational shoppers
The in-store shopping experience remains an important part of the retail environment for all generations, but the progress retailers are making to improve the in-store experience is being viewed differently by different generations.
Retailers view emerging technologies through rose-coloured glasses
While more than three quarters of retail executives (79 percent) believe having AI and VR in stores will increase sales, the study found that these technologies are not yet widely accepted by any generation.
Insta-famous brands reach Gen Z and millennial consumers, but not as much as retailers think
While almost all retail executives (98 percent) think that engaging customers on social media is important to building stronger relationships with them, the study found a big disconnect with consumers across all generations.
“After all the talk about brick and mortar stores being dead, it’s interesting to see that ‘digital natives’ are more likely to increase their shopping in physical stores this year than any other generation,” said Greg Zakowicz, senior commerce marketing analyst, Oracle NetSuite. “Stepping back, these findings fit with broader trends we have been seeing around the importance of immediacy and underlines why retailers cannot afford to make assumptions about the needs and expectations of different generations. It really is a complex puzzle and as this study clearly shows, retailers need to think carefully about how they meet the needs of different generations.”