Most retailers are investing in the in-store customer experience because they believe it’s required to compete with the rapid growth of ecommerce, according to research conducted by Samsung Electronics.
What’s more, 94% of retailers surveyed indicated that the future of the in-store customer experience is totally reliant on technological developments. Despite retailers’ claims that technological improvements will dictate the future in-store customer experience, only 35% have adopted relatively established technologies such as tablets in store – and even fewer (22%) have taken advantage of video wall.
Graham Long, Vice President, Samsung Electronics (U.K.) said in the report that technology is at the forefront of retailer’s minds.
“Through this research, we wanted to get under the skin of the industry to really understand the needs of retailers,” Long said in the report. “It’s clear technology is at the forefront of retailers’ minds, particularly when it comes to increasing footfall in a hyper-competitive market in which bricks-and-mortar retailer are losing out to online retail.”
To stay competitive, Long said in-store retailers should make the customer experience their top priority.
“By keeping up to date with developments in technology, being aware of the range of solutions available and investing wisely, retailers of all sizes can maintain their competitive edge,” Long explained.
According to the research, 53% of retailers surveyed indicated that failure to address the changing technology needs of customers is likely to result in a significant competitive disadvantage -- only 6% say they will experience little or no competitive disadvantage.
More than half (54%) believe developments in interactive and connected technologies will augment stores’ customer engagement levels. Nearly 60% of small and independent retailers said they are likely to increase spend on display screens and digital signage in the future.
Samsung Electronics is investing heavily in a new point-of-sale (POS) concept designed to provide hands-on education and a true product experience. Known as “Paragon”, the large display stand features a full suite of products from tablets, smartphones and computers, along with large-screen TVs and Samsung’s new 9750 Home Theatre installation -- complete with a lounge for shoppers to sit and get the full audio experience.
The POS was developed in response to Samsung research on customer behavior and retail trends. To place in perspective Samsung’s commitment to the in-store customer experience, the company spent $10 billion in the U.S. last year on research and development.