An increasingly democratic relationship is emerging between digitally-empowered consumers and retailers. And this is forcing retailers to re-evaluate technology investments and strategic initiatives to capture loyalty, drive spend and remain competitive, according to new research from Oracle.

The New Retail Democracy, a study issued this week by the company, finds that consumers are demanding better access to information, product and process, along with more individualised interactions with retailers. The single biggest challenge for retailers is to understand, empower and represent these digitally-empowered consumers across all touchpoints. Oracle commissioned a survey in December 2013 to explore the shopping habits of 4,500 consumers from Brazil, China, France, Germany, Japan, Russia, South Korea, the UK and USA and in particular, to examine whether retailers are meeting their needs. It found that 93 per cent of respondents want to understand availability of products, and 58 per cent rate it as more important than price, indicating that “Availability Always” is a priority.

Empowering retail employees, particularly retail assistants, with access anywhere is equally important in reducing the disconnect with empowered consumers and helping to ensure they can support productive and profitable interactions at every opportunity. Seventy three per cent of respondents highlighted the importance of “Individual Retail,” meaning every interaction with a retailer should be relevant to the individual consumer based on their interests, requirements and purchase history.

Eight two per cent of consumers consider the adoption of new technologies important to their retail experiences and are using multiple touchpoints, including mobile phones, click and collect, social networking sites and online magazines to complete their shopping journeys. But the store still has a vital role to play, with a majority of respondents rating the physical interaction with products and people as being important to enhancing their shopping experiences. However, retailers must commit to investing in these operations to transform them by offering value-add services and activities that support local communities.

“As consumers continue to dictate how, when and where they make purchases, Oracle believes that providing commerce anywhere is imperative for retail success,” says Mike Webster, senior vice president and general manager, Oracle Retail. “Retailers need to invest in aligning and integrating retail processes with the needs of individual consumers to compete and grow effectively in the New Retail Democracy.”

Further info at: http://www.oracle.com/newretaildemocracy

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