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Consumer business - a digital transformation point

Private Matters Issue 8, September 2010

Consumer businessRetailing as we traditionally know it is changing rapidly, as everywhere can now be a retail store due to the sophistication in hand held technology such as mobile phones and tablets. Some consumers want to do product research from home prior to making a purchase whilst others prefer to visit the retail outlet. It is imperative that retail brands now find ways to accommodate both types of consumers.

Technology such as tablets have the power to make a retail visit a highly personal experience for the shopper as they can show retailers what they’re looking for and the retailers can then find the product that fits the shopper’s needs.

Key retail brands now need to make the customer’s in-store experience more an event than simply a transaction; they need to give customers a reason for visiting the store.

Some brands are now creating unique experiences by delivering products and services in unexpected locations and taking the store to the customers.

Key trends in Digital Media - Online, Mobile & Social in the retail space

  • Whether physically or through connected technologies, shopping is still best experienced socially and actual stores still provide the best means to communicate with customers and offer the brand experience
  • Increased access to the mobile web is freeing the retail experience, allowing shopping to take place virtually anywhere at anytime
  • In a connected world brands need to actively take part in conversation in order to improve customer service and engagement with customers
  • Stores will need to continually lower the barriers to purchase and make the sale when the customer is ready regardless of whether the customer is actually in the store
  • New technologies provide opportunities to empower customers by providing them tools to make more informed purchase decisions
  • It is impossible for retailers to control the conversations which take place about their brand but they can become a part of the conversation and engage with consumers directly. Some retailers have started doing this already, and have dedicated social media teams set up to monitor and communicate directly with consumers online.

For further information please contact Joshua Tanchel, Partner, Deloitte Private on :
Tel: + 61 2 9322 7258.

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