understanding irish consumers in an evolving retail market · 2019-07-03 · second wave adoption...
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PwC 1
Understanding Irish
Consumers in an Evolving
Retail Market
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PwC
Megatrends are driving change and the way of doing businessThe ‘new consumer’ is generating opportunities, demands and markets.
2PwC – Understanding consumers in an evolving retail market.
Demographic
Shifts
Accelerating
Urbanisation
Climate Change
and Resource
Scarcity
Shift in Global
Economic
Power
Technological
breakthoughs
PwC – Understanding consumers in an evolving retail market. 2
Global and Local Food Market Efficiency & Effectiveness
Evolving Value Chain
Food Scarcity Food Safety Food Waste RegulationTesting &
Certification Innovation
The New Consumer
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PwC
PwC Global Retail & Consumer Survey 2019Total Respondents 21,480 (Ireland 1,005)
3PwC – Understanding consumers in an evolving retail market.
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PwC
Who took part in the survey ?Demographically Representative and a deep dive on Millennials
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The millennial mix
PwC - Invest in Experience
4PwC – Understanding consumers in an evolving retail market.
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and value conscious
is cautious
Sentiment
Consumer
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PwC
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Invest in ExperienceFive Key Trends influencing Consumer Behaviour
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Return on Experience (RoX)
1Customer experience is
a key differentiator
2Store remains
front of mind
3Its all about
Mobile first
4Creating a sustainable
customer experience
5Engaging consumers
through emerging
technologies
6PwC – Understanding consumers in an evolving retail market.
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PwC
Customer ExperienceExperience is everything for the digitally empowered consumer
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Understand the differing
needs, touchpoints and
expectations for experience
Align experience with value
proposition to command
higher RoX
Digital
Natives
Always On
Social
Influences
Data
exchange for
value
Second wave
adoption
Tries new
brands…
Influences
Not one
cohort
Supporters of
local
economy
Slower
adoption of
new media
Enabled by
younger gen
More loyal to
established
brands
Independent
Digitally
savvy
Prefers the
human touch
Embraces
technology
Willing to pay
a premium
experience
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PwC – Understanding consumers in an evolving retail market.
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PwC
Channel Preference – Multiple Paths to Purchase An integrated approach is needed to satisfy each customer journey
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Shoppers say they
prefer to see and
interact with
products before they
make buying
decisions
Online shopping is
gaining momentum
and a digital first
strategy will deliver
growth
PwC - Invest in Experience
9PwC – Understanding consumers in an evolving retail market.
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Customer Experience is a key differentiator1. Understand your Customers
2. Fuse Customer & Employee Experience
3. Build Social Network
4. Identify Magic Moments
5. Respect Data in Return for Value
PwC - Invest in Experience
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PwC - Invest in Experience
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PwC
The Store – An Experience Destination ?The Top 3 demands are for Navigation, Wifi and Easy pay
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The Human Touch in
store is essential for Baby
Boomers (52-71)
Convenience, Speed
and Easy-pay are
critical for Experience
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PwC
Delivering a Seamless ExperienceShopper expect a complementary service across channels
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Click & Collect
solutions can drive
footfall into store 31%Of young millennial consumers
undertake micro trips (spending
less than 5 minutes in store).
The ‘Micro-Trip‘ is an emerging
grocery trend based on changing
lifestyles, eating habits and
growing urbanisation.
(25% of all consumers)
An Emerging Trend
‘The Micro-Trip’
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Store remains front of mind
1. Understand your shoppers
2. Make the store a destination
3. Integrate online and in-store
4. Win The Trip
PwC - Invest in Experience
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15PwC - Invest in Experience
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PwC
Mobile is the Touchpoint for ConsumersThe ubiquity of m-commerce is been driven by fast consumer adoption
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Mobile technology is an
enabler for friction-free
shopping experiences. PwC - Invest in Experience
16PwC – Understanding consumers in an evolving retail market.
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PwC
The Message about Social Media Social media is a significant influencer on purchasing decisions
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Social media is used
to research, review
and purchase
Categories that have
led with online
integrated purchasingPwC - Invest in Experience
17PwC – Understanding consumers in an evolving retail market.
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PwC
Delivering and receiving the message through changing channelsBrand engagement must reach the right audience with the right message
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PwC - Invest in Experience
Social Media has a real
influence on Gen Z and
millennials.
The right mix of Paid,
Owned and Earned
Media should reflect
media consumption
behaviour.
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PwC
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It’s all about mobile…
1. Lead with a mobile first strategy
2. Understand the role of social
3. Blend traditional and digital media
PwC - Invest in Experience
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20PwC - Invest in Experience
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Sustainability is good for long term relationshipsUnderstanding consumer segments based on needs, motivations and values
PwC - Invest in Experience21PwC – Understanding consumers in an evolving retail market.
Consumers are seeking
to engage with brands
where trust exists.
Behaviour is influenced
by cluster needs and
motivations.
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Sustainability is good for the environmentIrish consumers show a high awareness of the environmental impact
32% shoppers say they choose
sustainable products to help protect
the environment.
PwC - Invest in Experience22PwC – Understanding consumers in an evolving retail market.
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Sustainability is good for businessIrish consumers are very aware of the impact their purchasing power has
Supporting local business,
local product quality
and traceability,
are key influencers which
have increased in 2019.
PwC - Invest in Experience23PwC – Understanding consumers in an evolving retail market.
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Sustainability can build long term relationshipsThe challenge is to engage with younger shoppers on the local impact
Gen Z are will pay more
for brands well known
for sustainable practices.
Sustainability heightened
amongst Gen X.
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Creating a sustainable customer experience1. Address the packaging challenge
2. Maximise the potential to obtain a premium
3. Make local important to the younger shopper
PwC - Invest in Experience
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The Connected Home and the Digitally Empowered ConsumerTechnology convergence and consumer adoption will drive smart shopping
Getting Vocal
The customer journey
begins in their connected
home and integrates many
touchpoints.
The power to purchase will
be driven by voice.
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The Future of Connected MobilityConnected vehicles will integrate mobile and smart technology
Gen Z are have a
very positive outlook
and connected
vehicles are in their
consideration set.
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Engage consumers through emerging technology
1. Accept Disruption
2. Intelligent Digital
3. People are still at the heart of business
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PwC
1
Invest in ExperienceGain sustainable business growth
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1Customer experience is
a key differentiator
2Store remains
front of mind
3Its all about
Mobile first
4Creating a sustainable
customer experience
5Engaging consumers
through emerging
technologies
Return on Experience (RoX)
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