Convenience is the New Currency

February 27, 2018 § Leave a comment

We do a good bit of research on what drives purchases in retail. Our research among female retail consumers points to the truth that convenience is today’s currency. In fact, it is so important that it might be the most powerful force shaping our lives and economy, according to a recent New York Times article called it “The Tyranny of Convenience”.

Just think about the types of convenience that exists today – mobile banking, Amazon shopping, grocery pick-up and delivery services, all kinds task apps, movie apps, on-demand movies, ride-sharing, meal services, clothing services and more.

While conventional wisdom might think that women spend more time shopping,; men spend three hours shopping, versus women spending two and a half, and men are twice as likely to visit more stores than women do.

For your business to have cultural relevance today, it is imperative to understand what convenience means to your customers. What is convenient for your business may not be convenient for the customer. To your customer, their need may be same-day pick-up, self-checkout, more convenient hours or online chat to facilitate online shopping. It may be omni-shopping with the ability to shop online and pick up at the store.

A new research study by Catalyst, a marketing agency specializing in the retail sector, found that the top five motivators for brick and mortar shoppers were convenience, efficiency, good customer service, and product quality, with value important to all.

Time Well Spent. It seems that if shoppers are going to take the time to come to your store, you need to provide them with an experience that equates to value and convenience. Think about an Apple Store with its live demo of products, workshops, informed sales representatives, and iPad checkout.

Do a convenience audit of your business. Talk to your customers about what they value in the shopping experience. Don’t be afraid to make changes.

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