Living in a material world?

Online shopping, which has taken a dip since its pandemic heights, has remained broadly stable for the past 12 months, with a majority preferring to buy clothes, fashion and gifts either online or through a mixture of online and in-store.

However, a majority still prefer to purchase homeware, and particularly groceries, in-store. With 52 per cent of respondents to a recent survey believing it’s cheaper to buy online, but 59 per cent believing in-person offers a better experience, what does the future of shopping look like?

Online vs offline shopping

Online shopping is undoubtedly often cheaper, says Alison Carbery, director, consumer and industrial markets, KPMG. “Without having the costs of physical stores and floor staff, they can be very competitive on price. However, there’s also a desire among consumers to support local businesses, and it’s often acknowledged that shopping online has a higher carbon footprint and the packaging contributes to excess weight.

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“However, in a challenging economy like we’ve seen in recent months with high inflation, price increasingly becomes the number one factor above all else.”

Reach is important in the great debate of online versus offline, says James King, head of professional services for Europe, Elavon. “Having an online presence as well as a physical one really complements that and takes your business beyond your doorstep.

“In a nutshell, the more barriers you can remove for your customers, and decisions you can simplify at key junctions – like ordering, paying, delivering and returning – the more likely you are to clinch the sale.”

Ecommerce is growing rapidly, but it comes down to buyer preference, King says. “Physical and online have two very distinct payment journeys and should be treated that way. Either journey will reach different audiences, so it can be important to have both.

“Connecting the dots is where you can add real value to your customer – such as shopping online, but returning in-store. Storing cards or digital wallets to use across whichever channel they choose, like Click and Collect where the selection and payment are done online, but the quality can still be assessed in-store at pick up.”

The future of shopping

The future is about being seamless and removing all barriers and friction for your customers, says King. “Self-checkouts for retail are becoming more and more common, and not just with groceries. App-based payments that can be used in-store or online and immersive technology or augmented technology for trying on clothes, for instance. Remember, customers are no longer limiting comparisons to like with like. So while you might be in retail, they’re comparing your payment journey and customer experience with other sectors – like getting a dinner reservation, booking a cinema or a train ticket through an app.

“That’s why you need to know your customers so you can create the ideal mix of online and physical shopping to be in the right place, for the right people, at the right time in the right way. And who decides what’s right? Your customer!”