Omnichannel Retail Report 2023: Everything You Need to Know
The Omnichannel Retail report offers an exceptional examination of the various social and demographic aspects that influence consumer preference for specific channels. Thus, it serves as an invaluable resource for businesses seeking to comprehend the changes in consumer behavior and their impact on market trends both online and in-store. By providing crucial insights into the preferred channels for diverse retail sectors and consumer segments, this report enables companies to refine their approach and more efficiently reach their target audience. Businesses need to utilize this information to optimize their day-to-day operations. To help you out, here’s everything that you need to know about the Omnichannel Retail report for 2023.
Age: Millennials are more likely to shop online than any other age group, with 45% of them saying they do most of their shopping online. Boomers, on the other hand, are the most likely to shop in-store, with 69% of them saying they do most of their shopping this way.
Income: People with lower incomes are more likely to shop in-store than people with higher incomes. This is likely because they are more price-conscious and can find better deals in-store.
Place of Work: People who work from home are more likely to shop online than people who commute to work. This is because they have more time to shop online and they don't have to factor in the time it takes to get to and from a store.
Retail Sector: Electricals and fashion are the only sectors where a majority of consumers shop online. Food and grocery and DIY and gardening are the sectors where most consumers shop in-store.
How Footfall Analysis Can Help Retail Businesses Thrive
Footfall analysis is the process of collecting and analyzing data about the number of people who visit a retail store or shopping mall. This data can be used to identify trends in customer behavior, such as which days and times are busiest, which products are most popular, and which areas of the store need improvement.
There are a number of ways that footfall analysis can help retail businesses thrive. For example, it can be used to:
Identify High-Interest Products: By tracking which products are attracting the most foot traffic, retailers can identify which products are in high demand. This information can be used to make better decisions about product placement, pricing, and marketing.
Pinpoint Availability and Stock Issues: Footfall analysis can also be used to identify areas of the store where stock is running low or out of stock. This information can be used to ensure that products are always available for purchase, which can help to improve customer satisfaction.
Identify Highest Footfall Areas: Footfall analysis can also be used to identify the areas of the store that are getting the most traffic. This information can be used to make better decisions about where to place promotional displays and other marketing materials.
We hope this article helps you gain a better understanding of the information that was discussed in the UK Omnichannel Retail report. Overall, footfall analysis is a valuable tool that can help retail businesses improve their performance. By tracking customer behavior, retailers can identify trends and make better decisions about how to attract and retain customers.
StoreTech offers in-store footfall analytics solutions to help clients measure opportunities, optimise performance, and more to help their businesses succeed. If you are looking for customer footfall analytics, check out what we offer.