Most shoppers have experienced spending too long inside a retail store searching for a product. According to a recent study conducted by Vypr, which is a 40,000 strong consumer community in the UK (vypr.it), such experiences are happening more frequently and in a larger volume than anticipated.
In most cases shoppers set a limited time for their shopping journey; whether it be 15-, 30-, or 60- minutes, they are unlikely to spend more time than they initially plan in order to find every single product, and therefore run a risk of ending their shopping trip without getting all the products on their list, as proven by the Vypr study:
- 30% of shoppers in Hypermarkets/Supermarkets, say that they could not find at least 1 product they had planned to buy during their shopping trip.
These results are consistent across Hypermarkets and small to medium retail stores.
Nielsen Shopper quantifies the “opportunity lost” for FMCG products that were planned but not purchased as 7%-18% depending on the category. According to Nielsen, most of the items that are not found were actually in stock and on shelf, however because those items could not be searched, shoppers left those products unpurchased.
These results indicate that grocery retailers might be missing out on as much as 3%-5% in revenue due to products left unfound. This also means that retailers should look toward engaging with technologies that help shoppers find products faster and easier, making the overall shopping experience more convenient for consumers.
Outside of the supermarket consumers have grown accustom to finding their way around; apps such as google maps and waze guide them from one point to the next, begging the question why a similar service should not exist for navigating inside places that are hard to navigate. Oriient, a solution for indoor geo positioning that doesn’t require a hardware installation, and operates off of the earth’s magnetic fields, enables an easy product search & find from any shopper’s location, it also supports in creating a shopping list organized systematically according to product location.
“Retailers are getting the message that convenience is paramount when it comes to obtaining goods. Implementing the mechanics that make these actions as frictionless as possible will help determine which tech stays around for the long haul, or what will be dropped when consumer experience isn’t kept front-of-mind.” –retaildive
Its with technologies like Oriient that retailers put customers front-of-mind and can provide shoppers and employees alike an easier more convenient experience inside their store. “And not only does Oriient recover money that has been left on the table through untraceable products, it also helps retailers and brands to upsell via their instant targeted promotion feature. That’s why they have been a perfect fit for our METRO Accelerator for Retail” – Sylvia Dudek, Program Director METRO Accelerator
For a product overview click here.