Eyes on the prize: Focus on consumer, not the channel

It is the consumer, not the channel, that has defined and will continue to define retailing.That is the core message from a new Mastercard report looking into the role of technology in the retail journey, which now touches nearly every retail transaction, creating a vastly different shopping experience for retailers and consumers.The MasterCard Retail CMO’s Guide to the Omnishopper combines survey data from thousands of shoppers around the globe with transaction-based insights from MasterCard.According to the report eight out of 10 global shoppers’ purchase decisions are now informed by a digital device, with consumers saying they are smarter shoppers and getting more value than before.However, though in-store sales still account for more than nine-tenths of all retail spending, the result is a more focused in-store shopper buying from a narrower list of unique stores than in years past.In China, 95% of all consumers use technology at some point in the shopping process and 94% have used retail-based shopping tools such as automatic notifications and mobile payments.Eric Schneider, region head, Asia Pacific at MasterCard Advisors, said there is huge scope for brands to harness big data, mobile applications and the power of social media to improve customer interaction, increase loyalty and make the online shopping experience more seamless."With a fast-growing smartphone penetration rate, e-commerce will continue to be an important growth area for brands across Asia Pacific in the coming decade,” he said.Despite the growth of digital, MasterCard stressed that brick and mortar stores were strong and might be a contributing factor in the relatively flat growth of e-commerce - which has a 7.5% share of total retail sales globally."The omnishopper chooses physical stores for better customer service and a faster, more social buying experience."