In the digital economy not all products are equal

Shoppers are defining their own journeys, and more often, are doing this at the category or even the product level. With digital influence ranging from 31 percent for the food and beverage category all the way up to 62 percent for electronics, the variation is clear: category by category, shoppers curate different shopping experiences using digital.

Categories

Therefore, analysis of consumer behavior at the category level provides for a better understanding of how shoppers are using digital during key decision points in their journey. Retailers should pay greater attention to which moments along the customer’s purchase journey are highly influenced by digital.

From my experience, both online and traditional retail stores selling electronic goods have a solid appreciation of the importance of digital influence on the buying cycle, and as such, the tradition retailers are using it to fit back against the online only competitors. The same can’t be said for the Home Furnishings sector. The online players such as Wayfarer have an excellent digital strategy and are clearly capitalizing at the expense of their more conservative bricks and mortar brethren.

Consider this, nearly 80% of consumers in a recent Deloitte Digital survey said they interact with brands or products before arriving at the store. Shoppers of Home Furnishing products are still eager to make the trip to a store for a tactile and sensory experience prior to making the purchase. Therefore isn’t it obvious that a well executed omni-channel strategy by the bricks and mortar brands would be a stake in the heart of the online only retailers. So why aren’t we seeing it?

With numbers this strong, the clock is counting down to irrelevance for some retailers if they don’t act and those who act first will have a significant advantage.

Data and Graph courtesy of Deloitte Digital The New Digital Divide.