Only 25% of retailers found to price match.
When deciding to make a purchase, a large number (44%) of people research in-store before completing the purchase online, according to recent research from Commonwealth Bank. Furthermore, 25% of shoppers admit to engaging in ‘showrooming’ most of the time when purchasing a product. Shoppers said they were most likely to regularly showroom when purchasing recreation and leisure goods (43%) and household appliances (41%).
“Shoppers still want to touch and feel items before they buy, look for better prices online or just aren’t ready to purchase on the spot. Shrewd multichannel retailers are capitalising on this trend by ensuring a seamless experience for customers shopping both in-store and online,” Commonwealth Bank national manager for retail, Jerry Macey said.
When shoppers that engage in ‘showrooming’ were asked what would trigger an in-store purchase, a large majority (59%) cited consistency in pricing across in-store and online. However, only 25% of retailers are actively price matching across channels to increase in-store conversion rates.
26% of shoppers also indicated a greater likelihood of purchasing in-store if there was better technology available to compare products, stock levels and prices, whereas only 12% of retailers are investing in this area.
Retailers are recognising the importance of customer service with almost half (49%) investing in improving customer service skills and product knowledge among their staff. This is in-step with shoppers’ needs, with over a third (34%) stating better quality and more knowledgeable staff can trigger a purchase.
“For multichannel retailers, it’s clear that price matching across channels is imperative to drive greater in-store sales. We are also seeing strong demand for technology to assist shoppers make in-store purchasing decisions, particularly to support self-directed shopping among the younger generations.
“Good quality service and product knowledge remains paramount for retailers, with many already investing to satisfy shoppers across all generations,” Macey added.