Deloitte Retail Trends Report highlights importance of SDO

We’ve been talking about the importance of thriving physical retail for quite some time. Stores need to be discoverable in order to drive shopper visits and sales, and they must provide engaging in-store experiences. That is how physical retailers can and will beat Amazon.

Given this, we’re thrilled to see Booodl included in the latest Deloitte Retail Trends report, along with emphasis on the importance of Store Discovery Optimisation. According to Deloitte, the bricks and mortar retail store is far from obsolete, but the retailer that does not have a meaningful relationship with the consumer is. We couldn’t agree more and discoverability is the first step to building that relationship.

Technology in retail — from centre stage to supporting player’ is the first in a new series of papers which focus on trends within the Australian retail sector. It identifies the best approach for retailers is to understand their customers, be open to the advantages that integrating technology solutions into their operations can bring, and adapt their business processes and models to enable the quick and agile adoption of new technologies.

Booodl is one of those new technologies. By making it as seamless to find physical stores as it is to find online stores selling what you want, we’re strengthening the position of bricks-and-mortar in the retail ecosystem. Let’s not forget that 90% of sales still take place in physical stores, and online discoverability and the rise of location centric searches are key to driving that footfall.

“Instead of digital replacing physical channels for retail, a combination of channels is being used by shoppers. And successful bricks-and-mortar retailers have developed omni-channel initiatives to better synchronise their online and offline offerings.”
David White, national leader of Deloitte’s Retail, Wholesale & Distribution Group.

The key challenges

According to the paper, the key challenges are:

  • First — to truly understand all aspects of their customer’s journey, including their pain points
  • Second — to decide which of these issues are a priority to solve
  • Third — to understand the difference between where digital technology can truly assist, and where it will just be a cosmetic improvement, with no substantive customer benefit.

Convenience is one of the key pain points for shoppers. It’s a huge part of perceived value (as much as the actual price) and 58% of shoppers said that convenience was their main influencer for buying online. But what if we could make offline as convenient as online? With Store Discovery Optimisation we can. The more data a physical retail store provides, the more discoverable they become based on the products they sell, and the easier it will be for them to take back online sales from the likes of Amazon.

Making sure your store, brand or mall is easily discovered by nearby shoppers is non-negotiable. Using technology like Booodl to make discoverability a key part of your physical retail strategy is a no-brainer for driving shopper visits and sales.

“There is a big difference between truly integrating digital technology into the physical retail experience, and bolting it on as an afterthought. Successful digital technology integrations in retail help the customer to save time and find what they are looking for. And on the other side, they help the retailer to understand their customers better and to track what’s working.”
Robbie Robertson, Deloitte Spatial and Brand Experience Leader

Australian startups leading the charge

Booodl and Myagi are just two examples of technology companies that are helping traditional retailers to capitalise on what continue to be their most important advantages over digital — their physical stores, their expert staff and the sense of community created by an enjoyable, value adding in-store experience.

“We’re witnessing dozens of Australian start-ups take on the challenge of helping retailers to bridge the gap between digital and physical commerce, from shelf-stocking robots to beacons presenting customers with personalised special offers, virtual reality changing rooms to online training platforms for employees. Compared to their overseas competitors, Australian retailers will always find it hard to compete on size and scale. But no one understands better what Australian customers want than Australian retailers.”
David White, national leader of Deloitte’s Retail, Wholesale & Distribution Group.

The Booodl team is incredibly grateful to be included as a case study in the Deloitte report:

The bricks-and-mortar retail store is definitely not dead, far from it. But the retailer that does not have a meaningful relationship with the consumer is dead. The retailers that will be most effective in today’s marketplace will likely be those that fundamentally rethink the retail experience, developing business models that blend physical, virtual, and community experiences, centred around the customer, with the technology not as the focal point, but as the infrastructure that enables it.

Great discoverability is the foundation upon which this is built, and registering for Booodl is the best way to increase your SDO.

Head on over to Deloitte or click on the PDF below to access the full report.

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