Liwaiwai Liwaiwai
  • /
  • Artificial Intelligence
  • Machine Learning
  • Robotics
  • Engineering
    • Architecture
    • Design
    • Software
    • Hybrid Cloud
    • Data
  • About
  • /
  • Artificial Intelligence
  • Machine Learning
  • Robotics
  • Engineering
    • Architecture
    • Design
    • Software
    • Hybrid Cloud
    • Data
  • About
Liwaiwai Liwaiwai
  • /
  • Artificial Intelligence
  • Machine Learning
  • Robotics
  • Engineering
    • Architecture
    • Design
    • Software
    • Hybrid Cloud
    • Data
  • About
  • Artificial Intelligence

Retail Industry Reshapes With Hybrid Cloud And AI To Help Meet Shifting Consumer Shopping And Sustainability Preferences

  • January 20, 2022
  • liwaiwai.com

At NRF 2022: Retail’s ‘Big Show’, the IBM (NYSE:IBM) Institute for Business Value, in association with the National Retail Federation, the world’s largest retail trade association, released their second global study*, “Consumers want it all,” which reveals rising consumer preferences for sustainability and shopping journeys splintered across multiple digital, physical, and mobile touchpoints.

The new global study of over 19,000 surveyed consumers shows hybrid shopping – mixing physical and digital channels in shopping journeys – is on the rise as shopping habits consumers adopted out of necessity during the COVID-19 pandemic are becoming routine. Retailers must become more agile to meet customers where they are, integrating digital and in-store experiences.


Partner with liwaiwai.com
for your next big idea.
Let us know here.


cyberpogo
  • 72% of respondents say they use the store as all or part of their primary purchase method.
  • Top reasons respondents choose to visit a store include touching and feeling products before buying them (50%), picking and choosing their own products (47%) and getting products right away (43%), though what in-store shoppers are looking for varies by product category.
  • 27% of respondents report hybrid shopping is their method of choice, and Gen Z consumers surveyed are most likely to be a ‘hybrid shopper’ compared to other age groups.

The study also shows that sustainability has become increasingly important to surveyed consumers’ purchase decisions and brand preferences since 2020.

  • Purpose-driven consumers, who choose products/brands based on their values like sustainability, are now the largest segment of consumers surveyed (44%).
  • 62% of respondents are willing to change their purchasing habits to reduce environmental impact, up from 57% two years ago.
  • Half of respondents say they’re willing to pay a premium for sustainability – an average premium of 70%. This is roughly double the premium from 2020.
  • However, there’s a gap between intention and action – only 31% of respondents say that sustainable products made up most or all of their last purchase.
Read More  Who. What. Why. New IBM Algorithm Models How The Order Of Prior Actions Impacts Events

“While many surveyed consumers still place high value on the traditional in-store shopping experience, they also now expect the flexibility to build their own shopping journey – according to the behaviors prevalent to their age range, available tools and the product category they are looking to purchase,” said Mark Mathews, Vice President of Research Development and Industry Analysis at the National Retail Federation. “This ‘hybrid’ approach is a fundamental shift in consumer behavior.”

“The survey shows over the last year, sustainability became increasingly important to consumers, though there’s still a gap between their intentions and actions due to lack of information in the buying process. Increasingly, it’s becoming essential that retail brands demonstrate sustainable choices and options in each step of the customer experience.  At the same time, hybrid shopping has taken hold in most categories, particularly in home goods and apparel; and while stores continue to play the predominant role in grocery, hybrid shopping is growing in these categories too,” said Luq Niazi, Global Managing Director IBM Consumer Industries.

He added, “Despite the impact of COVID-19, our experience with clients shows many leading retail brands are continuing to rapidly transform operations, customer experience and supply chains with technologies like AI, hybrid cloud and blockchain to help serve these multiple customer preferences.”

On Sunday, January 16, the opening day of NRF’s 112th annual convention, IBM Chairman and CEO Arvind Krishna plans to deliver a keynote session on ‘Reshaping retail with technology’  at 4:00pm ET on the main stage.  Visitors can connect with IBM Industry professionals at Booth # 3620 and follow social updates on #NRF2022.

Read More  Darktrace Signs Multi-Million-Dollar Deal With Global Leader In Automotive Technology And Electronics

* About the IBM/NRF study
The IBM IBV, in association with the National Retail Federation, conducted a global survey of more than 19,000 respondents across 28 countries in September 2021 to better understand the new normal of customer behavior. The full study “Consumers want it all: Hybrid shopping, sustainability, and purpose-driven brands” is available at https://www.ibm.com/thought-leadership/institute-business-value/report/2022-consumer-study

About the IBM Institute for Business Value
The IBM Institute for Business Value (IBV) delivers trusted business insights from our position at the intersection of technology and business, combining expertise from industry thinkers, leading academics, and subject matter experts with global research and performance data. The IBV thought leadership portfolio includes research deep dives, benchmarking and performance comparisons, and data visualizations that support business decision making across regions, industries and technologies. Follow @IBMIBV on Twitter, and to receive the latest insights by email, visit: www.ibm.com/ibv.

Media Contacts:
Ken Saunders
IBM External Relations
[email protected]

Michelle Mattelson
IBM External Relation
[email protected]

SOURCE IBM


Our humans need coffee too! Your support is highly appreciated, thank you!

liwaiwai.com

Related Topics
  • IBM
  • National Retail Federation
  • Retail
You May Also Like
View Post
  • Artificial Intelligence

Introducing 100K Context Windows

  • May 30, 2023
View Post
  • Architecture
  • Artificial Intelligence
  • Design

Sandvik unveils the Impossible Statue – an AI-enabled collaboration between Michelangelo, Rodin, Kollwitz, Kotaro, Savage and Sandvik

  • May 30, 2023
View Post
  • Artificial Intelligence

How Auditoria.AI Is Building AI-Powered Smart Assistants For Finance Teams

  • May 29, 2023
View Post
  • Artificial Intelligence
  • Technology

AI Coming To The PC At Scale

  • May 27, 2023
View Post
  • Artificial Intelligence
  • Platforms

Build Next-Generation, AI-Powered Applications On Microsoft Azure

  • May 26, 2023
View Post
  • Artificial Intelligence
  • Data
  • Machine Learning

Faster Together: How Dun & Bradstreet Datasets Accelerate Your Real-Time Insights

  • May 24, 2023
View Post
  • Artificial Intelligence

Wipro Expands Google Cloud Partnership To Advance Enterprise Adoption Of Generative AI

  • May 23, 2023
View Post
  • Artificial Intelligence
  • Programming

How To Build An AI-generated Procedural Application

  • May 22, 2023
Stay Connected!
LATEST
  • 1
    Introducing 100K Context Windows
    • May 30, 2023
  • 2
    Sandvik unveils the Impossible Statue – an AI-enabled collaboration between Michelangelo, Rodin, Kollwitz, Kotaro, Savage and Sandvik
    • May 30, 2023
  • 3
    Effective Management Of Data Sources In Machine Learning
    • May 29, 2023
  • 4
    How Auditoria.AI Is Building AI-Powered Smart Assistants For Finance Teams
    • May 29, 2023
  • 5
    G7 2023: The Real Threat To The World Order Is Hypocrisy.
    • May 28, 2023
  • 6
    AI Coming To The PC At Scale
    • May 27, 2023
  • 7
    Build Next-Generation, AI-Powered Applications On Microsoft Azure
    • May 26, 2023
  • 8
    Faster Together: How Dun & Bradstreet Datasets Accelerate Your Real-Time Insights
    • May 24, 2023
  • 9
    5 Skills Every Successful MLOps Engineer Should Have
    • May 24, 2023
  • 10
    London & UK Is The Best For International Students! You Have Been Warned.
    • May 23, 2023

about
About
Hello World!

We are liwaiwai.com. Created by programmers for programmers.

Our site aims to provide materials, guides, programming how-tos, and resources relating to artificial intelligence, machine learning and the likes.

We would like to hear from you.

If you have any questions, enquiries or would like to sponsor content, kindly reach out to us at:

[email protected]

Live long & prosper!
Most Popular
  • 1
    Wipro Expands Google Cloud Partnership To Advance Enterprise Adoption Of Generative AI
    • May 23, 2023
  • 2
    Google Cloud Launches AI-Powered Solutions To Safely Accelerate Drug Discovery And Precision Medicine
    • May 16, 2023
  • 3
    Huawei And Partners Announce Yucatan Wildlife Conservation Findings
    • May 18, 2023
  • 4
    Cloudflare’s R2 Is The Infrastructure Powering Leading AI Companies
    • May 16, 2023
  • 5
    TCS Announces Generative AI Partnership With Google Cloud And New Offering For Enterprise Customers
    • May 22, 2023
  • /
  • Artificial Intelligence
  • Explore
  • About
  • Contact Us

Input your search keywords and press Enter.