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Mi-Pay Group Plc

Retailers lost $150 billion in 2016 by not providing personalized shopping service

Smart-enabled devices undoubtedly make everyone’s lives easier. As a result of being able to research anything from anywhere at any time and ordering services at the drop of a hat, consumers have turned into seekers of instant gratification who prefer personalized experiences.

Given this fast consumer-driven nature, retailers can’t keep track. According to TimeTrade’s State of Retail 2017 Survey, retailers missed out on $150 billion in sales during the 2016 year by not catering to this consumer desire for a more personalized experience.

It was also found that while 82 percent of respondents shopped in traditional brick-and-mortar stores, 49 percent shared they never receive personalized shopping experiences.

How will this impact brick-and-mortar stores down the road?

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.