17 Nov 2021
Press Coverage - IPM: Mind The Knowledge Gap - RETAILERS MISS OUT ON £15BN PER YEAR DUE TO POOR ADVICE INSTORE
1 in 10 shoppers have cancelled a planned considered purchase due to poor instore advice – Gen Z most likely to seek out experts – Gekko urging retailers and brands to implement new ‘experience-centric playbook’
Brands across some of the top retail categories potentially missed out on close to £15bn in instore revenue in the past year, due to poor in person advice. The finding comes from new research commissioned by field marketing and retail experience agency, Gekko. The study of 2,000 consumers, conducted by OnePoll, looked at what influences shoppers in making a ‘considered purchase’ – purchases that are made with significant financial or emotional thought. The research revealed 1 in 10 shoppers said they had walked out of a shop due to poor advice relating to a considered purchase they were definitely going to make. This equates to some £15bn in revenue overall over the past year.
The experiences vary across categories and age groups. Gekko surveyed experiences across several key retail categories including: Consumer electronics, homeware, baby & child, gaming, home improvement, clothing & apparel. Overall 59.8% said they had received ‘excellent or good advice in store’, highlighting the benefit of human interaction and face to face sales. However £15bn could be a drop in the ocean of additional revenues that could be accrued with better advice. 37% of shoppers in the consumer electronics category revealed they would be prepared to spend more if they received excellent and knowledgeable in store advice, indicating a golden opportunity for retailers. This compared with 30% of shoppers in the home improvement category and 27% in homeware/ home furnishings and 21% in clothing and apparel.
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