KPMG shared that 91 percent of consumers polled expressed concern that retailers were failing to sufficiently protect their personal and financial information from cyber criminals and should be more transparent about how they store and safeguard customer data.
KPMG in Canada’s consumer and retail survey this year revealed that Canadians feel frustrated when products fail to match their description and when encountering inconvenient return processes and shipping delays while shopping online.
KPMG’s report covering the survey’s findings suggested that Canadians are more likely to shop online if their desired products are available and they can compare prices. The report said Canadians use digital platforms to research products and compare prices across most retail categories, including groceries, home improvement, and clothing.
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KPMG’s report found that the kind of product influenced whether consumers would opt to shop online or in-store – most prefer to shop for electronics and clothing online and for auto supplies, health products, and groceries in brick-and-mortar stores.
“While we do expect e-commerce popularity to grow, we’re seeing a shift in retail trends post pandemic where what’s old is new again,” said Kostya Polyakov, KPMG in Canada’s partner and national consumer and retail leader, in the news release from KPMG.
KPMG said its report analyzes the responses of 1,522 Canadian consumers surveyed regarding their retail shopping habits. When asked about how they would best describe their shopping behaviour:
- 57 percent said they hunted for deals, compared choices, and did research before buying
- 21 percent considered themselves brand loyalists
- 10 percent said they were free agents who often switched brands
- Four percent deemed themselves impulsive buyers
- Another four percent strongly relied on peer reviews and recommendations before buying
- Three percent preferred brands aligned with their own cultural and social stances
Survey findings
KPMG’s survey found that, among the consumers polled:
- 61 percent mostly shopped at physical stores
- 57 percent considered online shopping frustrating
- 85 percent deemed price the biggest factor impacting their purchasing decisions
- Regarding their main reason to buy in-store, 35 percent said it was the ability to test or try on products, 26 percent said it was the speed of receiving products, and 16 percent said it was the instant gratification of taking products home right away
- 86 percent were more likely to choose retailers that effectively managed inventory and minimized stockouts
- 79 percent found it extremely or very important for retailers to have a reliable stock of products they frequently buy
- 90 percent belonged to a retail loyalty program
- 92 percent considered loyalty programs influential in their decision to choose a retailer
- 49 percent were uncomfortable with retailers sharing data on their shopping habits to improve inventory management
- 78 percent felt their shopping experience would improve if staff had digital chatbots or data-driven tools for inventory management, customer feedback, or loyalty program information
- 90 percent would revisit a store if knowledgeable staff delivered exceptional service
“Consumers’ buying behaviours are influenced by their expectations of the stores they plan on visiting,” Polyakov said in KPMG’s news release. “Retailers who can meet this expectation and communicate accurate inventory levels with their customers will get ahead of the competition.”
“To stay competitive, it's critical that retailers improve the interactions between their employees and customers by providing staff with the information they need to succeed,” said Katie Bolla – KPMG in Canada’s partner, customer practice – in the news release. “A little technology can go a long way in accomplishing this.”