Sony’s latest State of Retail Technology Report 2024 uncovers a significant shift in the balance between online and in-store shopping, highlighting new opportunities for brick-and-mortar retailers.
While e-commerce has dominated in recent years, the report indicates that consumers are beginning to reconsider the benefits of in-person shopping, especially in light of frustrations with online experiences.
According to the report, 40% of European consumers—and 45% in the UK—express dissatisfaction with being unable to try on clothes or assess the quality of items before purchasing online. These challenges create a potential opening for physical stores to attract more customers.
Additionally, 22% of consumers across Europe and 40% in the UK said they prefer to browse in-store, giving retailers an advantage when leveraging in-person experiences.
However, the report also reveals a gap between retailer priorities and consumer expectations. While 66% of retailers acknowledge the need to improve in-store technology, many still prioritise investment in e-commerce over enhancing physical stores.
Only 32% of European retailers are focusing on in-store tech upgrades, potentially missing out on an opportunity to cater to the growing consumer interest in better in-person experiences.
Thorsten Prsybyl, European Retail Sales Manager at Sony, warns that retailers need to act quickly to meet these changing demands. “Brands that invest in improving their store experiences will gain a clear competitive advantage,” he says.
With online shopping’s convenience no longer enough to maintain dominance, the future of retail lies in offering a seamless, tech-powered in-store experience that resonates with today’s shoppers, especially as sustainability and ethical decisions play an increasingly vital role in purchasing behavior.