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CommBank Retail Insights Summary

Core Content

CommBank Retail Insights, Edition 5, provides a comprehensive analysis of the Australian retail sector, focusing on generational shopping behaviors and the evolving role of multichannel and omnichannel retail strategies. The report highlights the differences in how various age groups interact with retail channels, the importance of in-store experiences, and the impact of digital trends on consumer purchasing decisions.

Main Viewpoints

• Generational Shopping Behaviors: Different generations of shoppers exhibit distinct preferences and behaviors. Younger generations (Gen Z and Gen Y) are more inclined to shop online for convenience and price, while older generations (Baby Boomers and Pre-Boomers) favor in-store shopping for the ability to physically compare items and the overall customer experience.
• Multichannel Strategy: Retailers with a multichannel approach are more confident in their business outlook and are better positioned to capitalize on the growth of online and mobile sales.
• Omnichannel Experience: As consumer behavior evolves, retailers must integrate their online and physical presence to provide a seamless experience and reduce the risk of losing sales to competitors.
• Channel Hopping: Consumers often research in-store before purchasing online, especially for high-value items, which presents a challenge for physical retailers to retain sales.
• In-Store Experience Importance: The in-store experience is crucial for attracting customers, especially for older generations who value personal interaction and convenience.
• Digital Sales Growth: Online and mobile sales are expected to grow, but at a slower rate than anticipated by retailers. Older generations are driving much of this growth, particularly in mobile shopping.
• Consumer Preferences: Convenience is the primary reason for online shopping, while experience is the main driver for in-store shopping. The report also outlines key in-store investment areas and customer priorities.

Key Information

Business Confidence

• 73% of retailers expect revenue growth over the next 12 months.
• 39% expect an uplift of 6% or more.
• Multichannel retailers are more confident, with 38% expecting improvement.

Channel Preferences

• In-store: 54% (Gen Z), 48% (Gen Y), 51% (Gen X), 71% (Baby Boomers), 76% (Pre-Boomers)
• Online: 23% (Gen Z), 24% (Gen Y), 22% (Gen X), 7% (Baby Boomers), 5% (Pre-Boomers)
• No Preference: 23% (Gen Z), 28% (Gen Y), 27% (Gen X), 22% (Baby Boomers), 19% (Pre-Boomers)

Reasons for Shopping Online

• Convenience (78%)
• Price (63%)
• Experience (53%)

Reasons for Shopping In-store

• Experience (81%)
• Convenience (66%)
• Price (53%)

Digital Sales Growth

• Online sales are forecast to grow by 24% over the next year.
• Mobile sales as a proportion of online sales are expected to increase by 38%.
• Consumers expect only 9% growth in online sales, which is much lower than retailers' expectations.

Showrooming Behavior

• 44% of shoppers sometimes research in-store before buying online.
• 13% do so using a mobile device while in-store.
• Showrooming is common across various retail sectors, including groceries, homewares, and car parts.

In-Store Investment Areas

• Enhanced in-store layout (84%)
• Staff recruitment and training (71%)
• Mobile payment options (61%)
• Back-office technology (61%)
• In-store technology for shop assistants (59%)

In-Store Priorities for Customers

• Better trained, more helpful assistants (91%)
• Better in-store layout (89%)
• Information kiosks/devices for customers (73%)
• In-store technology for shop assistants (70%)
• Store-within-a-store (70%)

Case Study: Anton

Anton, a luxury jewellery and watch retailer, has successfully increased its turnover by focusing on creating a luxurious in-store experience and leveraging digital marketing to target high-value customers across generations. Key strategies include:

• Hosting in-store events that cater to different demographics, such as celebrity events for younger customers and whisky tastings for mature clients.
• Building strong partnerships with local influencers and ambassadors to enhance brand visibility.
• Creating an intimate and welcoming environment with VIP spaces and an open bar to encourage customer engagement.
• Investing in exceptional staff who are trained to provide personalized service and enhance the shopping experience.

Generational Insights

Generation Z

• Tech-savvy and digital natives.
• Prefer in-store shopping (54%) over online for certain purchases.
• More likely to engage with virtual kiosks (80%) and apps (81%) for shopping.
• Attracted by seamless experiences and matching online prices.
• Majority are Bargain Hunters (37%) and Researchers (24%).

Generation Y

• Embrace technology, with 34% of purchases made via electronic devices.
• Value convenience and are active in online shopping for routine items like groceries and beauty products.
• 79% regularly buy products on sale.

Generation X

• Similar to Gen Y and Z in their preference for online shopping.
• 51% prefer in-store shopping.
• 24% of purchases are made online.

Baby Boomers

• 71% prefer in-store shopping.
• More likely to be influenced by price and convenience.
• Expected to increase online purchases significantly, with 28% of their purchases forecast to be online in the next 12 months.

Pre-Boomers

• 76% prefer in-store shopping.
• 18% of their purchases are expected to be online.
• Value the ability to try before they buy.

Expert View

Jerry Macey, National Manager, Retail Industry, Business and Private Banking, Commonwealth Bank of Australia, emphasizes the importance of an integrated omnichannel strategy and generation-specific in-store strategies to reduce the adverse effects of showrooming and enhance customer engagement.

Conclusion

The report underscores the importance of understanding generational differences in shopping behavior and adapting strategies accordingly. Retailers must invest in both digital and in-store experiences to meet the evolving expectations of consumers, while also recognizing the unique motivations and preferences of each generation to drive sales effectively.