Technological change is affecting the retail industry dramatically — and one area it’s transforming is customer expectations. Today, consumers are 29 percent more likely to switch companies than they were five years ago, reports Accenture’s latestGlobal Consumer Pulse Research. It seems that the ability to buy from anywhere, anytime, on any device has caused customer expectations to rise — so much so, that most businesses can’t keep up.
Accenture dubs this the Switching Economy, and reports that some $1.6 trillion in sales is up for grabs due to changes in consumer spending patterns and switching rates. While the study wasn’t specifically retail-focused, it has some important lessons for retail businesses of all sizes.
Is Your Retail Business Ready for the Switching Economy?
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