• Summary of the day

    Current developments on the retail market in Sweden and Germany

    • Retail turnover increases steadily – in Sweden since 20 consecutive years and in Germany since five years
    • E-commerce grows much faster than in-store retail while m-commerce is getting increasingly important
    • The urge to integrate and provide a seamless offering between different sales channels was stressed by several speakers

    Digital and optimised payment solutions

    • Sweden’s first self-scanning solutions were implemented in 1998
    • Studies have shown that self-scanning customers have a higher loyalty rate
    • Both self-scanning and self-check-out solutions are very common in Sweden and increasing in numbers
    • Contactless, wearable and mobile payment solutions are steadily increasing or being developed
    • Even though digital payments are increasing, cash is still the most prominent payment method and a business with many opportunities

    Digital solutions for an optimised customer experience

    • Today the POS has no knowledge of when a customer enters a store, what they do inside and if or if not they perform a purchase
    • “80% of companies believe they deliver outstanding value and superb customer experience. Just 8% of customers agree” - Terry Green
    • The only way how to evaluate the customer experience is through the perspective of the customer, which in turn is heavily influenced by the customer expectation
    • By inviting online into the offline POS the customer experience is increased
    • If the customers can easily find their products in store, they are less irritated and are able to use their time finding new products instead. Geolocating actually increases sales.

    Workshop on digital solutions for an optimised customer experience

    • There was a general consensus that customers today do not feel treated as individuals when visiting retail stores and receiving ads
    • How to empower front line staff with tools to treat customers individually was discussed
    • Retailers face difficulties in converting customer data into meaningful predictions and offerings
    • In Germany, customers’ demands for privacy as well as federal regulations prohibiting the storing of personal data pose a certain challenge for several technological solutions

    Workshop on digital and optimising payment solutions

    • It is cost saving to reach an understanding of customer behaviour for a market before entering, e.g.
      • In Germany it is common to pay with cash, invoice or Paypal. Retailers should rather accept this than ignore it
      • In Sweden the use of cash is decreasing and credit cards are very common. In Germany however, credit cards are in comparison rarely used
      • The return rate of products in Germany is very high in comparison
      • Globally, every market has its own set of preferred payment methods, an aligned paying process which is applicable to all is therefore not plausible
    • There is money to be saved in an efficient cash handling process e.g. spoilage, digital use of physical cash, security and thefts
    • The need and wish for convenience will most likely lead the digitalisation forward, despite common issues of trust and security
    • Payment is not only about how to pay, but also about what is sold and why
      • Instead of money a seller might want access to social network or trade goods or service

Share

powered by amiando

Event organizer: Handelsverband Deutschland, Schwedische Botschaft Berlin, Business Sweden
Tutorial - Online Event Management with the ticketing solution from XING Events

Imprint