REAL ESTATE

TimeTrade Survey: Retail stores still very relevant

BY Marianne Wilson

New York — Brick-and-mortar stores are still relevant, with 87% of consumers planning to shop physical retail at least as often as they did in 2014, according to a study by TimeTrade Systems. What’s more, 65% of respondents report that if an item they want is available online or in a nearby store, they prefer to shop in the store.

The report,” The State of Retail 2015,” finds that, for consumers, the big driver (85%) for shopping in-store to ‘touch and feel’ products before they decide what they want to buy. And once consumers are in the store, they are willing to open their wallets: Eighty-two percent of all consumers surveyed will buy more than they had planned.

And though mobile dominates the headlines, the act of using a device to actually buy a product still has a ways to go. Most consumers use their mobile device to browse for items (50% to research products, more than 60% to compare prices and 46% to look for the nearest store location.) More than 42% of consumers have never purchased something on their mobile devices, and when looking to buy something, only 13% will make a purchase from their device.

Here are some other key findings from the TimeTrade report:

• Baby boomers control 70% of the disposable income in the United States.

• Millenials aged 25 to 34 are more likely than any other age group to book online appointments.

• Nearly 90% of consumers are more likely to buy when helped by a knowledgeable associate.

• Sixty-three percent of respondents report that if an item is the exact same price at four different retailers, they will decide where to shop based on the overall customer experience they have in the store.

To download the report, click here.

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