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Colliers examines the psychology of retail

Eurobuild CEE 08 October 2018
WORLD The increasing expectations of customers are forcing retail chains to create holistic, personalised shopping experiences, using the findings of behavioural psychologists and on the latest technology claims Colliers International in its “Shopping full of Emotions” report, which it prepared in collaboration with Kate Nightingale, the founder of Style Psychology.

The study is based on interviews with industry experts, retail chain representatives and customers, and it highlights the current trends in the retail trade, such as the changing functions of stores, both bricks-and-mortar and online with stores are becoming more like “places for services”, offering other services with added value in addition to quality goods.

“Seeing the world through the lens of a service is simply inevitable. ‘Service thinking’ is thinking through the whole process: analysing step-by-step the consumer’s decision-making processes, the consumer’s touchpoints with the brand, predicting the future, describing service algorithms, and communicating brand values properly,” says Grzegorz Młynarski, the CEO of Nanovo Consulting. Retail chains are becoming aware of the importance of positive customer experience when building brand strategy and its impact on sales results. This issue is, however, very complex.

“There is still no common understanding of what customer experience is and, more importantly, how it is created. One of the basic principles from consumer psychology says that humans act predominantly subconsciously. The decision to walk into a specific store or buy a specific product can often be made within less than a second. A quick look at a store’s façade or a product allows us to decide whether they match our needs and budget, or not,” says Kate Nightingale. The full report can be downloaded here.

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