A new study from Oracle revealed that consumers are more willing to engage with brands that offer new retail technology if they are able to exert control over their experience.
The Oracle Retail 2025 study provides a benchmark on where shoppers lie within the retail technology adoption lifecycle and also highlights how the attitudes of consumers could impact the implementation of new retail technologies going over the next eight years.
“Consumers clearly indicated that they have a conservative appetite for retail technologies that requires deep personal data and make decisions on their behalf,” Mike Webster, SVP and GM at Oracle Retail and Oracle Hospitality, said in a statement announcing the findings. “This signals brands to focus on building a strong foundation to win trust. Warm attitudes toward utilizing virtual reality and receiving recommendations for custom-made accessories produced with 3-D printing points to consumers’ willingness to adopt new technologies if they are in control of their experience.”
The research includes survey results from 709 consumers who were polled in February 2017.
While artificial intelligence, virtual intelligence and the Internet of Things have the biggest opportunity to anticipate what a consumer may purchase next, the study’s findings underpin the criticality of establishing trust with shoppers when it comes to bringing new retail experiences to market.
Nearly 64 percent of respondents said they liked the option of using virtual reality to navigate through a personalized in-store experience and being able to “try on” hand-picked items. The majority of consumers also showed favorable attitudes toward experiences like suggested shopping lists or having items charged and shipped all based on historical purchase, social and environmental data.
“Consumers are wary about volunteering data necessary for personalization but still look for a tailored experience, reinforcing the need for stronger brand relationships. On the flipside; there is a clear difference in consumer expectation for retailers to make data available and customize information about components, origin and recalls to their specific buying patterns,” the statement continued.