Beyond the 5 minute economy
Shell is the world鈥檚 largest fuels retailer serving fuel, food, coffee and other convenience goods to more than 30 million people every day.
As a global retailer, we make a point identifying the gap between what shoppers expect from a convenience retailer and what they deliver so that we consistently deliver better experiences for our customers.
The Beyond the Five Minute Economy report (PDF), commissioned by Shell, looks into how the consumer demand for greater convenience is changing the face of retail. It asks what retailers must do to fit more seamlessly into consumers鈥� lives and deliver a true omni-channel experience.
The research
Research for the Beyond the Five Minute Economy report, was carried out by an independent research firm. The research looks into consumers鈥� changing demands for convenience across the retail sector: fuels, convenience, technology and fashion.
The research was carried out in 2016 and follows on from an initial study in 2014. It considers the shopping behaviour of 15,125 consumers across: Brazil, Canada, China, Germany, India, Indonesia, Malaysia, Mexico, Russia, South Africa, Thailand, The Netherlands, Turkey, 麻豆传媒 and USA.
The findings
Consumer demand for convenience is accelerating, driven by a desire for experiences that give them back time to do the things they enjoy.
But, it is clear that convenience is not about quick 鈥榠n and out鈥� visits. It is rooted in human interaction and is the combination of multiple factors around service delivery, personalisation, merging of online and offline experience, and product quality. It is also an essential and non-negotiable component for a growing number of convenience cravers across the global, but especially in Asia.
The report highlights four Pillars of Convenience to meet consumer needs:
- Humanised customer service
- Variety of payment methods
- Seamless omni-channel retail experience
- Partnerships that deliver more choice and higher quality
For Shell, expectations around convenience must be met during an in-store interaction lasting no more than five minutes: the Five Minute Economy.
What next?
Download The Beyond the Five Minute Economy report (PDF)
The results uncover a noticeable gap between what consumers want and what they believe they are getting when it comes to convenience. Closing the gap requires retailers to renew their focus on products and services, experiences and people.
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