Loss Prevention Research Council Weekly Series - Episode 35 - How we will shop and the Big Picture
With Dr. Read Hayes, Tony D'Onofrio, and Tom Meehan
From Bright Pearl Reports - How we will shop - winners and losers - USA version. 78% will be buying online more frequently next year. 38% are more likely to shop online than instore. 55% now buy products online that they previously bought in a store. 66% planning to make fewer shopping trips to malls over next 12 months. 45% say deliveries are taking longer since crisis. 42% say that unreliable delivery has lessened their trust in online shopping. Winning categories are grocery, staple items, and health & beauty. Losing categories are jewerly & watches, luxury goods, and big ticket items such as cars. Winning products are shoes, mobile phones, laptops, DIY, and video games. Losing categories sporting events, concerts, suits, festivals, and art. 39% will only shop online within the next five years.
From McKinsey, 40% of respondents said they tried new brands or made purchases with a new retailer. Switch was higher in USA at 46%, in UK was 44%, in Germany 32%. Top five reasons for switching: lower price, value to price ratio, support employees, repurposing facilities, and offer relevant messaging and promotions. At least 50% want stores to follow guidelines that will keep both shoppers and employees safe.
From Visual Capitalist - 5 big picture trends being accelerated by the pandemic. No.1 Screentime takes hold; No.2 The big consumer shakeup; No.3 Peak globalization; No.4 The wealth chasm; No.5 The flexible workplace.
According to data from Sensormatic visits to stores dropped 52% this year. According to Retail Next, shoppers yield which measures spend per consumer increased an impressive 36% over last year. Adobe reported online sales for Black Friday increased nearly 22% as consumers rang up $9 billion. Makes Black Friday second largest online spending day after Cyber Monday. Cyber Monday sales projected to be $11 to $12 billion representing growth of 15% to 35% on last year.
The increase in online shopping for Black Friday and Cyber Monday comes with an influx of COVID-19 related scams. On this week’s episode, our co-hosts discuss this and more, including COVID-19 vaccinations, smart devices and IoT, efforts to protect curbside pickups, retail projections for 2021, fake raffles from live streams, and extended shipping scams.
