Covid-19 has drastically altered how, where, and who we shop with. What does the next year hold in store for your customers? How We’ll Shop, a new study by Brightpearl, reveals the most significant changes to shoppers’ spending habits since Covid and how this will impact on their behaviours and priorities over the next 12 months. -from Brightpearl.com
Consumers have been wrestling with uncertainty through the COVID-19 crisis. But their expectations for their retail experience—both online and in-store—continue to be high. Retailers that can adapt quickly enough will be well positioned when the recovery comes. -from mckinsey.com
The Coronavirus pandemic has disrupted the retailing landscape globally. However, retailers' appetite for innovation has been impressive despite being confronted by a challenging environment. This research spotlights fifteen global retail innovations in 2020, highlighting those likely to become permanent features in the global landscape. -from Euromonitor
Seventy-two percent of those surveyed report they offer curbside pickup, 67% deliver straight to the customer’s door, 64% offer click-and-collect, and 36% are able to ship online orders from the store. More than 90% of sales still originate at the store level. Digital-influenced grocery shopping has been pushed to the forefront in the age of social distancing, and grocers are clearly looking to enhance their offerings. -from RISnews
While the majority of consumers (71%) are in a similar or better financial situation than last year, nearly 1 in 3 (29%) say that their household’s financial situation is worse year over year. In this season of uncertainty, price, value and convenience continue to be top considerations for consumers, as is the desire to get creative with how they celebrate the season with family, friends and pets, no matter the circumstances.
Personal safety moves into the top three purchase drivers. Overall net spend across all categories in the next 6–12 months is 22% lower vs. pre-COVID-19 and spend on non-essential purchases, is expected to drop by 34%. In our first report, net trust across all sectors globally, was stronger than pre-COVID-19 (+3%). Now, net trust has declined to -4%. -from KPMG
Retailers have also seen a proliferation of IoT devices ranging from mobile devices, CCTV, self-service systems, RFID, Computervision, kiosks, digital signs, electronic shelf labels and others that are generating massive amounts of data at the store level. When we talk about Retail on the Edge, yes it involves the rapid change of retail, but our focus is on where the processing of all these data inputs reside. -from IHL Group
If 2020 has taught us anything, it’s that the unexpected can change our way of doing business, and how consumers engage with brands, overnight. 50% rate product/service quality or product pricing as top loyalty drivers. 76% expect real-time app or email updates on delays or changes when making a purchase. -from selligent.com
The level of friction has increased in the retail shopping experience – regardless of how customers shop – and the impact is significantly greater. Certain problems have a disproportionate contribution to loyalty damage. Reducing friction during online shopping will be key to sustaining momentum and capitalizing on future online purchase intentions. As customers react to restrictions and establish new routines with respect to COVID-19, the perception of the effort made by retailers to protect their health and safety is key to loyalty.
What the headlines fail to appreciate is that the pandemic is not dividing retail, it is bringing online and physical closer together with many retailers using both channels harmoniously. The reason the online channel failed to dominate is because customers’ needs are often best served by using multiple channels to make purchases. The best and strongest retail business models now reflect this: they present a seamless, channel-agnostic shopping experience for the consumer. - GlobalData
The 2020 global GDP growth baseline forecast has been downgraded by 1.5% compared to the May forecast, with a 1.2% downgrade for advanced economies and a 1.7% downgrade for developing economies. This mainly reflects the worse than expected economic effects of the pandemic in Western Europe, India and Latin America (which emerged during the summer as a new major centre of the pandemic). -from Euromonitor International
Explore this year’s Top 10 Most Intimate brands. Demographics and global findings: Discover findings related to age, income, gender and geography. ROI: See how top intimate brands outperform the Fortune 500 and S&P for profit and revenue. Smartphone ecosystem: Learn more about how brands that embrace or enable consumers’ widespread use of smartphones are more intimate than those that don’t. Top industries across markets: See the top 3 most intimate industries across the U.S., Mexico and the UAE. -from MBLM
This RSR report will seek to examine the impact of COVID-19, the most significant challenges retailers face while it rages on, the opportunities they see, and the technologies they can infuse with location intelligence to get the right answers to the questions posed above.
In China and other parts of the region, retail is leapfrogging development stages that the US and Europe once toiled through. Instead of expanding physical store space to Western levels of saturation, executives are seeking urgent answers to cutting-edge e-commerce questions. The Future of Retail is on display in China. -from bain.com
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