Consumer behavior is now a moving target. Both customers and retailers are navigating in uncharted waters as Covid-19 turbocharged the digital transformation strategies across all business sectors.
While consumers had been gravitating toward online purchasing, the pandemic exacerbated the trend. Moreover, online shopping is now a necessity vs. a convenient option. Furthermore, work-at-home is now the norm. Will the necessity for online shopping shift consumers’ preference from in-store sites permanently or will the two shopping options exist together?
Consumer Behavior Evolving
Branding is more important than ever before. Consumers will become digital natives and will come to rely on brands more heavily as a way to ensure value and worth for their dollar. As a result, some brands will need to figure out how to win back old customers with new mindsets. Others will use the opportunity to steal market-share by appealing to consumers’ newly formed lifestyles.
Will ‘clicks’ replace register ‘rings’?
Brick-and-mortar stores sit in retail purgatory — partially opened but facing an uncertain future. They have become distribution centers facilitating same-day delivery and curbside pickup of online orders. Is this a foretelling that in-store traffic may be permanently reduced? Stores will have to consider if having such a large footprint is necessary. Will the retail store become just a warehouse/fulfillment center?
All the same, the way in which people live and work has changed dramatically. Employees working-from-home may become permanent remote workers and will need (require) technology to support remote productivity.
Consumer behavior will continue to be a moving target. Ecommerce will increase leaving in-store sales an obstacle for retailers. The challenge remains in how the COVID-19 pandemic vaccine will or will not change the public’s behavior. Will they feel safe enough to venture out?