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Our new consumer research reveals three critical factors impacting consumer behavior as global conditions have changed—the pandemic effect, the social influence, and the holiday impact. Leverage this consumer study to learn how retailers can anticipate, embrace, and thrive in the New Next.
2020 has been a year to remember and to forget. The Anatomy of Change: Understanding Consumer Behavior in the New Next 2020 consumer research examines the effects that the pandemic has had on the retail industry and the consumer experience. Consumer expectations—online and offline shopping experiences—ave dramatically affected and inspired new behaviors for shoppers. The year remains dynamic and unexpected, continuing to redefine what it means to have a superior consumer experience, from speed and selection to safety and sanitation.
58% of consumers are comfortable shopping in store with proper safety precautions in place.
Emerging from COVID-19, one thing is obvious: Retail struggles to survive without the power of the physical store behind the digital experience. As retail reopens, retailers have to evaluate their store layouts to comply with new safety requirements, as well as consumer expectations. The store’s physical footprint requires a new level of agility that ebbs and flows with today’s demands and fluid guidelines.
71% of consumers say that speed of service, checkout experience, and delivery options are important to stay loyal to a retailer.
Consumer shopping habits changed, but no one yet knows if those changes are temporary or forever. With the reopening, the role of the store and the associates need to adapt to serve new shopping experiences and journeys. The customer and associate experiences are now a carefully choreographed interaction where the role of channels is completely blurred as retailers and customers drive to their own desired outcome.
47% of respondents said out-of-stock inventory is a deal breaker.
As new customer journeys and shopping experiences emerge, execution is everything. Consumers will not tolerate out-of-stock inventory, and 63% of consumers confirmed they will not wait to try another brand. Retailers with more accuracy and insight into their inventories will be able to quickly pivot to meet customer demands, whether that’s in-store, BOPIS, curbside, or other channels.
Gain a quick view of the key retail trends and consumer expectations in EMEA.
Gain a quick view of the key retail trends and consumer expectations in APAC.
Gain a quick view of the key retail trends and consumer expectations in Latin America.
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Find helpful resources and advice on navigating the New Next of retail.
With store operations limited and revenue streams cut off, learn how retailers are adapting to change.