Retailers reactions to the cost of living crisis
The UK annual inflation rate hit 9.1% in May 2022. Consumers reacted by making spending cuts as the prices of essentials such as energy, food, and petrol surged. According to the BRC, retail sales was 1% lower in June 2022 than the previous year despite the demand created by the Queen’s platinum jubilee celebrations. Barclaycard’s survey reports a 5% year-on-year […]
Customer Demographic Changes: What to look out for
The demographic of shoppers has always been important for product development, marketing, merchandising, store design and more. Consumer behaviour had been changing since before the pandemic but the pandemic accelerated these changes: many shopping local, others using different channels to shop, and cash strapped shoppers are looking for cheaper alternatives. This quick shifts in consumer […]
Consumers’ Call for Sustainable and Ethical Brands
Consumer’s interest in sustainability and ethical retailing was not sparked by Covid-19. Instead, the pandemic gave momentum to an already growing – trend, says McKinsey. During the height of the pandemic, consumers had more time to think about and educate themselves on issues such as climate change, sweatshops, water usage etc. Forrester data reveals that […]
Experiential Shopping: Real Life Examples
Consumer expectations of physical stores have changed since pre-pandemic. Most shoppers have become accustomed to online shopping and enjoy the convenience it offers. So, what have brick-and-mortar stores got to offer? Well, brick-and-mortar stores have the advantage of being the only touchpoint where consumers can be truly immersed in the brand. According to Shopify, more […]
Consumer expectations of retail stores in 2022
Experience, personalisation, and technology will be at the centre of consumer demands this year. We saw these trends being accelerated by the Covid-19 pandemic and in 2022, they will continue to have profound impact in the retail sector. 1) Experiential shopping: Since the beginning of the pandemic, consumers have been […]
Omnichannel consumer journey: How the pandemic changed shopping behaviour
Consumer journey in retail has become complex with new touchpoints emerging frequently. Omnichannel is no longer just stores and a website; social media, apps, adverts and other touchpoints are becoming increasingly popular and impactful, particularly among the younger generations. The Covid-19 pandemic has further accelerated the growth of these new sales channels, forcing retailers to […]
Omnichannel Retailing: Covid-19 accelerating the growth of omnichannel sales
The pandemic has accelerated the trend of moving to online sales, but why? Well, in a nutshell, the main reasons are store closures and the danger of contracting the Covid-19 virus keeping consumers at home, forcing them to purchase online. However, online only stores will not be the sole winners of retail. An omnichannel approach […]
Shopping tourism before and after Covid-19.
Shopping tourism exists because fashion and tourism are both reflections of people’s aspirations and lifestyles. The World Tourism Organization puts shopping as one of the top deciding factors for travellers when choosing a destination, pre pandemic; shopping is also one of the largest categories of tourists’ spending. Tourism spending has been growing, despite the global […]
The rental market growth: why is renting the future of retail?
The rental market is offering consumers high quality, trendy clothing without the price tag. It’s eliminating buyer’s remorse while giving shoppers a regular dose of dopamine with each rental. So, it’s no surprise that the global online clothing rental market is worth $1,215 million in 2021 and is expected to grow at an average annual […]
Emotions and Purchasing Decisions: How Retailers Can Use Science to Improve Customer Loyalty
Up until recently, understanding consumer behaviour was done through analysing behaviour in store. Now we have new technology like the functional magnetic resonance imaging (fMRI) which can look inside the consumer brains to help retailers understand their needs better. The Science: The self-declared savvy shoppers may not want to read this, but it’s scientifically true […]