This pandemic has changed our lives dramatically and with its long-term effect still uncertain, there is significance in the impact COVID-19 has on retail. Retailers are experiencing increased demand for opportunities to serve consumers at home. This requires retailers to reconsider aspects of inventory, supply chain management, and delivery systems all while handling a substantial drop in sales amid the pandemic. Brands are expected to find new ways to reach and engage with consumers who are shopping from home just to sustain in the market.
E-commerce is the future of CPG brands – creating new consumer demands in connection, convenience, and trust. As we move toward post-pandemic life, the retail world moves beyond the four walls of in-store shopping to right at the touch of your fingertips.
The universal rule that the customer is always right is at its peak, as consumers are currently in control now that there are more ways to shop. E-commerce saw 10 years of growth in just three months in 2020. The rise in e-commerce is calling retail brands to implement a digital transformation strategy, as the pandemic has influenced online shopping to become the new norm. As we enter a new digitized world of shopping, it is now a necessity for retailers and brands to create a plan focused on improving e-commerce operations to survive post-pandemic shifts through building channels using consumer insight.
The Pandemic Changes Retail Forever
Observing and becoming familiar with the online consumer journey is the most precise key to digital success now that COVID 19 has changed online shopping forever.
Post-pandemic life anticipates shifts that retailers and brands must prepare for. The roles of digital and data in retail are more valuable than ever before. Entering this new reality encourages us to take the following into consideration:
- Consumers are now likely to be accustomed to the new ways of shopping, turning them into the new norm. Direct-to-Consumer brands is an accelerating business model. Consumers are likely to pursue online D2C sales. Infusing real-time analytics to offer personalized and contextual experiences will help businesses stay pertinent to consumers.
- Values in shopping experiences are likely to change both online and in-store. Pre-pandemic customers centered their in-store values around fun, entertainment, and engagement. Now, experiences may be evaluated based on cleanliness, safety, and how the company approaches social distancing guidelines.
- The personalization-privacy paradox may turn into a health privacy controversy. Will customers be willing to give out personal data to track contact tracing? Consumers might have a different reaction to personal information retrieval as it is all digital; more than half of consumers last year confirmed they do not trust companies to handle their data ethically or protect it.
As Marketsmith continues to help our retail clients navigate these shifts in post-pandemic buying, we must consider how to ensure that customers feel an improvement in user experience and trust that the brands they are interacting with are using their data, not abusing it. Contact us to find out how we can help amplify your brand’s e-commerce landscape.