RETAIL ENVIRONMENT
Shopping behaviour significantly influenced by COVID
Coronavirus has not only impacted our health choices, but also our shopping behaviour, according to new research.
According to Swedish online payment platform Klarna, 67 per cent of consumers say good value for money has become more important since the start of the pandemic.
The study, which surveyed more than 4,000 people across Europe, the UK, the USA and Australia, explores how shopping behaviour has been influenced by coronavirus and changed over the past month.
The research found that 60 per cent of consumers deem promotions and deals as a priority, while a further 60 per cent felt a good reputation and trustworthiness was important.
Having a wide range of products available is also crucial for customers, with 58 per cent of them highlighting this as a main concern.
Klarna also identified five shopper types that have subtle differences in their priorities and preferences, they include family focused shoppers, aspirational achievers, the ‘here and now's’, savvy fashionistas and conscious consumers.
“This year’s events have transformed the way we browse and buy, reinventing our relationships with brands and retailers and accelerating change at an unprecedented rate,” said Luke Griffiths, chief commercial officer, Klarna.
“Merchants must keep a finger on the pulse of their customers wants and needs and adapt their products and service offers accordingly to build a connection with shoppers to drive loyalty and, ultimately, sales.”
Natalie Berg, retail analyst and founder of NBK Retail, added: “The retail industry is no stranger to disruption, yet nothing in our lifetime has jolted the industry like COVID.
She added: “As retailers look to navigate the new normal, resilience and agility will be essential for survival. There will be no return to the status quo. The days of being everything to everyone are well and truly over: in order to find their tribe, retailers need to be bold about who they are and what they stand for. Opportunities have emerged, enabling retailers to reimagine both physical and digital commerce for the future."
