Retail consumers find creative ways to fill their time at home
With more time spent at home, consumers are engaging in new or renewed activities during their spare time. More than half (62%) are trying new recipes, 51% are spending time on home improvements, and 48% are embarking on new skills or online education. In each case, the vast majority expect to continue with these activities.
Families are welcoming the opportunity to spend more time together, and new ways of socializing are gaining in popularity as people connect virtually. With the switch in many cases to working from home, employees have embraced their new environments and many expect to continue or increase their time spent home working in the future.
Building consumer confidence with responsibility and resilience
The retail industry has experienced major disruptions in the past, but consumer preferences and shopping patterns have never shifted so quickly. As well as changing how they shop, the reasons why consumers shop has also changed forever. Retailers need to draw on data-driven insights to renew their relationship with consumers.
Responsibility to employees and consumers has taken on a new significance. When it comes to restarting the economy, the near-ubiquitous lack of consumer confidence will pose an enormous challenge. Retailers need to build trust with consumers, such as implementing visible safety and hygiene measures for staff and customers in stores.
With the rise of the conscious consumer, and the intent to make environmental and ethical purchasing decisions, retailers need to build sustainability into the core of their businesses, and look for new ways to grow.
Retailers need to improve shopping efficiency, both online and offline, and be ready to respond to rapidly shifting needs as the pandemic evolves. The increased use of digital requires retailers to substantially increase their investment in omnichannel capabilities.
Retailers have an opportunity to reset and rebuild their businesses. How they help consumers to get through the now and next of the pandemic will influence their success in the years ahead.
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