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New Processes For A New Normal
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"New Processes For A New Normal"

Consumer Behavior Shifts Force Retailers to Evolve Operations ... With the Help of Technology

The COVID-19 pandemic has negatively impacted many industries, perhaps none more so than retail. With all non-essential retailers forced to close their stores and the economy spiraling downward, driven in large part by record-high unemployment rates, both retailers and consumers were forced to re-evaluate the “normal” way of shopping.

So how has this shift in consumer sentiment impacted retailers’ businesses? According to the same Prosper Insights & Analytics survey, 64 percent of consumers said they’re shopping less in brick-andmortar stores. However, there is some good news: 43 percent of respondents said they are shopping more online. In fact, that is an increase from 42 percent who said the same in May, and 37 percent in April, indicating that consumers' preference for online shopping isn’t abating, at least any time soon.

The good news for retailers? The omnichannel nature of consumers’ purchase journeys was evident prior to COVID-19, with increased adoption of programs such as buy online, pick up in-store (BOPIS); buy online, return in-store (BORIS); and ship from store a testament to that. What the worldwide health crisis did was rapidly accelerate the rate of adoption for these programs, among both retailers and consumers. Furthermore, new forms of omnichannel shopping have emerged during the pandemic, most notably buy online, pick up at curbside (BOPAC), prompted by consumers’ desire to spend less time in physical retail stores as a safety precaution.

Offered Free by: Total Retail
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