With consumer behaviors changing daily due to the COVID-19 pandemic, retailers are forced to reinvent how they do business. Research conducted by CommerceNext shows that 64.5% of retailers are not seeing sales shift from stores to ecommerce.
Kondali noted that consumers have a bleaker outlook on their own financial situations as compared to during the last financial crisis in 2008. An overwhelming 72% believe the economy will worsen in the next 12 months.Technographics Retail Online Survey Q1 2008However, these economic concerns aren’t entirely reflected in consumers’ current and anticipated future shopping habits.
confirmed a common misconception is digital will pick up the slack from store closures, “As the data clearly shows, it will not. Consumers are understandably not in a shopping mindset except when it comes to key essentials.” Courtesy of CommerceNext One of the panelists predicted that you can expect retail shoppers’ spending six weeks ago will not be there to the same extent in the weeks and months to come. It is reasonable to expect online businesses are going to rely more heavily on increased performance marketing spend and promotional discounting. Most other merchants surveyed during the webinar agree.
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