Seven pivots for future growth
Since COVID-19, shoppers have expanded their retailers set, tested new fulfilment methods, and re-prioritized elements of the retail experience. With this change in behaviour comes new opportunity for retailers and suppliers to create new occasions, strengthen loyalty, and right-size assortment. During the Retail Realities of COVID-19 Virtual Event, we outlined seven pivots for success, complete with near- and long-term implications:
- Shop less, buy more: For many categories, shoppers are making fewer trips, but buying more
- Impulse: Despite some challenges, many impulse categories have the opportunity to thrive
- Shopper loyalty: There’s a growing willingness to abandon preferences for what’s available
- Serving the growing cash-strapped shopper: The most vulnerable shoppers will cut or eliminate to stay afloat
- A new era of celebrations and interactions: Shopping rhythm and the seasonal cycle has been up-ended
- The snacking surge: Less structure and limited dining out options has led to a leniency in treating ourselves
- The personal care pause: Quarantine has caused a downturn in personal care occasions
