Here’s What The Latest Consumer Data Says About What’s Next For Retail
We have passed a full year since Covid-19 first hit and completely reshaped society. With millions of vaccine doses administered and more than 20 percent of the US population fully vaccinated, there is increased optimism that we are on the cusp of entering a post-pandemic future. Like so many industries that experienced massive disruption during the crisis, retail has permanently changed on multiple fronts.
Even before Covid-19, the retail industry was undergoing major shifts driven by technology and consumer preferences. Retailers from big box to grocery must continue to fight for a competitive edge in a world dominated by Amazon. Tomorrow’s winners are deeply invested in e-commerce, omnichannel, and direct-to-consumer/subscription strategies. Even as we emerge from Covid-19 and shoppers begin to venture back into physical stores, there are many consumer attitudes and behaviors that took hold during Covid-19 that will have a lasting impact.
To help dig into what’s next, I connected with Bhava Kompala, Global Business Head – Retail at LatentView Analytics, a recognized leader in Data and Analytics and a trusted partner to Fortune500 companies in CPG & Retail, BFSI, Industrials and Technology. Leveraging Bhava’s experience in retail analytics and market trends, we analyzed new data from Prosper Insights and Analytics.
The March 2021 survey saw responses from more than 8,000 statistically balanced participants about the latest changes to consumer attitudes and behavior resulting from Covid-19.
Gary Drenik: In March of 2020, nearly 20 percent of Americans had used a BOPIS (buy online, pick up in store) service. That number grew to nearly 24 percent a year later. What do you make of this?