The pandemic has changed shopping habits
The way we shop has shifted in such a dramatic fashion that even predictions made in 2019 seem out of touch. The uncertain trading environment brought on by COVID-19 and Brexit suggests it’s more pressing than ever to keep pace with consumer expectations.
50% increase in online consumer spending
In November 2020, online sales saw a 67% increase compared with the previous year. Overall, there has been a 50% increase in online consumer spending since the start of the pandemic. This is due to continue even after life returns to normal.
Amazon has set and raised the bar for choice and speed
Amazon continues to dominate in the space, delivering the online shopping experience consumers want, and enjoying record sales in the second half of 2020 as a result.
Even with the mounting Brexit obstacles, Amazon continues to trade with relative ease —a fact that small and medium-sized businesses in the UK likely envy.
These challenges present the need and the opportunity for retail businesses to redouble their efforts to offer an exceptional customer experience, and make seamless online business a priority.
7bridges has conducted new research (with YouGov) into shifting consumer expectations in light of the pandemic, and developed a guide that contains practical advice for retailers to capitalise on the opportunities they present.
Research conducted by 7bridges and YouGov shows that consumers who have a preference for online shopping are high spenders. They spend nearly 169% more than their high-street counterparts. What matters to them, and how can you best attract and retain their business?
7bridges and YouGov research shows that the five things most likely to reduce consumer spend with their retail brands are:
- Changes in shopping patterns since the start of the pandemic
- The ability of businesses to recover lost profits in 2021
- The relationship between consumer spending and logistics experience
- What consumers expect from online shopping
- How to offer an exceptional online experience in 2021 and beyond
7bridges is already trusted by fashion brands, medical technology providers and manufacturers. We've also been voted as one of the most exciting artificial intelligence startups in Europe in 2020 by Business Insider.
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