Review
Reconsider
React
Reimagine
Reidentify
Reconnect
Realign
Reinvent
Repurpose
Reward
Share
Action Step 3
React to the new realities of retail.
Two recent consumer surveys conducted by Arlington Research and PFS web’s (NASDAQ: PFSW) operations business unit, identified that seven in ten consumers still expected delivery times within a week or less during the COVID-19 lockdown. Additionally, these same surveys revealed:
- Social distancing and the COVID-19 Pandemic have encouraged over 6 in 10 consumers (63%) and 75% of Millennials to buy goods online that they had not considered buying online before the COVID-19 Pandemic vs. 39% of UK consumers and 52% of UK Millennials
- 55% of US Consumers have bought more products online from 1+ category during the COVID-19 Pandemic vs. 53% of UK Consumers.
- Over 7 in 10 Consumers in both the US and UK (71%) expect delivery within a week or less during the COVID-19 Pandemic vs. 83% in the US normally (90% in the UK not during COVID-19).
- Millennials are the most demanding age group with 24% currently in the USA (19% in the UK), expecting delivery in 24 hours or less vs. 26% in the US normally (21% in the UK not during COVID-19).
Keeping these considerations in mind, it’s fair to say that knowing who your customers are, what they want and connecting to them 24/7 is no longer an option but a necessity. In fact, 71% of consumers said a memorable online experience would encourage them to shop at a brand’s brick-and-mortar store.
As you drive forward into 2020, recognize that change is inevitable. What’s to come may be unexpected, but like many journeys there are often positive surprises along the way.
Businesses that are coming out on top during reopening are the ones who are making safety their priority. These are the retailers who are able to adapt responsively to product, workforce,partner, and operational needs during and after COVID-19. The basic principles of safety will not change, but the strategies and tactics deployed must. While there is always the risk of doing something wrong, there is a greater danger in doing nothing. Organizations that remain committed to the pursuit of safety excellence have been proactively examining the best case,worst case, and most likely scenarios as they reopen. You don’t have to choose between making a living, and keeping your workers and customers safe – you can do both. It just takes careful monitoring and quick reactions.
–Bob Butler, General Manager of Americas for Safety Culture.
Action Step
React to retail’s new realities and your own new realities. Combining industry expectations in combination with your specific needs, limitations, opportunities and more will put you in the driver’s seat versus passenger. Leverage data, customer sentiment, industry best-practices and inventory management to truly take control of your retail business.
