The year 2020 has been one of the most unpredictable years for the retail sector with COVID-19 wreaking havoc across the globe. Even before the pandemic hit us, the retail sector was wading through choppy waters with U.S. President Trump imposing tariffs on international goods, potential recession looming over us, and Millennials and Gen Z increasingly shifting buying preferences to e-commerce and socially conscious shopping. With so much to withstand and more, retailers and brands are desperate to understand online consumer behavior and grasp the changing purchase sentiments and rapidly evolving buying habits of the online customer.
Intelligence Node conducted a series of surveys in the past 9 months to gauge online consumer behavior and shopper sentiments in the U.S. market during pivotal events and occurrences to better understand and cater to the evolving consumer expectations. We have addressed the consumer survey results through a series of graphs with their in-depth analysis, quick facts and key takeaways for every section, interesting statistics emphasizing the consumer buying patterns, and expert predictions for 2020.
Let’s take a look at some of the interesting insights from the report:
- 82% of shoppers will continue shopping online even when stores reopen
- 94% of shoppers compare prices at least some time or the other when shopping online
- Heavy demand for counterfeits, with 70% shoppers opting for counterfeits due to price considerations
- 1 out of 2 shoppers choose websites with fast, easy and affordable delivery while 1 out of every 3 shoppers buy from the website with the lowest price
- Splurging on grocery will continue with only 20% shoppers planning to cut back spending
- In the global recession we are witnessing, 1 in every 3 customers are cutting spending on Fashion, Electronics & Home Decor
Intelligence Node’s Consumer Buying Behavior Report takes the reader on a journey of a shopper while navigating the shift in e-commerce, holiday season 2019, a potential global recession, the growing counterfeit market, tariffs, the pandemic, and the rise of a new ‘woke’ customer. From understanding the socially conscious customer to the first-time online buyer, this report explores all the aspects of today’s shoppers to help prepare retailers and brands thrive in these uncertain times.
For a more extensive experience, The Consumer Buying Behavior Report comprises expert predictions for the remaining half of the year 2020. Here is a peek at the predictions stitched together after a thorough scrutiny of the current retail economy along with the survey analysis:
- In-store shopping will evolve to customer experience and education
- Shopping by appointment, online consulting & the use of tech will become the new norm
- Comfort over beauty will prevail across fashion and wellness sectors
- Socially and environmentally responsible brands will thrive
- Private labels will come to the forefront for their perceived economic value
In summary, the retail industry is going through a wave of transformation and will never be the same. Unprecedented external factors have contributed to this turn of events and have carved a sure-shot path for a data-driven, digital-first, unified future of retail. Retailers and brands need to embrace this change, understand the consumer expectations, and ride this transformative wave to win in the age of Amazon. They need to unify compelling online and instore experiences and weave them throughout the consumer buying journey to reel in consumers at every stage and win market share.
To get deeper insights into the consumer buying sentiment across the buying journey, download the full Consumer Buying Behavior Report here.
