Approximately 17 million U.K. consumers are anticipated to make long-term changes to their shopping behaviours in the wake of the pandemic.
A recent report estimates that 17 million Brits intend to make changes to the way they shop, as dangers of having COVID-19 at physical stores redirects shopping right into online networks. The projection is based on a new study of 5,000 customers from six European countries.
Customers who perceive the risk of COVID-19 to be extremely high are virtually four times more likely to shift their purchasing habits. This group shows those in society that have in the past been slow-moving to adopt online purchasing. They have now started to shop in brand-new methods for necessary products, and they do not plan to change these behaviours.
The arrival of the brand-new group of online consumers alongside ‘very early adopters’ means the percentage of online retail sales is approximated to increase by an extra ₤4 billion this year, regardless of consumers cutting back daily spending.
Over the next couple of months, stores will need to involve with this new group of online customers. Those that succeed will utilize the shifts in behaviour to fill gaps out there, repurpose stores to change their operating models significantly.
Stores are dealing with a make-or-break point. The competition is on to change operating models to ensure these fulfil the demands of a brand-new kind of consumer. Those that arise on the other side will undoubtedly be more powerful and much more versatile.
Consumer confidence in the federal government and its action is vital in establishing desired buying practices. The majority of U.K. customers do not assume the government’s reaction has been positive, while over half think the risk of the infection to be high.
In other places in Europe, the majority of Swiss customers prepare to make irreversible adjustments to their buying behaviour versus 75% in the U.K. and 70% in both France and Spain.
Bring in buyers back to physical stores is a significant obstacle for retailers. The priority for consumers is security – above that of convenience, cost and option. When obtaining trust has never been much more critical, stores that failed to fulfil this expectation will lose confidence.
Social distancing measures put the high quality of the traditional consumer experience in risk. Almost half of U.K. consumers plan to stay clear of busy places such as massive shopping centres.
As profits turn online, sellers must seek to tackle legacy cost bases. Redundant stores could be repurposed for online fulfilment, city centre hubs for combining distributions, click-and-collect factors, or drop-off destinations for returns. However, taking off the hefty burden of rents will be vital to developing lasting business models.
The way we shop has essentially altered. Merchants with large store footprints deal with burdensome rental arrangements, and they are locked into a standoff with landlords. Both parties need to start working closely to protect the shared benefit.