Retail trends

Top retail stats for December

Dec 14, 2020

We’re back again with the 4 most remarkable retail stats we’ve seen this month, as a wildly unpredictable year for retail comes to a close.

Customers are becoming more promiscuous

McKinsey have found that customers have been far less loyal during the pandemic, with 75% of them trying new companies, and new ways of shopping.

This perhaps confirms a hunch that many retailers will already have – that more online shopping creates more choice, and therefore, less loyalty.

Retailers should make loyalty strategies a big area of focus for 2021.

71% of consumers ‘shop while doing something else’

An IBM report has revealed that fascinating insight that seven in ten of today’s always-on consumers do their shopping while they are doing something else.

These are referred to as ‘micro moments’, and reflect a genuinely new kind of digitally native customer who shops anywhere, anytime, however they want to.

This of course has enormous implications for retailers of all shapes and sizes.

28% of shoppers now expect next-day home delivery as standard

Another thing the pandemic has altered is customer expectations about deliveries.

dec-stats-deliveries-IG

Retail Week have found that more than a quarter now expect all deliveries on the very next day.

This has of course emerged because of the huge shift to online buying, and a far greater degree of focus on deliveries – and indeed, delivery times.

Digital advertising costs have risen by 255% over the last four years

The Business of Fashion have revealed the eye-watering statistic that digital advertising costs have risen for retailers by 255% over the last four years.

This will offer real food for thought for retailers. Is advertising money better spent elsewhere? And could physical space start to be thought of as a place to advertise?