An Emerging New Economy
As economies across the globe reopen and organizations learn to operate in the new normal, COVID-19 continues to subdue consumer confidence and alter buying preferences - even altering buyer segments.
Emerging themes in customer behaviors are represented by a shift to value and essentials, a flight to digital and omnichannel, shocks to prior loyalties, the health and “caring” economy, and the homebody economy.
In the U.S., visible safety practices and care for employees and customers has become even more important, with the reliance on online business now surpassing 10% in many retail categories according to Mckinsey.
Prior to the Coronovirus, a whopping 85% of purchases occurred at physical stores,, emphasizing the value that consumers found in an in-store shopping experience. Now, contactless retail is a major use case for omnichannel delivery including curbside pickup, delivery and drive through services.