These are truly strange times for the retail industry, we’re living through a year in which digital technology continues to advance at breakneck speed whilst a global pandemic has completely rewritten the rules on how, where and what we spend our money on.
As the ecommerce market booms, 78% of us expect to buy online more frequently next year, with 55% of us now buying products online that we’d only ever previously bought in store. The world of retail continues to change, and it sure can be difficult to keep up with constantly evolving technology, emerging consumer trends and ever changing government restrictions. Which is why we put together the How We’ll Shop Report, the definitive, free guide to the winning and losing industries during the pandemic and the key shopping trends for 2021.
So, based on some of the report’s valuable insights, here are our 5 key predictions on how our shopping habits will continue to change throughout 2021 and why your business should adapt accordingly.
Good news for main street stores! A whopping 75% of Americans intend on shopping more locally over the next 12 months as our buying habits continue to change in line with a higher proportion of the population working from home. This could provide a much needed boost to local economies across the country.
If you’re a retailer with an abundance of physical stores then 2021 could be your time to shine. Our study indicated that 56% of consumers want to increase their use of Buy Online Pick Up In Store Services, giving you the opportunity to cut down on the cost of delivery and maximize revenue by encouraging those in store cross sales when the customer picks up their goods.
Not only where we buy online, but what we buy online is changing. 55% of us are already buying items online that we never would have pre-covid and almost two thirds of consumers have said that they are open to trying new online brands since the pandemic struck.
As the pandemic creates worry and uncertainty around the safety of physical shopping destinations and the proportion of us shopping online continues to increase, some 66% of shoppers will cut down on trips to the mall over the next 12 months.
It looks like the luxury industries could suffer again next year, a third of shoppers plan on cutting spending on big ticket items such as holidays and high end jewelry, what’s more 78% of consumers believe that they have to be extremely careful with their money.
For a boatload more insightful data into How We’ll Shop in 2021, and advice on how to prep your business for the changing landscape, download our report here.