Braze, a comprehensive customer engagement platform, released a new report titled “The Future of Retail: Opportunities for Brands in the New Normal.” The findings assess COVID-19’s immediate and long-term impact on the industry and serve as a resource for retailers navigating uncertain times. The report details the impact of COVID-19 on consumer behaviors and perspectives, provides retailers with actionable guidance on improving purchase and retention rates and examines what tactics will be successful for the 2020 holiday season.
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“COVID-19 has changed the consumer retail experience forever as demand for e-commerce looks to become permanent, customer loyalty has been upended and spending patterns have changed,” said Myles Kleeger, President and Chief Customer Officer of Braze. “To effectively serve customers and drive future growth, prioritizing customer engagement is more important now than ever. Brands that double down on digital and place personalization at the heart of their strategy will emerge from the pandemic stronger than before.”
The report leveraged several data sources, including a global survey of 8,000 consumers around the globe on their shifting behavior, sentiment, and expectations, as well as aggregated customer data from Braze.
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Analyzing data across geographies and generations, the report uncovered several key findings:
The Pandemic’s Impact is Here to Stay
The ongoing pandemic ushered in permanent changes in how and where consumers shop. Over a quarter (26%) of global consumers tried at least one new brand during the pandemic, and a whopping 95% reported intentions of buying from one of these new brands again in the future. The flight to digital and mobile channels during the peak of the pandemic is not a huge surprise. However, findings reveal that even as physical stores open back up 83% of consumers intend to shop online the same amount or more.
Renewed Focus on Brand Values and Trustworthiness
As we look toward the 2020 holiday season, the report found that it’s no longer just about brand familiarity. Brand values and corporate empathy will play an increasing role in consumer loyalty and purchasing decisions. Only 10% of consumers consider “familiarity” as a top consideration when deciding where to shop. This is in contrast to 91% who responded that a company’s response to the pandemic, especially towards employees and customers, was an important criterion. Companies that mistreat employees, contribute to pollution or take opposing political stances were also revealed as top reasons for consumers to shop elsewhere.
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