For retailers, trying to win in such a competitive space, is challenging enough, but adding a global pandemic into the mix, certainly adds another layer of challenge.
We know that a strong online offering will be incredibly important for consumers in choosing which retailer to buy from, especially now that Black Friday falls within the UK’s November lockdown.
Data from our Consumer Insights Engine confirms that pricing and promotions are still the most important factors when choosing which retailer to buy from - with 53% or respondents confirming this.
However, we have seen a shift in second quarter of the year. Fast delivery (as a key driver) has increased significantly from 24% in Q1 to 36% in Q2. Stock and convenience also grew in importance, meaning that if a consumer can’t buy it from one retailer, they will not wait until it is in stock and will happily buy elsewhere if they can purchase it immediately.
Whilst GfK data suggests that we could potentially see a positive final quarter of 2020, this picture could change quickly. There are more fast-changing variables than ever before impacting consumers decision-making - and this is causing the market to evolve at an unprecedented rate.
What we do know is that, this year, more than ever before, retailers need to ensure their online offering is incredibly competitive in order to be successful.