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seismic shifts in consumer behaviour retailers need to know about
By Vijay Ramachandran, VP Marketing Strategy and Planning, Pitney Bowes Commerce Services
ad the Coronavirus pandemic hit us a decade ago, its impact
on our lives would have been very different. Advances in communications technology and ecommerce have allowed us to fulfil self-isolation and stay-at-home requirements without too much inconvenience. Generally over the past couple of months we have been able to access the items we need, but over this time our buying preferences have fundamentally changed. New, potentially long-lasting consumer preferences have emerged.
Retailers and ecommerce companies are looking at these seismic shifts in behavior to rebuild their businesses, identify new trends, create new revenue streams and deliver the best customer experience. Refocusing their businesses with these behavioral shifts in mind will give them a head start.
New behaviors displayed during COVID-19
A poll of 2200 US adults by Pitney Bowes and Morning Consult, presented at a webinar in May, highlights how significantly our buyer preferences have changed. 57 per cent of shoppers surveyed have avoided going to a store
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since the beginning of the pandemic. 44 per cent of respondents have chosen not to shop online with a store if it requires a physical drop-off for returns. Almost half the consumers surveyed felt their preferences had changed for good. These preferences point to adjustments that retailers and ecommerce businesses should make as they rebuild and refocus.
1. There are more products which we now prefer to buy online – and this will continue Between 21 per cent and 31 per cent of respondents said that where previously they preferred to go into a store, now they prefer to buy online. 31 per cent now prefer to buy toys, products for hobbies or gifts online; 30 per cent prefer to buy office supplies online; and 29 per cent prefer to shop for personal care and apparel online. While this might appear to be a temporary situation exacerbated by stay-at-home requirements and limited stock availability, almost half the consumers in the study believe their purchase habits have permanently changed. 33 per cent expect to shop online for food and beverages more often; 30 per cent for household supplies and 29 per cent for personal care, with increases of 19-25 per cent for other categories.
2. Free shipping is even more popular now and we still love shipping notifications 73 per cent of consumers say free shipping makes their life easier – an increase of 10 percentage points from a Pitney Bowes/ORC study of 2826 US adults in September 2019. 66 per cent love it when the returns process is simple, while the same percentage – 66 per cent, an increase of 15 per cent from the previous study – said they most appreciate shipping notifications. However, consumers are tracking packages less often: 31 per cent, down 11 percentage points on the study from last fall, are now tracking their packages daily, while 24 per cent – 4 percentage points more than last year – will only track on the day they’re notified their package is shipped. 12 per cent, a rise of 8 percentage points, never check the tracking status.
3. We have more patience when it comes to receiving discretionary goods The pandemic pressed pause on a world in which ecommerce companies raced to accelerate deliveries. Perspectives, and priorities, have changed. The study highlights a willingness to wait for certain products. Consumers would prefer to have the right product delivered soon than a ‘good
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