Retail Analysis
RETAIL SECTOR FACES CHANGING CONSUMER BEHAVIOUR
During any turbulent times, the retail and ecommerce sector are often the first ones to experience changes as consumer behaviour is closely tied to business
performance. Gediminas Rickevičius, director of strategic partnerships at Oxylabs explains how web-scraping can help mitigate the impact that global events can have.
T
hroughout 2022, numerous unusual events have caused both supply shocks and consumer behaviour changes. These changes,
however, could not be as impactful as in previous decades due to the emergence of various automated data collection methods such as, most prominently, web scraping. Retail and ecommerce businesses may no longer be passive actors who absorb supply shocks and changing consumer behaviour and may be more able to adapt and predict such events.
Global trends for retail and ecommerce Over the past few years, the entire world experienced some decade- defining events, starting from the sudden extension of the Russo- Ukrainian war to the currently smouldering but still very much alive Covid-19 pandemic. All of these events led to historic jumps in inflation and interest rate hikes all across the world. Inevitably, these shocks affected the global economy. In the
6 | March 2023
summer, Europe experienced a continued energetic crisis with Nord Pool prices jumping to record highs. Interest rate hikes throughout the year affected numerous businesses and individuals. To top it all off, we recently saw a massive surge in layoffs, especially in the IT part of the business world. On the financial side of the world,
cryptocurrencies crashed with some of the largest exchanges going through bankruptcy proceedings or other troubling events, coupled with a potential for criminal charges being pressed against some actors. While these may seem localized to a single,
somewhat small part of the financial world, most of these companies had investments from hedge funds and venture capital firms. While these events, unfortunately, continue on, it seems that some
of the initial shocks have been winding down. Even so, consumer behaviour has changed and will likely remain slightly more cautious for the foreseeable future.
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