The pandemic has left many industries questioning their future, and this certainly applies to retail, especially in a physical sense.
With customers barred from the high streets for such long periods, have we now become so used to online shopping that venturing into physical shops is now considered a complete waste of time?
Possibly, and possibly not! A study by Barclays has taken a closer look at what the future of retail could be, using bespoke marketing research to carefully analyse data, trends and lots more.
Here’s a breakdown of their discoveries and what we think these implications could mean heading into the future.
Convenience vs Human Interaction
There’s no denying how online shopping makes life far simpler, but the research discovered how people want this convenience blended with the human touch you get from physical stores.
Customers enjoy researching products in the comfort of their own home, but when it comes to making final decisions, nothing beats holding a tangible item to ensure you make the right choice.
It’s therefore important for brands to develop a strong digital presence, acting as the first point of contact for customers, but also following this up with a compelling in-store experience that builds more trust and shows you can in fact deliver what they’re looking for.
Customer Perspective Has Changed
They say we don’t really appreciate things until they’re gone, and this research suggests how the lack of physical shopping trips was sorely missed by customers throughout the various lockdowns, which has created a stronger desire to almost make up for lost time.
Throughout the pandemic, lots of people would have used online shopping as a means of escape, therefore developing a broad opinion as to whether this suits them better in an economical sense.
For many, online shopping encourages more impulsive purchases, and coupled with the extra delivery charges for items, you can in fact spend more money, which often gets overlooked due to its convenience.
Keep Adapting or Miss Out
Whenever the next generation of shoppers emerge, it’s crucial you tailor shopping experiences that match with their motives, beliefs and desires. For the latest crop, it’s all about leveraging digital solutions in-store, giving the younger demographic the interactive experience they need to connect with brands, their way.
Some common methods of blending digital concepts with physical retail would be mobile apps, which bring products to life, or click and collect services, allowing customers to order products online, but later grabbing hold of these from an actual person.
Rising Cost of Living
Everyone is feeling the pinch, so if there’s any way to reduce shopping expenses, it’s going to be explored. Within this research, it was discovered how various parts of the UK appear to be shifting their buying habits in comparable ways, so for retailers, understanding your nation’s stance is crucial.
In Northern Ireland and Scotland, it appears less frequent shopping is becoming more popular, whereas in London, there seems to be an even split between customers shopping more often and spending less.
Key Facts & Figures From This Research
Leverage The Future of Retail With Impulse
Adapting to change can be tough, which is why our team of shop display experts are ready to lend a helping hand.
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