What will the rest of 2020 hold for retailers? The disruption that has occurred in the industry in the past 7 months from the pandemic, to the #endsars protests, and all the drama that ensued dipped retail deeper into the mere.
How can retailers make the best of what is left of 2020? Online retailers have fared better, recording impressive numbers from categories such as essentials and beauty products. Thanks to pandemic related decisions. Retailers with an omnichannel approach have leveraged on all platforms to connect with their customers. However, purely brick and mortar (physical stores only) have had it really rough, particularly those trading in non-essential items.
But this does not spell doom for physical retails stores or a time for tenants in physical retail stores to be gloomy. It is simply a time to rewrite a new chapter. Time to rebuild and reposition to connect with customers and convert them to customers.
This report shares insights on how customers plan to spend their money, where and when the spending will occur.
Providing a customer experience that resonates with customers and delights them will be a higher priority than ever for physical retail brands this golden quarter to drive purchases and long-term customer value.
This survey of 398 customers are a representative of residents living within the mainland and was conducted by D&I Consulting. Data was collected between 30/10/2020 and 02/11/2020.