The outlook for the global economy and the retail industry in 2020 is uncertain.Overall economic growth is likely to be subdued but positive, with lower growth in consumer spending and inflation in most countries remaining low. We reached 2000+ professionals to dive into the topic.
80% of the companies revealed that pandemic has created the biggest technology pressure for their organization that they have ever experienced.
81% of the companies report that digital transformation projects which would typically take more than a year or two to be done, have been signed off in a matter of weeks.
53% say they are accessing free or heavily discounted software, services, support and training from trusted technology partners and vendors in their bid to tackle the technology challenges.
69% of all retailers report that digital customer experience is now the priority.
58% say the pandemic has exposed weaknesses in their digital strategy.
How much profit will retailers lose in the upcoming quarter?
What factors will affect full-year financial results?
Continued investments to help customers and associates through the pandemic
The potential long-term shift in customer behavior toward eating more food at home
Uncertainty surrounding the longer-term impact, including the length of travel and other restrictions, on food and grocery sales, fuel and alternative profit streams
Delay of some cost-saving initiatives to focus all resources where they are needed
How did coronavirus affect the condition of omnichannel engagement?
ROI indicators go down. For retailers, this means a decrease in:
- A web-site conversion rates;
- Average order value
- Repeat customer rate;
What are the top priorities for retailers right now?
Retailers have boosted staffing levels for services like order pickup and drive-up fulfillment and have added more parking spaces for its drive-up services.
What changes should be expected in consumer habits?
These trends are having an immediate effect on how groceries are sold and could have longer-term implications.