The Consumer After COVID-19
Updated: Apr 9, 2020
Retail Dive | April 8, 2020
Consumer behavior has changed drastically in the past few weeks. Many consumers are staying indoors and only leaving the house for essential items available at the select number of stores that are open. Otherwise, shopping is accomplished online. According to data from the Forter Global Merchant Network, the e-commerce marketplaces saw a 14% increase in volume between March 23 and March 30.
Aside from a rise in e-commerce, the COVID-19 pandemic is likely to exacerbate other existing trends within retail, even after stores start to reopen and a sense of normalcy returns. Structural changes we've been seeing across retail and society for the last decade are likely to increase - toward online interaction, toward e-commerce and away from brick and mortar, toward direct-to-consumer away from department stores. The imprint of COVID-19 is likely to remain in what consumers expect from stores. Cleanliness, touchless or robust self-checkout options, along with options such as curbside pickup are expected to see an increase in demand from consumers post COVID-19.