The "new normal" isn't really normal at all. Life amid COVID-19 has forced U.S. consumers to adopt new behaviors, dramatically impacting how they shop, work and go about their daily lives. Trips to the grocery store are now once weekly trips to buy essentials and stock the pantry for home cooking. And, vulnerable consumers now rely on online ordering and delivery services they were once reluctant to try.
On average, it takes 66 days for new behaviors to become automatic. The majority of U.S. consumers will cross that milestone under pandemic restrictions very soon. Retailers should prepare now to successfully serve their customers after the "COVID curve."
Join dunnhumby's Daryl Wehmeyer, Head of Category Management for North America, and John O'Reilly, Head of Customer Development for North America, as they discuss:
- dunnhumby's model of the current and future phases of the Coronavirus pandemic and implications for category management
- Customers' attitudes about shopping during COVID-19
- How Retailers should manage their assortments during and after the Covid recovery to prepare themselves for the new normal
Covid-19 has fundamentally changed shopping behaviour in a short space of time with shoppers visiting fewer stores less often, but leaving with bigger baskets. Ecommerce sales have near tripled, leaving some Retailers struggling to meet demand and cannibalising in-store margins. What's more, these changes are anything but transitional, with lockdowns and social distancing of some variety likely to dominate society for the foreseeable future, or until a vaccine is released.
With price sensitivity likely to resurface as a recession kicks in, continued disruption to supply chains, and a potential price war in the making as cash-rich retailers fight to retain newly acquired Shoppers and market share, the implications for CPGs and their retail partners are varied and potentially vast.
This report explores how CPGs can maintain a collaborative, win-win relationship with Retailers in the face of changing shopper needs.
Facing rising costs and shrinking margins, finding new revenue streams should be an urgent priority for grocery retailers the world over. Blessed with volumes of valuable customer data and a rich menu of owned media, this unbeatable combination provides enormous scope for creating sustainable growth. Yet so many grocery retailers are struggling to make this a reality.
To better understand why so many retailers aren't taking advantage of new revenue streams while improving the shopping experience for their customers, we commissioned a global study with Forrester Consulting. Download your complimentary copy of Forrester's research to learn about the barriers holding retailers back from revenue generation and the recommendations to overcome the challenges.
- 85% of grocery retailers have identified creation of new revenue streams as a priority for 2020
- Despite high levels of confidence in their data strategies, only 15% of retailers have the right capabilities, people, technology, and processes to improve customer experience and monetize their data.
- Most are also missing out on lucrative revenue through monetizing their media. Challenges with data, technology, expertise, and culture are the greatest barriers to progress.
- Retailers who are able to successfully utilise data insights, are reaping benefits with 61% seeing an improvement in the customer experience and 56% seeing growth in existing revenues and revenue streams.