INTRODUCTION
We dive into a great new study on retail and consumer brands, “2022’s New Normal for Retail,” from IBM’s Institute for Business Value. This rich report clearly states that retailers and brands need to be present on all fronts and show consumers they share their values.
CONSUMERS HAVE BEEN THROUGH THE WRINGER
But they’ve been resilient. They’ve found creative ways to adapt to extreme circumstances, using technology to navigate uncertainty in new ways. And they expect brands to do the same. While shopping may have recovered to pre-pandemic levels, inflation and other market factors are causing not only dissatisfaction in the marketplace, they are also making consumers more attuned to these sorts of shifts.
We’ve always said that consumers were getting smarter, and I am not sure retailers thought that was true but now – as consumers understand supply chain concepts, and challenges of products driven by the lack of availability of semiconductors – they are very well informed indeed.
We discuss:
- Consumers control the shopping experience
- Brick-and-mortar stores are still central to the shopping experience
- Purpose-driven consumers is now the largest segment
- Sustainability is top of mind for consumers but there is still an intention-action gap
Please give the episode a listen…
RESEARCH AND LINKS
- Consumers want it all: Hybrid shopping, sustainability, and purpose-driven brands
o https://www.ibm.com/thought-leadership/institute-business-value/report/2022-consumer-study
· Allbirds launches resale program for used footwear
CONCLUSION
Consumers no longer see online and offline shopping as distinct experiences—they expect everything to be connected all the time.
Shopping must be fast and efficient some of the time, rich and experiential other times, and always easy and intuitive. What’s more, consumers expect companies to cater to their needs and live up to their social and environmental responsibility claims.
Let’s go shopping!
Jeff Fisher & Cristene Gonzalez-Wertz
Connect with Jeff on LinkedIn
Connect with Cristene on LinkedIn
RETAIL DONE RIGHT is produced and hosted by Jeff Fisher & Cristene Gonzalez-Wertz