McKinsey Report Reveals Retail’s New Normal

According to a recent report from McKinsey, “There was a 16.5% decline in US retail sales in April alone.” This is the biggest decline in sales seen in a month. With large changes occurring in retail, consumers were also making changes of their own. It’s reported that 40% of consumers changed the brands and stores they supported. Despite this record decline, there was a record increase in e-commerce, which saw what appeared to be 10 years of growth in the first few months of 2020. While the pandemic has brought about uncertain times for retail, this a promising sign of what the future landscape will look like.
As retailers look to the future there are a few consumer behavior trends that will emerge. Health and safety concerns are on the minds of most people, which warrants a shift towards more technology focused features. For example, mobile payments have seen an increase due to their ease and safety. In addition, mobile app orders are seeing a spike as they’re thought of as safer and more convenient by consumers. Implementing these features into your business along with updated in-store features and loyalty programs will help retailers maintain their audience and draw in new customers.
Read the full report here.

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