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.

Written by Gillian Sweny

Gillian is Director of Marketing at AgileBlue with over 13 years of experience in the marketing industry. Gillian resides in Cleveland, OH with her husband and 3-year-old son.

September 28, 2020

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