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 10 years of experience in the marketing industry. Gillian resides in Cleveland, OH with her husband and 2-year-old son.

September 28, 2020

You May Also Like…

Top January 2023 Cyber-Attacks

Top January 2023 Cyber-Attacks

It’s the end of January 2023, and the numbers are in– below is a list of the most malicious cyber-attacks over the last month.    As reported by Kon Briefing, cyber-attacks have affected more than...

read more

Request a Demo

AgileBlue is a software company with an innovative SOC-as-a-Service for 24X7 network monitoring, cloud security, data privacy and compliance.

Our modern SOC-as-a-Service is built on innovative machine learning and autonomous execution. If you would like to discuss our SOC-as-a-Service, Partner Program or schedule a brief demo please give us a little info and we will contact you immediately.