THOUGHT LEDERSHIP
E-COMMERCE CIARAN BOLLARD, CEO, KOOOMO
ADAPT QUICKLY TO THRIVE PERMANENT CHANGES TO SHOPPER BEHAVIOUR MEAN THAT IT’S RETAILERS WHO ADAPT AND EVOLVE
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QUICKEST ONLINE WHO WILL WILL REMAIN COMPETITIVE, SAYS CIARAN BOLLARD OF E-COMMERCE PLATFORM KOOOMO.
he ongoing pandemic is having a profound impact on consumer behaviour. As shoppers get to grips with the new normal, discretionary spending is declining, expectations are changing and e-commerce continues to surge. In light of this, retailers must invest more heavily in their digital presence and think innovatively about how they can enhance their services. The bottom line here is that consumers are increasingly conscious and priorities have changed. Amid the vast economic uncertainty that comes hand-in-hand with Covid-19, people have had to think more carefully about their spending. What does and doesn’t matter to UK consumers has taken a massive U-turn. Here are four of the key changes to consumer behaviour and how retailers can adapt:
1. ONLINE SHOPPING HAS INCREASED First and foremost, in this new era centred on safety, online shopping has witnessed an immense surge and is set to near the £175bn barrier by the end of the year. This change in behaviour is here to stay. It is the retailers who recognise this fact and optimise their online services that will be better placed to remain competitive beyond the pandemic. For smaller, indie retailers that do not have the funds or time to facilitate this, marketplace selling is a viable alternative.
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2. CONSUMERS WANT SECURE PAYMENT METHODS AND DIVERSE OPTIONS With a greater emphasis on safety, consumers are turning their attention towards secure payment methods and diverse options more than ever before. With cyber-attacks becoming increasingly prominent over the past few months, retailers must ensure they are creating a check-out process that is safe and frictionless for all users.
3. BRAND LOYALTY HAS BEEN JEOPARDISED Consumers have less patience when it comes to online shopping. Brand loyalty has been jeopardised with consumers simply switching to competitors if the items they desire are out of stock or cannot be delivered quickly. Ultimately, consumers look to sites that offer a fast, secure and reliable experience, meaning retailers must get the basics covered if they want to attract and retain customers.
4. CONSUMERS HAVE HIGHER EXPECTATIONS Retailers should look to creating a flawless online experience for users. With everyone and everything moving online nowadays, consumers have heightened expectations when it comes to eCommerce and tend to opt for brands and retailers that offer the ultimate customer
