Financial uncertainty and interruptions to our daily lives are likely to continue for some time. For advertisers, accurate data and meaningful insights into consumer behaviour will be invaluable for identifying and adapting to new opportunities as they arise.
From a distance the signs are indicating that this will look like a rapid recovery for the UK economy, with Andy Haldane, Economist at the Bank of England saying, “The recovery in the UK is coming ‘sooner and faster’ than expected, leaving us optimistic for a V-shaped bounceback”. However, while we’re in the thick of it, expect a series of interruptions and false starts until the risk of additional spikes and waves of COVID-19 reduces and further lockdowns become more remote.
For more than 100 days the UK has been under various states of lockdown. Over the last number of weeks those lockdowns have eased significantly, with non-essential retail opening mid-June and pubs and hospitality this past weekend.
During the periods of lockdown we witnessed dramatic shifts in consumer loyalty. In the US, in late February, brands were experiencing on average 78% loyalty. During the peak period of early April those figures rose to 90%, indicating that most people were going to one store only to pick up their essentials and didn’t “shop around”.
Since the day Amazon began offering free one-day shipping, nothing in retail has been the same. Digital transformation (in the guise of “the Amazon effect”) has dramatically impacted every facet of the industry. As a result, we’ve seen some of the mall anchors move on, and innovative new players move in.
CES 2020 was, by many accounts, not so different from past events. However, there were a few notable trends to follow – some that could have a lasting impact on retail in the future. If you think we’re talking about VR and AR, think again. These trends are focused on the slightly less sexy – but infinitely more valuable – progress around data monetization, 5G and frictionless checkout.
Last year, Blis published a series of Real Retail reports based on joint research with Sapio. We learned so much about shopping habits globally that it was impossible to get it all into the reports, so we’re diving back into our data to share some additional insights about shopper behaviour in Singapore in advance of the CNY holidays.
What will the next 10 years hold for us? For starters, we’re already seeing a correction and levelling of the some of the shifts that the last decade brought, particularly in the retail sector.
2019 promises to be a big year for holiday shopping – and an even bigger