Life was turned on its head when the pandemic hit us in 2020. With high-street stores closed due to global lockdowns, digital adoption reached new heights as consumers resorted to online shopping for most of their needs. 'New World, One Market' is our most in-depth and thorough outlook into today's consumer behaviour. We undertook a survey asking more than 2,000 British consumers about their post-pandemic attitude towards shopping for this report.
Our survey showed that one in five consumers are inclined to shop less on the high street now versus before COVID-19. This shift equates to £74.6 potential revenue opportunity for online retailers. At the same time, brick-and-mortar-only businesses could be missing out on a significant slice of consumer spending.
The staggering decrease in preferences towards high street shopping is nothing new. What's compelling though is that older generations of shoppers have acquired a fresh taste for online shopping experiences. According to our research, over a quarter (27%) of Gen X (42 to 57-year-olds) and Baby Boomers (58 to 76-year-olds) are less likely to shop on the high street post-pandemic, in addition to 25% of The Silent Generation (77-year-olds and over).
Watch the video to dive deeper into consumer and payment trends:
For consumers who still choose to shop in-store, payment habits have shifted. 25% of respondents said they will use their mobile phone more to make payments in-store now, versus before the pandemic. Smartphone adoption soared during the pandemic, putting pressure on retailers to keep up with consumer demand. Adopting a multi-channel strategy that offers consumers flexibility by supporting payments and purchases across multiple platforms has never been more integral.
Retailers are facing great pressure to adapt to 'the new normal'. The pace of online shopping usage is exponential, and businesses need to keep abreast of changing consumer behaviour. The 'New World, One Market' report profiles the new consumer with unique data and actionable advice so retailers can weather the storm and optimise their business strategy. The report will be published in four increments, with the first chapter tapping into why the shift to digital is here for the long haul.
Jonas Reynisson, emerchantpay's Founder and CEO, commented on the report: "This research comes at a pivotal moment for British retailers, many of whom are having to rethink their entire business model to survive in the post-pandemic world. By sharing tangible insights into the behaviour and preferences of today's consumer, we can support retail businesses as they strengthen their payment strategies in the months ahead. While the findings may vary by generation, what's clear is that a unified commerce strategy is more important now than it has ever been."
Download your copy of the 'New World, One Market' chapter one today:
Contact us today to discuss how you can adapt your payment strategy to 'the new normal' and design an intuitive payment journey, both online and in-store.