Global consumers pay more attention to pricing
As the global COVID-19 pandemic stabilizes, the consumer market is showing signs of recovery.
According to a recent report released by Retail Week, an authoritative British retail magazine, more than three-quarters of consumers said that they may wait for promotional offers after the pandemic to make purchases.
Meanwhile, the latest research report jointly conducted by Acoustic and DemandTec said that the influence pricing has on consumer shopping decisions is gradually increasing. The report showed that in certain categories of goods, consumers believe that pricing has become "extremely" or "very important," with the price of groceries having the greatest affect.
An increasing number of consumers have been turning to online shopping in light of the pandemic.
The report shows that before the COVID-19 outbreak, only seven percent of consumers used to shop online, while up to 77 percent preferred shopping in stores. After the outbreak, 20 percent of consumers turn to online shops. The proportion of those who "often" or "always" shop in stores drops to 54 percent.
The increase in online shopping has made the pricing of items more important.
According to an analysis, as a number of merchants launched promotional activities to reduce inventory after the pandemic, more and more consumers are comparing the prices of products online, meaning that retailers will have to start focusing more on pricing strategies.
The report recommended that retailers increase investment in artificial intelligence, which could provide real-time information about competitors, and adjust prices and marketing accordingly.
In January, Mintel Group, a global provider of market research, announced seven trends set to impact global consumer markets in 2021, including analysis, insight, and recommendations centered on consumer behavior, market shifts, innovative brands, and opportunities for companies and brands to act on in the next 12 months:
An increased awareness of personal wellbeing is at the forefront of modern consumers’ minds, but a playbook doesn’t yet exist. Brands have both a responsibility and an opportunity to set new rules.
Consumers around the world are making their voices heard loud and clear in the push for equity, agency, and rights.
Consumers are seeking a return to the essentials, with a focus on flexible possessions and a reframing of what ownership actually means.
Consumers are coming together in like-minded communities to connect with and support each other, driven by the impact of the global pandemic.
Physical separation due to the pandemic, an increased need for escapism, and improved technology are driving consumers towards digital experiences.
COVID-19 has subtly but significantly shifted consumer awareness of our relationship with the spaces in which we live, increasing interest in sustainable living.
While there are many benefits to a more digitally-connected life, concerns about its negative impacts are putting consumers in a predicament.