Braze’s newest customer shows “permanent changes” in customer behavior caused by the coronavirus pandemic, which includes a propensity to see new logos, a “renewed approach” to logo values, and a prudent general spending technique.
The provider of the visitor engagement platform partnered with Wakefield Research, which found more than 8,000 adults in 10 markets around the world.
The report, entitled “The Future of Retail: Opportunities for Brands in The New Normal,” aimed to assess “the immediate and long-term effect of COVID-19 on the industry and serve as a resource for retailers going through dubious times.” The effects reflect other recent studies through Accenture, Deloitte, Adobe and Coresight Research that show how the pandemic has influenced consumers, adding avoiding physical stores, ordering products directly from logo sites, and adopting street pickup, among other changes.
Testing new logos was one of the main findings of Braze’s study report. The report found that 26% of respondents “tested at least one new pandemic logo,” while “95% of them said they intend to repurchase one of those new logos in the future.” And while an increase in online grocery shopping was not unexpected for scholars, the survey showed that “even if physical outlets open, 83% of consumers intend to buy online for the same amount or more.”
Myles Kleeger, President and Chief Customer Service officer of Braze, said the pandemic “has replaced the retail customer’s joy as customers reduce their expenses, loyalty to the logo has reversed, and expectations are high.”
Other findings of the Braze report show that brand values and “corporate empathy will play an increasing role in consumer loyalty and purchasing decisions.” The firm noted that only 10 percent of consumers “consider ‘familiarity’ as a top consideration when deciding where to shop,” which is in sharp contrast to “89 percent who responded that a company’s response to the pandemic, especially towards employees and customers, was an important criterion.”
“Companies that abuse employees, contribute to pollutants, or take opposing political positions have also been revealed to be the main reasons consumers shop elsewhere,” the report’s authors said.
Research has also shown generational differences in customers’ personal tastes, as well as in the customer’s overall sentiment toward the upcoming season of grocery shopping for the holidays.
The report found that stores and brands “should anticipate a holiday season marked by declining spending, higher customer expectations, and focus on supporting small businesses.” The survey showed that 42 percent of global customers “said they planned to reduce their spending slightly or particularly during the holiday season.”
And while online sales continue to grow in importance, the Braze report found that 48% of respondents said that “supporting local retailers” is one of the reasons why it would convince them to shop in the store. »
“These headwinds mean that stores deserve to design campaigns now to deepen their relationships with consumers in the months leading up to the holiday,” the report says. “The development of effective lifecycle marketing and integration systems allows them to reduce overall procurement prices while expanding the chances of consumers making purchases during the holiday season and beyond.”
Kleeger added that to “effectively serve consumers and drive long-term growth, it is more than ever to prioritize visitor engagement. Brands that place personalization, empathy and convenience at the heart of their visitor engagement strategy will emerge from the pandemic more strongly than before.” »
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