Global retail analytics and price optimization leader Intelligence Node today released its 2020 Consumer Buying Behavior Report, which tracks patterns in consumers’ shopping habits leading up to and during the COVID-19 pandemic to identify key trends and insights. The report is a go-to guide for retailers and brands looking to understand consumer sentiments and buying patterns during unprecedented events including the pandemic, the rise of counterfeit goods, global trade tariffs and the recession.
“The retail industry is going through a wave of transformation and will never be the same,” said Sanjeev Sularia, CEO, Intelligence Node. “Unprecedented external factors have carved out a sure-shot path for a data-driven, digital-first retail landscape. Consumers have never been more complex or had higher expectations, and it is critical for brands to have an intimate understanding of how consumer opinions and behaviors are shifting. The brands that pay close attention to the changing tide of consumer expectations and embrace the new digital wave will be the ones that win in the age of Amazon.”
Key events and findings included in the report:
Online Buying Like We’ve Never Seen It
- While it took 10 years for online shopping to grow from 5.6% to 16% of total retail sales, in the days following quarantine ecommerce buying grew more than 10% in just 8 weeks, to 27%
- Even as stores start to reopen, Intelligence Node data shows that 82% of shoppers will continue their shopping online
Recession Fears Curb Spending
- Millennials were among the majority of respondents changing their spending habits (58%) compared to the older generation (65+ years) accounting for only 36%
- 40% said they are most likely to cut back on footwear, clothing, and accessories
The Counterfeiting Trap
- The counterfeit market now forms nearly 5-7% of global trade
- Consumers are most concerned about counterfeits in the electronics segment (25%)
- A whopping 76% of consumers voted for eBay as the online retailer selling the most counterfeit products
The Socially Conscious Consumer
- 71% of consumers in the 18-24 age group are paying attention to which brands have been proactive in helping pandemic relief efforts
- 48% of consumers say they are most likely to shift spending to help keep small businesses afloat
- 9 out 10 Gen Z customers believe companies have a responsibility to address social and environmental issues
The report also reveals Intelligence Node’s predictions for ecommerce in 2H 2020 and beyond. These include:
- Shopping by appointment, online consulting & the use of tech will become the new norm
- Comfort over beauty will prevail across fashion and wellness sectors
- Private labels will come to the forefront for their perceived economic value
To get deeper insights into the consumer buying sentiment across the buying journey, download the full Consumer Buying Behavior Report here.
For more information on Intelligence Node’s price optimization solutions, please visit www.intelligencenode.com.
About Intelligence Node
Intelligence Node is a real-time retail intelligence platform that empowers businesses to drive product level profitability and grow margins using data-driven competitive insights. Intelligence Node maps more than 1 billion unique products across 190,000 brands for more than 1,400 categories across 29 languages every minute – the dataset feeding the growth of more than $600 billion in retail revenue globally. It is the platform of choice for hundreds of retailers and brands worldwide, serving a majority of the Fortune 500 companies. Please visit www.IntelligenceNode.com and on Twitter @bigdataNODE.