Are people returning to stores? What do consumers expect? What … Retailers... · 2020-07-27 ·...
Transcript of Are people returning to stores? What do consumers expect? What … Retailers... · 2020-07-27 ·...
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Are people returning to stores?
What do consumers expect?
What are we buying?
What is MN’s trajectory?
What should you be thinking about?
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Factors leading to consumer spending
Perception of Health Risk
Your COVID-19 Plan
Product & Impulse
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Putting your plan* together:
• Screening
• Access
• Face Covering + PPE
• Enhanced Safety Measures
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❑ Yes, but slowly❑ Yes, but smaller transactions❑ Yes, but only to places they trust❑ Yes, but not at pre-COVID levels❑ Yes, and weather helps
Are people returning to stores?
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❑ A long-term impact• Changes in routine• Personal $• Different store experience• Inconvenience
What do consumers expect?
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❑ Spending changes• More essentials• Shifts to household items• Less travel• Impacts on gas & restaurant• Changes in purchases
What do consumers expect?
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❑ Changes to online & digital• Subscriptions up• Generational changes• Curbside• Expectation of online options• Meetings and events
What do consumers expect?
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❑ “Homebody economy” shift• One-week planning moves to two
weeks• Space is valued – think malls• Youth sports
What do consumers expect?
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❑ Expectation: things are different• Reassurances expected• Medical endorsements• Visible safety precautions• Emphasis on cleaning
What do consumers expect?
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❑ 25% don’t expect to indoor dine through the end of the year
❑ 48% don’t expect to leisure travel
*Resonate research
What are we buying?
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❑ 106% increase in fashion ❑ 50% increase in computers/accessories❑ 34% up in health and wellness❑ 16% boost in home & garden*ViaBill research
What are we buying?
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❑ Furniture❑ Bikes❑ Landscaping❑ Home goods❑ Food for home preparation
What are Minnesotan’s buying?
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❑ Will vary by region❑ Will be gradual❑ We won’t know what retail looks like
until post-holidays❑ Shopping is social
What is MN’s recovery trajectory?
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❑ Re-evaluate your products❑ Integrate your COVID & marketing
plans❑ New communications plan❑ Think ahead to the holidays
What’s next?
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Things to think about:
• Customers (loyal; returning)
• Employees (returning; new)
• Regulations
• Perception
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Important areas to address:
• Contactless (mapping)
• Physical space
• Least comfortable customer
• Communications/marketing
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• Prior Lake, MN
• Owatonna, MN
• Duluth, MN
• Marketing plan
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