Will Rapid Changes in Consumer Behavior Impact Holiday Shopping?
Half of consumers now do more than 75 percent of all shopping online, according to new data from Qubit. Qubit, the AI-led merchandising and personalized experiences solution provider, conducted the consumer survey with the goal of gaining insights into changing shopping behaviors amid COVID-19 and uncovering what brands can expect this holiday shopping season.
“Our survey data shows that shopper behavior has changed radically since the pandemic spread globally and will continue to look different during the 2020 holiday season,” said Graham Cooke, chief executive officer and founder of Qubit. “Store closures that are not dictated by demand, but rather by the public health crisis, present an unusual scenario for brands, forcing unexpected and massive overhauls of their marketing and digital commerce strategies this year. The survey data also supports our view that a permanent shift in the balance of online and in-store shopping is occurring and is not likely to revert back entirely to pre-COVID-19 levels. Retailers are now forced to implement an expedited roadmap to their digital future or face extinction.”
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While the data finds many consumers are looking online more than ever, more than half also said they are trying out new brands including items in the grocery, fashion and beauty categories. In fact, 36.6 percent of respondents said they are now shopping with more brands compared to one year ago. At the same time, this has caused consumers to decrease brand loyalty. More than 45 percent of consumers reported they are now “less loyal to brands they love.”
Looking forward to the holiday season, Qubit’s findings show consumers will continue to uphold new online shopping behaviors. While 35.1 percent of respondents said they plan to shop online more than they had in previous years, only 10.6 percent said they will shop less online compared to rates prior to the pandemic.
At the same time, consumers reported plans of shifting Black Friday plans online. Forty-four percent of consumers said they plan to shop more online during the Black Friday and Cyber Monday sales compared to last year’s holiday season.
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