- Demand-Driven Strategy: Getting attuned to consumer demand is important in assortment optimisation to drive full price sales.
- Smart Markdowns: A proactive approach in monitoring product ageing helps brands maintain healthy inventory levels.
- Omnichannel-Ready: A seamless online and offline shopping experience is critical for customer retention.
Covid-19 has radically changed consumer behaviour in all aspects. From the acceleration of digital adoption to overall consumption pattern, the lockdown has evidently impacted how people live.
With the biggest spending season of the year fast approaching, brands and retailers are faced with uncertainties as they plan for the holidays with little to no historical data to rely on. According to Sam Iosevich, the chief analytics officer of The Parker Avery Group, historical data and lessons learned from the past holiday seasons won’t be of much use this year.
The online shopping pace is predicted to be different than last year. While typically concentrated in the week leading up to Black Friday and Cyber Monday, this year’s holiday shopping is expected to be longer. Amazon Prime Day’s delay (October 5 is the placeholder date) and the growing popularity of Singles’ Day in November are expected to be the leading events of the holiday sale.
Shifting Consumer Behaviour
While many businesses have resumed operations in early Q3, the rising coronavirus cases in the UK and US continue to remind both retailers and consumers to remain cautious.
With holiday retail planning in full swing, it is highly important for brands to consider additional factors, such as the changing consumer behaviours and demand, and how they can prepare to meet these needs.
This report aims to guide brands in ways to strategise and win consumers this holiday season.
Over 300,000 data points were screened from January to August 2020 across womenswear and menswear categories on Asos, Boohoo, H&M, Zara and PrettyLittleThing in the UK.