A study by RetailMeNot amongst online consumers in the United States revealed that consumer confidence reached historic high levels in 2019. Alongside the rise of confidence, the consumer expectations of shoppers have increased as well.
From shopping and reward programs to politics and sustainability, retailers can expect a lot for 2020. According to the study, these are the top expections and retailer challenges for this year:
Consumer preferences change continuingly. As a result, consumers have a power they hold over retailers. This is what Sara Skirboll, Shopping and Tred Expert at RetailMeNot claims. She explains: "We found at the beginning of 2019 that retailers were bullish about voice-assisted shopping but as the year unfolded, only 16% of consumers reported ever buying a product via their smart home speakers. As a result, only 38% of retailers plan to implement a voice-assisted shopping strategy this year."
The American consumer almost always opts for a speedy and free delivery. Based on the study, just over half of the American consumers (51%) are willing to wait longer for eco-friendly shipping options from retailers. Once cost becomes a factor, 70% prefer the lowest shipping price over environmental impact.
Here, too, demands and consumer expectations are rising. 81% of Americans expect retailers to offer more expedited shipping options during the 2020 holidays. Lots of consumers wait until the last moment to do their holiday shopping. On top of that, 44% of consumers admit they will shop later in the holiday season in 2020 because they know they can receive items faster. For retailers, this is a nightmare. The majority of brands and retailers (63%) struggle to keep up with shipping deals offered by their competitors, such as Amazon.
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