Without a doubt, 2020 was a year of unprecedented retail reckoning. While many businesses were forced to temporarily or permanently close shop, there were some who found opportunities within the challenges of the year’s circumstances. The most successful retailers and brands of 2020 were those who invested well ahead to build resilience, focusing on securing the infrastructure and culture to pivot at a moment’s notice and respond to changes affecting consumers and the market.
This year’s Future of Retail Report is designed not only to help brands and retailers respond to the events of 2020, but also to build their business for 2021 and beyond. In this report, you’ll be asked to honestly assess where you are as a company today and identify where your next key investments should be (for more details, check out our Retail Resilience Rubric at the back of this report). If you commit to organizational introspection and infrastructure redevelopment now, your company will be better equipped to weather—and thrive within—the unknown and unexpected.
This report also contains the results of a live survey with 1,000 US online-shoppers with a 50/50 gender split. The survey was conducted in November 2020 in partnership with Suzy, the real-time, online consumer-polling platform. Insights include the following:
•Only 23% of consumers will shift their spending back to in-store after the pandemic
•As many US consumers are willing to share personal information with retailers and brands as those who won’t (47%)
•Consumers are signaling their in-store intentions through online research before their visit: 45% researched online regarding store inventory/availability and 33% researched online regarding safety protocols/measures
Published December 2020