Not Going Back To ‘Normal’: Pandemic E-commerce Trend Will Continue Post-Vaccine Rollout PSFK and Suzy’s Future of Retail Report Provides Retailers, Brands, and Solution Providers With a Framework on How to Build Resilience Into Their Retail Efforts in 2021

PSFK, the most progressive thought-leader in retail, today announced findings from their “Future of Retail 2021 Report: A Playbook for Resilient Retail.” The report showcases how agile, consumer-centric business practices, data-driven decision making and a culture of ongoing experimentation were key components to business success in 2020 and are the building blocks for growth in the coming decade.



On February 25th, at 11AM EST, the report will be brought to life during a free virtual event, Future of Retail 2021. The two hour event will feature a one-hour roundtable conversation with leaders from Bain & Co., Brooks Running, L'Oréal, Pandora, Maserati, Sonae, Vans/VFC and Wawa. This session will be followed by an hour-long deep-dive into the report findings, featuring a conversation between Scott Lachut, PSFK’s President of Research and Strategy, and Matt Britton, CEO of Suzy.



The report, developed in partnership with Suzy, the leading real-time market research platform,



includes survey results about the changing behaviors and expectations of the U.S. consumer, their current shopping habits, and provides a peek into what they expect from their future in-store shopping experience.



Results from the Future of Retail Report show that consumers have adopted a “new normal” for shopping, and it’s focused on digital. Only 23% of respondents will shift their spending back to in-store after the pandemic. Furthermore, consumers who do shop in-store expect the retail experience to be fundamentally redesigned.



Based on PSFK’s findings, it is clear that shopper loyalty is changing during the pandemic. In fact, 39% of U.S. consumers report they have recently engaged with a new retailer online and 24% visited a new retail location. Of those who shopped at a new retailer in 2020, 65% said that they will continue shopping at this new retailer indefinitely. Additionally, 62% of U.S. consumers expect to change at least one brand preference/loyalty in 2021.



“The most successful retailers and brands will be those with resilience at their core. These companies invest in people, systems and infrastructure, ensuring they are connected together by digital information and processes,” said PSFK Founder Piers Fawkes. “Enhanced, real-time data capabilities are a must for any corporation going forward, so they can understand market behavior and track consumer needs the moment they shift.”



Shoppers Want a New in-Store Shopping Experience

Highlighting shifts in behavior, the Future of Retail 2021 Report found that shoppers want to be in control of aspects that retailers used to manage, such as checking inventory (53%). They also want in-store self-scanning capabilities and the ability to make transactions through their phones (33%).



As for visiting stores in-person, respondents rated returns as a key need (46%), along with product repairs (26%) and e-commerce pick-up (24%).



“Retail has gone through a major transformation this year and it’s clear that consumers aren’t going back to pre-pandemic shopping patterns,” said Suzy President Avi Savar. “Brands will need to consider these shifts as they plan campaign and product strategies moving forward. Real-time consumer insights will play a big role in helping organizations meet these changing needs.”



About the PSFK Future of Retail 2021 Report:

The qualitative trends-research report features findings from research performed in Q4, 2020. Quantitative insights provided by Suzy are from a study fielded in November 2020. The study surveyed 1,000 U.S. online-shoppers with a 50/50 gender split. The full report can be downloaded here: www.psfk.com/FoR21



About PSFK:

Since 2004, retail futures firm, PSFK, has been leading the narrative around Retail and Consumer Experience Innovation. Leading brands and retailers across categories rely on PSFK’s syndicated trends research offering (PSFK iQ) and consulting arm (PSFK Labs), to fuel their innovation efforts and build relevant, on-trends business platforms to engage audiences.