The assumption that consumers will continue to shop online in the future is also reflected in the development of the German retail industry since the beginning of the pandemic. According to Covid Commerce Insight (CCInsight), the Online retail in Germany At the height of the shutdown, sales grew 126 percent year-on-year, before leveling off at over 36 percent in August.
19.5 million German consumers are increasingly buying online
The pandemic is forcing retail to evolve and become more digital. A change that would otherwise have taken years. In a study by Alvarez & Marsal, 23 percent of German consumers state their buying behavior to change sustainably. 34 percent of respondents bought a product online for the first time that they had always bought in a store before. Due to these developments, 2.3 billion euros more are expected from online sales in 2020, despite many financial restrictions on the part of consumers.
Retail: Use current developments to increase customer loyalty
The fact that more customers are shopping online than ever before gives the retailer a great advantage. Because compared to an anonymous purchase in a store, customers leave their data online. It is now important for retailers to use them. “E-commerce offers the perfect opportunity to collect and analyze customer data so that retailers can target their customers again with personalized offers. This is how potential individual customers become loyal and profitable customers, ”explains Sara Richter, CMO of Emarsys.
Retailers can use the collected customer data to build long-term customer relationships through personalized targeting and thus improve their business results in the long term. A radical one Rethinking retail is necessary to survive the change in a new future. Traders who adapt their concepts will depend on those who resist the rapid changes in the market. Observations show that the world of e-commerce is changing permanently and will probably never find its way back to the old status quo. Covid-19 has greatly accelerated change, and if you want to keep up you have to act now.
The future of trade was also an issue at the Retail renaissance, Emarsys’ online festival from September 15-17, where well-known brands and analysts discussed the effects of the Covid-19 pandemic and the new opportunities for global retailers. (sg)
Also read: This is how local companies boost their sales during the Christmas season