Retailers Reinventing Post COVID Business Models

In the last 16 months, forward-thinking retailers have reinvented their business models and unearthed opportunities in response to the rapidly changing behaviours of Canadian consumers, says PwC in its ‘Global Consumer Insights Survey (Pulse 1).’ In November 2020, consumers continued to shop online in greater numbers than ever before. They cited price, convenience, and health and safety concerns as the predominant reasons. Of those surveyed then, 52 per cent agreed they're making less frequent, but bigger basket shops, putting a pause on the previously popular micro trips. In the second Pulse (March 2021), half of the respondents continued to make less frequent, but bigger basket shops, and 42 per cent shopped more often at discount retailers. The data also highlights shopping preferences, with 69 per cent of respondents preferring in-store shopping experiences and 56 per cent shopping online through a personal computer at least monthly. “We're seeing a lot of reinvestments by organizations in order to further support their eCommerce and digital capabilities,” says Myles Gooding, national consumer markets leader and global consumer markets advisory leader at PwC Canada. “As Canada starts to open-up again and the economy begins to rebound, we're going to see a subsequent increase in physical foot traffic. To meet the demands of this new consumer persona, retailers who want to compete in a post-pandemic world will need to deliver a balance of digital and physical offerings, including tailored communications and ensuring product fulfillment that meets their expectations."