As Stores Reopen, Which Customers Are Most Likely to Return?
Knowles et al explore the kind of customers that will most likely to return as stores reopen. The COVID-19 pandemic and associated lockdowns throughout the US have dramatically affected shopping behavior and shifted priorities for retail customers. While the pandemic has resulted in revenue declines...
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Veröffentlicht in: | MIT Sloan management review 2020-10, Vol.62 (1), p.1-10 |
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Format: | Artikel |
Sprache: | eng |
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Zusammenfassung: | Knowles et al explore the kind of customers that will most likely to return as stores reopen. The COVID-19 pandemic and associated lockdowns throughout the US have dramatically affected shopping behavior and shifted priorities for retail customers. While the pandemic has resulted in revenue declines for the majority of businesses, some brand owners and retailers have seen significant growth by adapting their offerings and communication to capitalize on new customer needs and behaviors. Here, the scale and variation of the lockdown's impact on shopping behaviors across a number of product categories, fielding three surveys among a representative sample of more than 5,000 US households, are highlighted. As it became clear that the reopening of the economy would be phased, the research has been extended to identify a new spectrum of customer segments and the factors influencing their likelihood to return to in-person shopping. |
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ISSN: | 1532-9194 |