Digital Consumer Trends 2020 – The Nordic Cut
Industry Spotlight: Retail
Time for a holistic view on retail
Consumers are expecting more from retail, and the retail industry is bridging the gap between the physical store and the online shopping experience.
Due to the COVID-19 pandemic, eCommerce skyrocketed during the first half of 2020. Sweden experienced exceptional 49% growth in the second quarter of 2020, Finland saw a soaring 60% increase in eCommerce orders at the end of March, and PostNord experienced a 30% increase in package deliveries in Denmark.
Compared to before the COVID-19 pandemic, more consumers are now doing their shopping online. We expect that consumers will continue to embrace eCommerce and avoid physical stores, and by doing so, they will continue to accelerate a digital shift which emphasises the importance for companies to have an excellent omni-channel experience.
Five key stats from the retail industry:
- Three fifths (60%) of the eCommerce consumers use a retailer’s own website when purchasing a product or service online.
- 15% do more online shopping (excluding groceries) as a result of staying more at home during the COVID-19 pandemic, as opposed to 9% for online grocery shopping.
- After social distancing restrictions are lifted, 9% will continue shopping online for items other than groceries as frequently as they do now.
- Fast login and fast payment are the most sought-after features (23%) when shopping via an app on smartphones.
- Almost one fifth (19%) of the Nordic respondents indicate that they value cheap delivery the most when shopping via an app.