Bizrate Insights In the News: March 2020

by Scott Spivack •

The retail landscape, and the world at large, has changed drastically over the past month. The spread of COVID-19 has left multiple industries reeling. While March began relatively normally for the retail sector, it quickly became clear that the virus would have a dramatic and lasting impact.

Consumer behavior is sure to change, possibly for several years to come. Our panel survey on COVID-19 shows that most consumers expect the economy to decline over the next 12 months, and many are responding by stocking up on necessities and reducing the number of impulse purchases.

Here’s where Bizrate Insights data appeared in the news, in coronavirus reports and other stories:

  • Forbes reported on Forrester’s analysis of COVID-19’s impact on the retail industry, which uses data provided by Bizrate Insights. Their write-up covers how businesses are adjusting their outlook and marketing strategies in order to stay afloat in a new and unfamiliar retail reality.
  • In this follow-up to the previous week’s installment of “The Shopper Speaks,” Digital Commerce 360 uses survey results from Bizrate Insights to delve into the shortages that consumers are running into as a result of the coronavirus, and how retailers are responding. As certain goods become harder to obtain, quantity limits and increased messaging are becoming more commonplace.
  • A new normal in consumer behavior has emerged in recent weeks. In the “Shopper Speaks” series, Digital Commerce 360 shares Bizrate Insights survey data to reveal how omnichannel solutions are becoming critical and lists five digital shopping trends occurring as a result of COVID-19.
  • Long checkout lines have always been a pain point for consumers, but with the importance of social distancing, it’s never been more critical for retailers to offer alternatives. Survey results suggest that self-checkout is on the rise, with 47% of all shoppers interested in using it.
  • 42% of consumers listed reviews as a critical reason they made a purchase. Digital Commerce 360 offers tips on collecting more reviews and using them to build a more trusting relationship with customers (subscription required).
  • Legislation is being proposed that will hold marketplaces liable for counterfeit goods that are sold on their site. The prevalence of counterfeits is top of mind for many consumers as well as brands, with 37% of shoppers reporting it as a top concern.
  • Etsy.com, the online marketplace saw its sales grow by an unprecedented 26% in 2019. One of the primary reasons was adjusting its prices in order to offer free shipping, which we’ve found to be one of the top reasons that shoppers go to marketplaces instead of retailer websites.

It’s unclear how long the coronavirus crisis will go on, and what the effects will be in the long term. Bizrate Insights will continue to monitor consumer sentiment to keep retailers informed about how they should adjust their strategy in the coming weeks.

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