RETAIL & CONSUMER TRENDS - Stephanie Atto Research & Strategy Director

PowerPoint Presentation RETAIL & CONSUMER TRENDS Stephanie Atto Research & Strategy Director Australian Consumer & Retail Studies (ACRS) Monash University WHY STUDY CONSUMER TRENDS? “According to Darwin’s Origin of Species, it is not the most intellectual of the species that survives; it is not the strongest that survives; but the species that survives is the one that is able best to adapt and adj. [...] OMNICHANNEL IMPERATIVE The pandemic forced consumers to change how they buy and reinforced the need for a seamless shopping experience “Omnichannel retailing is a holistic approach, where strategy takes account of all channels as customer touch points, which potentially allows for a seamless customer journey.” ⎯ Piotrowicz & Cuthbertson (2019) Source: Piotrowicz, W., & Cuthbertson, R. [...] THERE WAS A SUBSTANTIAL SHIFT TO ONLINE SHOPPING DURING COVID-19 AND MANY CONSUMERS PREFERRED TO USE IT AS THEIR MAIN CHANNEL, COMPARED TO PRIOR TO THE PANDEMIC Main Channel – Grocery Main Channel – Non-Grocery Prior to COVID-19 pandemic (i.e., before March 2020) 80% 16% 5% 68% 27% 5% During COVID-19 pandemic (i.e., March 2020 to present) 57% 34% 9% 36% 56% 8% After COVID-19 pandemic (i.e., in the. [...] HEALTH & WELLNESS Consumers are pursuing healthier lifestyles to maximise their quality of life “Health is a state of complete physical, mental and social well- being and not merely the absence of disease or infirmity.” - World Health Organisation Source: World Health Organisation Constitution ( ) WELLNESS FOR CONSUMERS CAN BE CLASSIFIED INTO SIX ARE. [...] SOCIAL COMMERCE RISING Consumers are increasingly using social platforms to inform and make their purchase decisions SOCIAL COMMERCE TAPS INTO THE GROWING USE OF SOCIAL MEDIA PLATFORMS, WHERE BUSINESSES CAN PROMOTE AND SELL DIRECTLY TO CONSUMERS SOCIAL COMMERCE IS ON THE RISE ACROSS THE GLOBE 81% of Over 25% of Social commerce Millennials will Australians are social media globally is account for a.