Medallia Sense360 Releases New Analysis of How the Pandemic Shaped the Future of the Retail Industry
August 11 2021 - 8:00AM
Business Wire
Consumers continue to embrace digital platforms, even as
pandemic restrictions begin to lift.
Medallia, Inc. (NYSE: MDLA), the global leader in customer and
employee experience, today announced the release of - The Future of
Retail Consumer Behavior - a free report examining the changes in
retail consumer behaviour over the last year.
“Retail consumer behavior changed drastically over the course of
the past year, but as consumers and businesses begin to define a
new normal, we wanted to understand what behavior changes will be
permanent and what trends may already be fading,” says Andrew
Custage, Head of Analytics for Sense360 By Medallia.
To track and understand consumer behaviour, Sense360 By Medallia
combined data from three sources: foot traffic data from smartphone
geolocation of more than 2 million opted-in consumers, spend data
from more than 6 million consumers, and psychographic survey data.
Combining multiple datasets yields a more holistic view of the
customer journey, and a more accurate way to answer strategic
insights questions for retailers.
Drawing on this industry leading pool of data, the The Future of
Retail Consumer Behavior report examines:
- Consumer spending trends and surveys from 15 months of daily
research
- How consumer behavior has changed - and which habits are here
to stay
- How different retail sectors have been affected, and specific
strategies for retaining customer loyalty in the grocery, sporting
goods, and beauty sectors.
Highlights include:
- Overall: Despite recent concerns over the delta variant,
overall fear levels toward COVID-19 have subsided compared to a
year ago. However, surveys show that there will likely always be a
group of people whose fears are here to stay. Consequently, their
behaviors and shopper journey have shifted - in some cases, likely
permanently. The shift to online shopping continues, despite the
pandemic having slowed down.
- Grocery: One of the biggest pandemic-induced habits is the
channel shift to grocery delivery and curbside pickup. Although
it's now safe to shop in-store, consumers have embraced off-premise
behavior and many of them won't go back.
- Sporting Goods: This retail category shows not all pandemic
habits are here to stay. An uptick in demand for sporting goods
during early lockdown periods is tapering off as consumers look to
move beyond at-home exercise. The current market is seeing a split
with Mass retailers plus Amazon competing on price, and specialty
retailers competing on product selection and quality. Specialty
retailers will need to find more ways to reach and retain the
customer to compete with Amazon's growth.
- Beauty: The beauty retail space has become an even more
competitive, zero-sum game. The pandemic tightened the purse
strings of consumers, and although their spending on beauty is
recovering compared to last year, they aren’t planning to increase
purchases much more. They also plan to try different products and
different brands while simultaneously shifting their spend to Mass
and Department stores. Beauty specialty retailers and DTC brands
are in an increasingly difficult battle for consumer loyalty.
“Perhaps the clearest insight from the report is that while
consumer behavior was initially forced to change by the pandemic,
certain habits continue to stick even as restrictions loosen –
creating a sustained adoption of digital platforms,” continued
Custage. “ In order to understand the volatile world we now live
in, it’s critical for retailers to use holistic research to
understand their customers and the competitive landscape.”
To download the full report, visit
https://info.sense360.com/insights-report-the-future-of-retail-consumer-behavior.
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About Medallia
Medallia (NYSE: MDLA) is the pioneer and market leader in
customer, employee, citizen and patient experience. The company’s
award-winning SaaS platform, Medallia Experience Cloud, is becoming
the experience system of record that makes all other applications
customer and employee aware. The platform captures billions of
experience signals across interactions including all voice, video,
digital, IoT, social media and corporate messaging tools. Medallia
uses proprietary artificial intelligence and machine learning
technology to automatically reveal predictive insights that drive
powerful business actions and outcomes. Medallia customers reduce
churn, turn detractors into promoters and buyers, create
in-the-moment cross-sell and up-sell opportunities and drive
revenue-impacting business decisions, providing clear and potent
returns on investment. For more information visit
www.medallia.com.
© 2021 Medallia, Inc. All rights reserved. Medallia®, the
Medallia logo, and the names and marks associated with Medallia’s
products are trademarks of Medallia. All other trademarks are the
property of their respective owners.
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PR Contact: Austin DeArman press@medallia.com +1 (202)
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