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Business Briefing: The changing customer landscape

James Perrin
James Perrin
Head of Content 5 Jun 20205 minutes read

A round-up of the most important insights and what they mean for your business.

The customer is always right

This week it's all about the customer. How have your customer's habits, behaviours and needs changed during lockdown? We've waded through the melee of Covid-19 updates, articles and thought pieces in the past week to find out more. 

 In short, they've changed a lot. Increased expectations and standards mean that brands are having to step-up, to make the necessary changes to offer the customer something seamless, meaningful, memorable...we're a demanding bunch, aren't we? 

 Find out what the changing customer landscape means for your sector: 

Retail

More customers are looking to buy more frequently 

The retail sector stands to benefit from increased online shopping and a broadening eCommerce audience. Consumers are placing more value on shopping online and plan to continue in that vein when things return to 'normal'. How can brands stay relevant and competitive in an overcrowded online space? Read more from GWI.

The face mask - hot topic and a hot fashion trend? 

 Many shoppers are reporting that the majority of people are not wearing masks in shops, and that they won't return to shops that do not enforce safety measures. There's also a huge opportunity for brands as people are intending to buy masks from fashion retailers, provided they're safe. Some are even predicting that the mask will become the next hot fashion trend 🤷. Download the full report from Brandwatch.   

Hospitality

 90% plan to holiday in the UK when restrictions are lifted 

Due to tighter budgets and international restrictions, the Great British public plan to holiday in the UK this summer. Interestingly, there's now a greater appreciation for the UK's beauty spots, with 86% choosing a countryside holiday over a city break. Read more from Secret London. 

Hygiene top of mind for customers looking to choose a restaurant 

 Great news for hospitality. 63% Of British consumers say they will return to restaurants, bars or cafes in the first month of reopening. But there's a caveat; three quarters (76%) stated that good hygiene will be a more important factor in choosing a restaurant than before the lockdown. Read more from NPD.

Financial Services

Consumers sticking with traditional banks throughout the crisis 

The crisis has drawn attention to the digital shortcomings of traditional banks, but also afforded them the opportunity to highlight their main advantages over challenger banks - trust. Traditional banks are benefiting from a sense of trust that their younger competitors have yet to fully realise. Read more from GWI. 

 Digital is helping to improve the banking experience 

 Challenger or traditional, when it comes to online banking, digital hasn’t simply filled a need created by the pandemic; it has improved the customer experience, and often markedly so. Opening an account via digital channels results in a better customer experience than via other channels. Read more from Bain. 

ecommerce

Frictionless payments required for seamless CX 

 Customers have been expressing difficulties with buying items they would normally buy during lockdown. Coupled with Facebook's collaboration with Shopify, there's been a lot of talk the past week of seeking out smoother online shopping experiences – where availability, customer service, and seamless delivery are all priorities. Download the full report from Brandwatch.

We're spending less on activewear and takeaways, surprisingly 

Despite what you're experiencing and seeing, spending on activewear and exercise equipment is down for 17% of us. After the initial surge at the start of lockdown, we may be experiencing a sense of exercise fatigue. Also, With financial worries looming, non-essential spending has also hit the restaurant sector; 40% say their takeaway outgoings have dipped during the outbreak. Read more from YouGov.

#WeLoveHumans

Each week, we pick out the one feel good story of the week. Showcasing human resilience and brilliance during a time of great change and innovation. So, what have we loved this week? Well, if like us, you've been craving for that sense of community, you'll love this. 

film-projected-onto-building-exterior

While Zoom and Netflix Party have allowed people to share experiences with others from individual living rooms, these platforms do not replicate the communal aspects of going to a movie theatre or seeing a play live. German project “Window Flicks” brings the cinemas to the people by projecting films onto the exteriors of residential buildings, allowing the entire neighbourhood to watch from their windows. What does this tell us? Even after the lockdown ends, projects like this could help to provide greater access to culture both physically and digitally. Read more  

GET MORE

Every day we will be sharing key business insights on our social channels. Each week we will round up our daily posts into a pivotal weekly digest. And if that’s not enough, we’ll be hosting regular webinars to talk through what it means for your customers, your sector and your business. So, keep an eye out on our social channels for upcoming webinars.

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