No return to the status quo as retailers navigate new normal

New research from buy now, pay later specialist Klarna shows how shopping behaviour has changed over the past 12 months.

The company surveyed over 4,000 consumers across Europe, the UK, the USA and Australia and identified five key shopper tribes and subtle differences between the priorities and preferences of each. These are: Family Firsts, Aspirational Achievers, Here and Nows, Savvy Fashionistas and Conscious Consumers.

Good value for money is a top priority for shoppers this year, with 67% suggesting it has become more important since the start of the coronavirus pandemic.

It’s followed by promotions and deals (60%), a good reputation and trustworthiness (60%) and having a wide range of products available (58%).

55% of respondents said that an easy returns process (55%) and next or same day delivery options (51%) have become more important this year, coinciding with 49% doing more of their shopping online and 44% doing most or all of it online now.

Four in ten prefer to shop from brands or retailers that offer flexible payment options, while three in ten won’t shop from those that don’t.

Natalie Berg, Retail Analyst and Founder, NBK Retail, adds: “The retail industry is no stranger to disruption, yet nothing in our lifetime has jolted the industry like Covid.”

“As retailers look to navigate the new normal, resilience and agility will be essential for survival. There will be no return to the status quo.”

“The days of being everything to everyone are well and truly over: in order to find their tribe, retailers need to be bold about who they are and what they stand for. Opportunities have emerged, enabling retailers to reimagine both physical and digital commerce for the future,” she concludes.