Trends Here to Stay: The Stay-at-Home Economy

03.24.2021 Articles , Expert Insights , Trending Topics
By Sean Ludick, President of BDSmktg

As part of my “Building the Shopper Journey for the Future” series, let’s explore some of the trends that are here to stay! One that really stands out for me is the high demand for purchasing things for the home (DIY), but more importantly how we as consumers starting to really love the convenience of buying from home. We call this the “Stay-at-Home” economy.

Online advancements, accelerated by the pandemic, has provided consumers a faster and easier way to get things they need, changed the traditional shopping environment, and reduced consumers’ trips to stores. The numbers supporting this new market are huge.

Let’s take a look at five reasons we believe the Stay-at-Home economy is here to stay:

1. We can all agree that technology helped make life tolerable in the pandemic. What were conveniences before the pandemic have evolved into necessities that we’re unlikely to give up and will be part of the new normal. So, to start, we are seeing retailers double down on infrastructure investments to deliver goods and services to our homes quickly, safely and efficiently.

2. Families have invested in the services and gadgets to keep their loved ones entertained and safe while sheltering in place.

3. Our shopping habits have changed due to tech adoption, people quickly got over the “hump” of adopting and using new tech.

Look at customer digital interactions pre-covid – consumers are now 3x more likely to make 8 out of 10 of their shopping interactions digitally. This acceleration of the digital transformation isn’t slowing down and will continue to speed up over the next few years.

4. It’s hard to go backwards with convenience. Consumer expectations include this new layer when making a purchase. Convenience means timing. Convenience means options.

5. Which is why lastly, convenience is key. Prices inclusive of free and speedy delivery are empowering less “errands” and more “clicks”. The stay-at-home economy is here to stay – and that means that consumers are going to value their time and where it’s spent even more than ever before.

So, in an omni-present world, Convenience is addictive. Retailers have taken instant gratification and made it real for online buying. What they are doing next will be exciting because we now know that consumers are willing to pay more for ultra-convenience.

Across the globe 7 out of 10 people are willing to pay more to save time. Up to 93% of consumers in the Philippines, Vietnam and Nigeria have said they will pay more.

The adoption rates for services like Pick up and BOPIS have increased by 39% in countries like New Zealand, the US and Canada. These time saving paths to purchase have emerged and are constantly innovating.

With all this innovation happening for online shopping and instant gratification options, the future of brick and mortar relies on getting people back into their stores, which means retailers will need to create a comfortable and safe experience for consumers.

Keep following me on LinkedIn for more to come around this topic:  https://www.linkedin.com/in/seanludick/.