Not only did an entire new generation of shoppers who were previously only online shop, but also those who already shop online became more dependent on it.
The shopping habits continue to evolve. This creates interesting tensions as consumers face choices that seem to be at opposite ends of their spectrum. This seemingly contradictory expectation can seem like a paradox for brands. These are not trade-offs. Instead, brands that seek to satisfy shoppers can offer them the best of both.
Paradox 1 - Meeting consumers at the intersection between fingertips and footfalls
E-commerce has become a popular option for many people. 38% of APAC's consumers have indicated that they plan to shop online again after the pandemic. Many businesses also found that their primary location had moved online.
China was the first country where e-commerce sales outpaced store sales. South Korea follows closely with 28.9% expected online sales this year. Particularly, online grocery shopping is seeing the most growth in APAC. In Q4 2020, 44% of Chinese consumers purchased groceries online.
Online commerce is growing but in-store shopping remains important for CPG brands.2 Even though some countries are still severely affected by the pandemics, customers are returning to brick-and mortar stores.
Everyone appreciates something in a shopping experience. Instead of focusing on one aspect, brands should think about how they can combine the best of both and make it easier for shoppers to switch between them.
Online shopping is a great way to get information quickly, be in control of your privacy, shop seamlessly, and search through a variety of products and branches.
How can physical stores duplicate these benefits? With virtual assistance, brands can make it easier for customers to shop in-store. This allows customers to shop without the need to speak with a sales associate. By leveraging VR and AR in retail shops, you can create more memorable experiences.
The same benefits of shopping in-store can be applied to e-commerce. Online shopping is becoming more popular due to the benefits of in-store shopping such as free delivery and easy returns.
"With consumers requiring instant availability and being dependent on home delivery, the expectation of a 'last-mile delivery' is here to remain." --Jason Mander.
Your customers can be reached at the intersection between fingertips and footfalls by offering online shoppers the same security and reliability as they have with physical stores. Jason Mander, GWI suggests that customers value smoother purchase experiences by brands. This includes expediting delivery and reducing shipping costs.
Paradox 2 - Standing up for Values while providing value
Shoppers will always be concerned about finding the best deal, even more since the pandemic adversely affected nearly 1 in 2 APAC consumers' finances. 5 Many shoppers search online for the best deals and take advantage of any sales or promotions.
Mander reports that 59% of consumers expect brands to adhere to their values. They are also more likely than ever to reward these brands by rewarding loyalty, especially in APAC, which is seeing an increase in reward programs.
Many people will pay more to support brands that are in line with their values. However, offering great value while still being attractive to your customers will make your brand more appealing.
The mobile app SusGain in Singapore offers the chance to earn points by shopping at sustainable local businesses as well as a percentage of your purchase, meeting both their value-driven requirements.
A direct-to-consumer strategy allows brands to connect with consumers and create an authentic, meaningful connection. This can help them stand out as independent brands that have their own principles.
It is possible to offer both value and values. Customers should be made aware of your position by reaching out to you. To help you find opportunities to communicate your values to customers, audit your value chain. You can, for example, be more transparent with your business processes and the steps involved in creating a product.
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Paradox 3 - Offering global services while being available for local
People have grown accustomed to using the internet to find brands and markets around the globe. We've also noticed a higher preference to buy locally because of a greater sense community and concern for the environment.
How can you give your customers the best and allow them to be active in their communities?
Businesses can take an active role in supporting local suppliers. For example, the online marketplace ShopClues offers customers access to global brands, but also allows them to search for domestic products that are "Made in India". This allows people to make the best choices and allow them to choose the ones that suit their needs.
The global sports brand Nike adopted a similar approach to their hyper-local store concept Nike Unity. This store focuses on local cultures and honors local heroes. Although the merchandise is imported from all over the world, each store stocks curated merchandise that matches local needs.
It is possible to start work at the source. Starbucks, the world's largest coffeehouse chain has transformed its logistics and value chains to support ethical sourcing of local coffee suppliers. It also made its social impact reports public.
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