Adyen Retail Report
New consumer trends show how brand loyalty and customer experience will drive commerce in the months and years to come.
For the retail industry, as well as food and beverage (F&B), 2020 has been defined by uncertainty and loss. Now moving past the initial shock of shutdowns, businesses are getting back on their feet, and readjusting to the new world around them. The road to retail recovery lies in reinvention – where every digital interaction is intuitive and every experience matters.
Beyond the initial fallout lies the possibility for new beginnings. Consumers are re-evaluating what’s essential and where they spend their dollars. As they become more selective, securing loyalty becomes critical. It's not enough to open their wallets, you have to win their hearts. But how do you secure customer loyalty in a market where things seem to change almost by the week?
Adyen commissioned the Centre for Economics and Business Research (CEBR) to provide analysis on the current state of retail and F&B businesses around the world. We also applied our own payments data to measure the impact of unified commerce on businesses' success. And we interviewed 25,157 consumers from across Europe, the US, Asia Pacific, and Brazil to understand what people expect from shopping and dining experiences today.
In this report, we talk a lot about unified commerce. But what is it, and how does it differ from omnichannel?
Omnichannel businesses are already delivering great cross-channel experiences to their customers. But systems behind the scenes are often unconnected. Cross-channel reconciliation is difficult so you can’t offer total flexibility to your customers. And implementing changes that impact multiple channels and regions can be complicated.
With unified commerce, payments from all your channels feed into the same system. This allows for greater flexibility for your customers and better insights for you. It also keeps you agile since you can add new channels and support new customer journeys quickly because everything’s connected.
US Key findings
In-store customers spent 41% more when they moved online during the pandemic.
51% of consumers will go out of their way to shop with businesses that engaged with charitable initiatives during the pandemic
64% won’t return if they’ve had a bad experience either in-store or online.
68% expect businesses to maintain the flexibility they've shown during the pandemic.