?? 5 ZEROS RESHAPING RETAIL STORES 2022+

?? 5 ZEROS RESHAPING RETAIL STORES 2022+

??? Consumers now demand much more than value and convenience — and tolerate fewer shortfalls. Shoppers are reshaping the retail landscape. For example:

• Nearly 40% have switched brands or retailers during the pandemic
• More than 80% have new shopping behaviors.
• More than half of those use a new channel or service.
• Omnichannel consumers buy 70% more frequently.
• They spend 34% more than exclusive in-store shoppers.

??? As a result, the "margins for error" in retailing are shrinking toward zero in 5 areas:

?? SHOPPING CHANNELS: Zero Difference in Channels

??? To serve omnichannel customers better, winning retailers are reimagining channels and bridging the gap across supply chains, stores, web presence, and partners.

??? Further blending channels, the “all on, anywhere” service model is permanently raising consumer expectations of zero differences in channels.

?? CUSTOMER ASSISTANCE: Zero Desire for Assistance with Transaction

??? Shoppers are giving retailers less “credit” for traditional and transactional services from checkout at cash registers to beyond.

??? More than 70% of those who began using in-store self-checkout in the past 2 years, or used it more often, intend to keep using it after the pandemic.

??? Self-service is the preferred service.

?? DELIVERY TIMES: Zero Wait Time for Delivery

??? Instant delivery is increasingly expected.

??? More than 90% of consumers now see 2- or 3-day delivery as the baseline, and 30% expect same-day delivery.

??? And they’re more likely to be willing to pay for it, especially if they’re younger, urban, and time constrained.

?? EQUITABLE & SUSTAINABLE: Zero Tolerance for Inaction on Equity and Sustainability

??? Retailers must share customer values.

??? Gen Z and Millennial customers are increasingly anchoring their retailer and brand choices on sustainability, diversity, equity, and inclusion.

??? About 90% of Gen Z believes companies should address racial equity. As well, 50+% of Gen Z and Millennials are aware of brand commitment to sustainability, and 40+% consider sustainable practices in their purchases.

?? HUMAN TALENT: Zero Wiggle Room on Talent

??? To recruit and retain the right people, retail leaders are raising pay, providing more autonomy (e.g., through flexible “gig” schedules), and promising better career paths.

??? Traditional recruiting and onboarding are no longer enough.

?? IN SUM ...

??? As changes accelerate in consumer behaviors and attitudes, retailers with “wait and see” approaches will only fall further behind.

??? The race to zero is on.

(Source McKinsey; Infographic redrawn by myself) https://www.mckinsey.com/industries/retail/our-insights/the-five-zeros-reshaping-stores

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