Ned Hayes, SnowShoe CEO, explains that while consumers have irretrievably changed their shopping behaviors, presenting big challenges for retailers, there are many signs of hope on the horizon in the post-pandemic retail era. Read on for an excerpt from the full article in Retail Customer Experience magazine.

Retail boom is coming

It turns out that consumers are feeling optimistic about visiting retail stores in 2021. According to research from McKinsey, there’s a path to recovery already waiting in the wings.

U.S. consumers plan to make up for lost time with more than 50% planning to spend more this year. Extra spending will include not only typical retail purchases, but also “special treats” and splurges that lie outside the norm of typical retail expenditures. Higher-income millennials plan to spend the most, and as vaccinations expand to Gen Z, these trends will also likely apply to that generation.

Loyalty matters

When shoppers return, according to researchers at CGS, consumers will crave more human connection from service people. Consumers have been missing out on the micro interactions that come with in-person experiences and brick and mortar retail stores have a real opportunity to capitalize on this expectation to create amazing in-person interactions for shoppers this year. This is the perfect time for businesses to re-energize their loyalty programs to encourage regular in-store shopping and ongoing retail engagement.