The impact of COVID-19 on consumer needs and expectations is significant, with consumers being more thoughtful and selective in their decision-making, according to the KPMG report “Consumers point a new direction to retailers”.
The report summarises the key findings of the online survey carried out by KPMG in Cyprus during the period 23/5 - 18/6. The survey’s title is “Retail Consumer Behaviour in Cyprus and the Effects of the Pandemic” and was addressed to all consumers in the Cyprus retail market. The survey aimed at understanding the sentiment of consumers in the Cyprus retail market during the unprecedented time of COVID-19, while exploring the extent to which their needs and expectations are shifting, and towards which direction.
Key findings:
The impact of COVID-19 on consumer needs and expectations is significant. Consumers’ priorities now move towards securing their health and safety first and expect retailers to enable them in doing so, by providing safe, fast, digital and effortless interactions. At the same time, feeling more vulnerable and less in control as they currently do, consumers communicate the importance of remaining ethical and displaying integrity, which tend to sharpen brand trust and cultivate brand loyalty.
The report provides insights to organisations in the Cyprus retail market in order to successfully adapt to the shifting consumer expectations, which point towards:
- Digital interactions
- Cashless payments
- Safe & fast transactions
- Trust & integrity
- Transparency & consistency
Antonis Shiammoutis, Board Member and Head of Consumer Markets & Retail at KPMG in Cyprus said that: “Customer retention and loyalty are becoming more complex as consumer expectations are rising by the minute. Retail organisations need to put the consumers’ needs first, listen to what they have to say and provide innovative, fast and agile response to meet and exceed their expectations”.
