The Latest IBM IBV–National Retail Federation study found purpose-driven consumers, who choose products/based on their values like sustainability, are now the largest customer segment.
The study found that numerous consumer habits – hybrid shopping – that people adopted out of necessity during the pandemic are becoming routine now. The IBM Institute for Business Value suggests that retail businesses become more agile and integrate digital and in-store experiences to meet consumer demands.
Around 72% of consumers say they use the store as all or part of their primary purchase method. Top reasons to visit a store include touching and feeling products before buying them, picking and choosing their own products, and getting them right away. 27% of consumers also reported hybrid shopping as the method of choice.
Consumers are increasingly paying more attention to brand values like sustainability while making purchase decisions. Around 62% of consumers are willing to change their purchasing habits to reduce environmental impact, up from 57% two years ago. Half of the consumers are also willing to pay a premium for sustainability.
[4 minute read]