The-Negotiation-Society-Magazine-The-Change-Issue

Serena: On the subject of omni and its
implications, there had been a mindset that the
digital and in-person experiences were secular.
Now however there is broader recognition
that they are unified and complementary.
What trends are you seeing with this united
omnichannel view?
Mindy: For one, a tremendous increase in
in-store pick up; buying online and picking up
in store for a unified experience. The consumer
is looking at their experience in terms of
convenience, as in “What’s more convenient for
me?”. Avoiding the extra time from shipping
and risk of packages going missing, versus
ordering online and picking up in store in a
timely manner, on the same day or within hours
– which is almost instant gratification. This is a
great example of removing part of the friction
to create a more seamless model for the
consumer. Retailers are striving towards this
in all aspects of how they reach the consumer,
and that’s the exciting way in which digital and
brick-and-mortar are creating an experience
that is timely and convenient. Consumer
insights coupled with omnichannel approaches
brings us a broader perspective, with a broader
set of assets and assortment, making anything,
at any time, available.
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Vaughan Ryan is Managing Director
of Consumer Intelligence at NielsenIQ
Asia, helping companies understand
consumers’ full shopping journey across
both the offline and online environments
and using data, analytics and insights
to do so.
Serena: In the early days of shopping online
there was a differentiated view on shopping; it
occurred online or it occurred in store. However,
particularly in light of living through a
pandemic, the concept of treating omnichannel
as a value driver and looking at instore and
online as a unified and immersive experience
seems to be winning in the marketplace.
What other effects are you seeing in consumer
behavior over the last year?
Vaughan: We sort of joked in the early days
of the crisis that whatever you do, just make
sure you do something. A need for innovation
is even more critical, especially now that we’re
home shopping 24/7. When you sit back and
have lunch you’ve got your smartphone in front
of you checking out what’s going on; a deal
pops up and you jump on that. So, the need to
innovate has never been more important, not
just in terms of the retailing element, but also
the products that are being developed.
One of the things that has been interesting
has been this do-it-yourself mentality. For
example, a number of friends have taken up
cooking because they’re at home. Or taking on
home renovations: repainting, doing projects
that had previously been put off. The categories
that were traditionally all about convenience
have been thrown on their head to a certain
extent. It’s not that consumers don’t want
convenience, but they want convenience that
suits them, when it suits them.
Serena: What are other innovations
that you are seeing in the retail experience?
Vaughan: From a retailing view point we’re
seeing a lot more educational elements to the
do-it-yourself elements – so again, baking at
home is a great example. I know that sounds
like something that has been around forever,
but the experience has changed because we’re
spending significantly more time in the house.
It’s not just in store or online; they’re working in
tandem for a total experience.
There has also been a shift in the way we as
consumers feel about promotions – we simply
don’t get as excited about them as we did in the
past, because we’ve been conditioned to know
they’ll be there next week. So now, consumers
shop in store to compare the best prices, using
multiple sources to “price check”. So stores
have to be more creative on how they impact
the consumer’s omni-experience; from logistics
management to loyalty programs. In fact, loyalty
is probably the next angle to watch.
Serena: Thinking about the macro trend of
loyalty, what are the generational impacts or