The evolving consumer behaviours we see evidenced in the data from PwC’s Global Consumer Insights Survey are driving new business models. Here are some of the trends that are driving innovation at retailers and consumer companies:
While it’s true that the big names in e-commerce are cornering the market for efficiency and convenience, manufacturers and retailers have plenty of room to develop business models around differentiation and personalisation. For example, many manufacturers are now reserving their hottest new products not for their retail partners, but their own direct-to-consumer channels.
E-commerce still represents less 15% of global B2C commerce, so the opportunities are out there for innovators and new entrants. Boxed.com, started in a garage in New Jersey, differentiates itself by offering bulk-size consumer packaged goods specifically to customers who’d rather not drive to warehouse stores, charging by offering a narrower selection.
Despite the digital disruption in the retail industry, people are still shopping at bricks-and-mortar stores. For example, the percentage of shoppers who said they visited a physical store at least weekly was 42% in 2012 and 44% in this year’s survey. So one way for retailers to compete with new business models is by captivating those consumers that are actually visiting their physical locations.