IRI
Reimagining retail for the roaring twenties
IRI describes the key pandemic behavioural changes and habits that will be developed this year thanks to new-found resilience and renewed values.
After a rollercoaster two years, Australia
at their disposal to shop safely, ascertain
between those who have embraced digital
is reopening to the ‘roaring twenties’
availability and get the best prices, our
and are thriving, and those that have not
with renewed optimism. We only need to
values are also influencing shopping
and are struggling” with a quarter (23.3
delve into history to see how resilience,
behaviours. Two-thirds (66 per cent) of
per cent) investing in digitalisation to
technology and innovation can change
us are more willing to pay higher prices
reduce costs and improve profitability
lives for the better. Coupled with the re-
to support small business and nearly all
and 17.5 per cent wanting to improve
focus of what’s important in our work and
of us (93 per cent) are more likely to buy
customer experience to drive revenue and/
home lives, Australia will likely see many
Australian-made as provenance continues
or increase KPI scores.
pandemic behavioural changes and habits
to fill our shopping baskets.
stay in complement to new-found resilience
Also be aware of the impending demise of third-party digital cookies. Put more
A fine balance between connecting choice with purchase
emphasis on first-party data to learn about
The influence of digital and values
For online shoppers, retailers must consider
tracking apps, it will be harder than ever to
The pandemic-driven digital transformation
larger and more valuable basket sizes and
know where Australians are shopping and
forced us to reassess how and where we live,
offer the ability to save a shopping list.
what they’re interested in. Your data, and
as hybrid working went mainstream. One
While Australians are keen to shop local,
knowing how to effectively use it, will be
million more Australians are now shopping
understanding new in-store behaviours is
more valuable than ever before.
online and two-thirds of those who did so
critical to long-term success. Elevating the
over the three months to September 2021
in-store experience is fundamental.
and renewed values.
your customers. Along with the opt-out of
Perfecting the omni-channel is key
(64 per cent) chose websites of retailers with
But beware of a digital divide. While
More businesses than ever are investing in
physical shops. Meanwhile, more than half of
recent Google research finds Australian
improving and augmenting omni-channel
us are willing to pay for shipping (54 per cent).
retail “to be steadily advancing towards
efforts because Australians expect retailers
While price and value remain very
becoming more digitally resilient”, it
to be present everywhere they are. No matter
important as Australians use every channel
also finds that “the market shows a split
the device, channel, platform, locale and time
28 | National Liquor News
