2020 in Review: Consumer Behavior Changes + The Impact on Trade Promotions
Economic, lifestyle, and emotional pressures brought on by COVID-19 motivated ─ if not forced ─ significant changes in how people behave, including how, when, and what they purchase. For retailers and suppliers, the balance of 2020 was spent closely monitoring changes to behaviors, and questioning how their strategies for engaging and converting shoppers should change in a totally new consumer environment.
Among the major questions the retail industry is facing is: what role do promotions play in a pandemic? There was a stark shift in how retailers promoted in 2020 compared to years past, and there remains uncertainty about promotional strategy moving forward. In this 30 minute webinar, Numerator will take a look at the state of trade promotions, and the implications to both retailer and manufacturer trade strategy heading into the new year. The webinar will cover:
- Major shifts in trade strategy in 2020, highlighting different approaches taken by retailers
- The importance of including shopper behaviors in analyzing the impact of promotions
- How pandemic behaviors demand an omnichannel approach to promotions
- Key considerations for trade promotion planning in 2021 and beyond