released December 8th, 2020
(recorded December 5, 2020) - 66 minutes
a) Introduction: George and Matt talk about their experiences from their earliest uses of the internet (George in 1996 and Matt in 1988!) and what 2020 has impressed upon us when it comes to changing how we listen to jewelry consumers.
b) Rethink Your eComm: The Rise of "BOPIS" -- what is it, why is it, and why you are behind if you've not explored it and integrated it onto your shopping cart.
c) Don't Take Our Word For It: We cite the survey from McKinsey published on November 12, 2020 after conducting COVID-19 surveys since April 2020 that provided essential data for the changing consumer behavior you need to plan for.
• 78% of US consumers have changed stores, brands, and the way they shop
• 24% of consumers are doing more online research of brands and products before buying
• 46% say they are still expecting to spend less on jewelry
• 15% say they will spend more on jewelry
• 56% say they purchased jewelry online before the pandemic, 27% of them were already exclusively purchasing online
• 61% now say they will continue to purchase jewelry online, 40% of them say they will continue to exclusively purchase online
• 30% of Americans changed their shopping behavior to use a different retailer, store, or website during the pandemic as they searched for brands and websites that already had online services to meet their needs. 78% of that group won't go back to the retailer or website they used before the crisis.
o Why did they change their shopping behavior?
— 25% cited BOPIS
— 25% cited easily accessible from home
— 26% cited better prices or promotions
— 30% cited in-stock availability
— 18% wanted to support local businesses
McKinsey believes that the pandemic accelerated the adoption of ecommerce that was expected to take 10 years in the US.