According to a study by Relex Solutions, 53% of consumers prefer to visit a physical store when preparing for extreme weather events. However, only 33% are satisfied with the retailers’ service and stock management. The study highlights the changing consumer preferences, the ongoing impact of the pandemic, and the urgent need for retailers to enhance their ability to maintain adequate stock during extreme weather events.
The Pandemic’s Lasting Impact and the Renaissance of In-Store Shopping
The pandemic has significantly influenced consumer behavior. About 44% of respondents have kept a larger stock of essentials at home since the pandemic, 34% shop more frequently to avoid potential shortages, and 26% have switched to longer shelf-life alternatives. Despite the growth of e-commerce, in-store shopping is experiencing a ‘renaissance,’ with 53% of consumers choosing to visit a shop, and only 15% preferring online shopping with home delivery.
The Need for Improved Demand Forecasting and Inventory Management
Retailers need to improve their demand forecasting and inventory management to ensure the right products are available at the right time. By using real-time weather data and predictive analytics, retailers can better align their inventory with consumer expectations during critical weather conditions, thereby increasing customer satisfaction and loyalty. This proactive approach will not only meet consumer needs but also reduce the risk of stock-outs and excess inventory.
Retailers must adapt to changing consumer preferences and the lasting impact of the pandemic by improving their stock management. Enhanced demand forecasting and inventory management, informed by real-time weather data and predictive analytics, are crucial for ensuring customer satisfaction, loyalty, and reducing the risk of stock-outs. Embracing these changes will better prepare retailers for extreme weather events and establish a competitive edge in the retail industry.
