COLUMBUS, Ohio, Nov. 5, 2019 /PRNewswire/ -- The state of the industry today can be summarized in one word: Reformation. Technology is advancing faster than we can say "Hey Alexa", and shifting consumer values are pushing traditional brick-and-mortar retailers to the wayside in the wake of new ecommerce players. In this time of unprecedented change, WD wanted to know which brands are coming out on top and our GBU 20 study is here with the answer.
Our third annual report evaluates which brands are dominating the new consumer market (the Good), which brands are barely getting by (the Bad), and which will flatline soon if they don't make some big changes (the Ugly)—weighing data from 2017, 2018, and 2019 to identify year-over-year industry trends.
We've polled over 11,000 adult consumers across the nation (with annual incomes above $35,000) to evaluate 100 of the most well-known brands. We then segmented our respondents into five demographic groups based on birth year, including Gen Z (18-22), Millennials (23-38), Gen X (39-54), Boomers (55-73), and the Silent Generation (>73). These generational divides offer a look into how consumer behavior is changing over time, illustrating how the market could continue to shift based upon their evolving preferences.
As to be expected, Amazon dominated across the board in terms of consumer perception, topping the Good and Best lists for the third year in a row. With Walmart, Target, and Costco coming in closely behind, it is evident why box was the top performing vertical in the study. The beauty and grocery verticals were also stand-outs on the Good list.
Specialty apparel once again topped the Ugly list as the worst performing vertical. Financial institutions and other specialty retailers in the home, personal, and sport categories were also among the lowest. Possibly the most surprising finding, though, was that Walmart was named the Worst brand by a large margin (yes, it was also on the top 5 Good list). Many of the other top performing retailers (even Amazon) made both the Best and Worst lists, illustrating that consumers have a love/hate relationship with these brands.
Data showed that brand awareness is eroding as consumers are beginning to seek out smaller brands instead of remaining loyal to larger conglomerates. However, many brands are still popular despite awareness erosion. If they can maintain a positive perception with their existing customer base, these brands can still come out on top in terms of public opinion.
At WD Partners, we know that the market is experiencing a turbulence that is changing the way retail operates. And in this cutthroat industry, innovation is essential in remaining sustainable in the digital age. If you need assistance with discovering how your brand can adapt to this shift, call us. We'd be happy to help.
In the meantime, you can download the full white paper here for a complete look at our findings.
About WD Partners
WD's mission is to drive and shape the future of customer experience. Our passion has been to solve our clients' challenges and anticipate their future needs. We are customer fanatics that pride ourselves on being on the forefront of retail disruption. WD's integrated services include: strategy & insights, brand & design, operations strategy, architecture & engineering and constructions services. WD Partners, innovation at scale.
SOURCE WD Partners