8 Oct 2020, 14:30 — 5 min read
Consumers are settling into the new normal, as people everywhere are learning to live with the reality of COVID-19 and as more countries reopen parts of their economies. This pandemic has reshaped the way we work, socialise, and foreseeably shop.
Overnight, retail shoppers were pushed into the deep end of the online commerce pool, and in a matter of days, there is a high level of skill and comfort in online shopping across the board.
In this article, we'll look at some consumer behaviour patterns in the new normal.
Video consumption has increased incredibly during the crisis and is expected to stay strong in the post-COVID era. A lot of them are filming themselves and uploading to social networks like Instagram and Facebook. This is now an opportunity for businesses to reach the new and younger audiences' video content that emphasises authenticity.
Many people have been affected negatively with COVID-19, especially with their finances and daily routines for at least a few more months. Consumers are mindful of their spending, focusing on the essentials and daily needs instead of expensive products.
Due to economic uncertainty, consumers are now looking for more deals and discounts. Consumers are cutting back on non-essential products. Overall, consumers are now leading to price sensitivity.
It is safe to say that consumers will avoid large gatherings or crowded places in the coming months. Consumers tend not to step out until it is essential. According to an IBM study, conferences and trade shows will be adversely impacted during the new normal: 75% of respondents indicated they are unlikely to attend one of these events in 2020.
Consumers today are smarter and more aware of the product options than ever before. Long gone are the days of reacting to advertising messages. Suppose they are buying a car, a service, or a meal, consumers throughout are more likely to consider user reviews as part of their decision through social media, online forums, comparison web sites.
Due to the COVID-19 situation, consumers are now re-evaluating their priorities, lifestyles, and values, looking for ways to improve how they manage their health and wellness. A few of the themes were created during the crisis, such as at-home sports training. This also reflects as many people are now looking to keep themselves fit and healthy.
Consumers are now shopping more often at locally owned stores and buying more locally made, grown, or sourced products during these times when many consumers are trying to avoid crowds.
eCommerce has become an essential channel as stores have closed or reduced their physical presence. It's expected that consumers of all ages will continue to appreciate the "safer" experience of shopping online, as opposed to crowded stores. From online shopping to bulk- buying, everything is changing, including what they are buying, how, and when. Consumers’ buying trends are mainly focusing on three aspects - to protect, to entertain, to save.
In the past few months, consumer behaviour has changed profoundly- customers now have higher expectations and there is greater adoption of digital technologies.
Image source: shutterstock.com
Posted byGlobalLinker Staff
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