Consumer Behaviour Predictions During & Beyond COVID 19 Era and How to Win The Game!
“Our ability to adapt is amazing. Our ability to change isn’t quite as spectacular.” – Lisa Lutz
We are in the midst of unprecedented times, social distancing has changed our short and long-term behavior. The lockdown decision over the globe for the past few months has forced people to stay indoors, resulting in an increase in the time spent online; which has directly led to more online shopping.
The business that delivers products at the doorstep is and will be benefitted in the future too.
But due to limited supply chains, some businesses are facing losses even if there is demand online.
Finding solutions to meet those demands and supply is the key to success!
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Major Shift in buying behavior
“And the most successful people are those who accept, and adapt to constant change.” – Paul Lutus
The elderly people who might have never imagined of shopping online are actually making online purchases. Earlier people who used to neglect sanitation products, are now buying them at any cost. As per Darren Williams, MD, DW Exec Consulting “People are scared to spend money that’s not essential”.
As per the Senior Vice President of Retail & Consumer products EMEA & APAC at Publicis Sapient; Guy Elliott, “Online shopping will increase for things that are essential to be quarantined”
For eg:- Shopping for fitness equipment, home utilities, hobby related stuff will increase.
Takeaways
- Consumers are 35.65% more responsive to promotional messages especially Emails and SMS.
- Consumers are buying 78.8% of food items and stocking up non-perishable food items. Medicine, health and wellness, household essentials are on top of the priority list.
- It was seen that 40% of consumers were ready to switch to different brands if the products of the brands they often purchased were out of stock.
- More than 32.05% of consumers are browsing online whereas, more than 25.35% are buying utilities via online platforms
- It is predicted that online shopping will increase by 43.20% in the coming months.
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Source:- yotpo
Hope these valuable insights help you to invest in the right kind of social media and digital marketing strategy.
Consumer behavior Predictions :
“When we allow ourselves to adapt to different situations, life is easier.” – Catherine Pulsifer
- The automobile sector will see a rise in demand as people will prefer their own car rather than traveling in public transport or shared cabs.
- The business that is into accommodation has to raise their standard in hygiene level as people will prefer high-class hotels rather than the economy class accommodation and would pay more for places where sanitation standards are best.
What Exactly Marketers Need to Do & Follow?
- Set the game up with new marketing strategies by following the latest trends and valuable insights.
- Advertisers need to find platforms based on the time spent in order to target their potential audience.
- Businesses should increase their ad budget and find more creative or consumer-friendly ways of online marketing.
- Businesses should not only be more responsible by making sure that their customers aren’t affected in any way but also they must undertake necessary preventive measures. Thus, meeting their customer demands along with keeping their employees away from unnecessary sufferings, and taking proper care during such crises.
- It’s really important for retailers to keep themselves ready with the best possible solution against such crucial situations and also be prepared in case of similar crisis occurs in the future.
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The brands that would understand these valuable insights and adapt accordingly will surely turn out to be the new champions. There are still many uncertainties that businesses will face in the coming months, so give a deep thought over the on-going scenario, take preventive measures, change the strategies accordingly and be prepared.
Conclusion:
- Coronavirus has created global massive chaos for sectors like tourism, airline, entertainment, and education; due to which these industries are forced to redesign their business models.
- Those retailers who failed to focus on the online business practices will understand& realize that ignoring it, was their biggest mistake.
- Marketers need to understand new consumer behaviors and have to adapt accordingly.
For eg:-Food sectors are trying contactless delivery.
COVID-19 will end but it has made people more cautious about their health leading to permanent shifts in their buying behavior. Make sure your business connects with your customers and offer value beyond products.
Our team at AdEngage makes sure that our client’s campaign fits the current situation. If you are looking for an agency that stands the test of the time, you are in the right place, feel free to contact us and we will definitely help you in growing your business.
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If you wish to lead the online marketing race, drop a quick note at pancham@adengage.in
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