(925) 293-3313
It seems that COVID – 19 is most likely here to stay a little bit longer. With no vaccine yet available, people are now living with uncertainty. This looming pandemic have caused people to live differently. Thus, a sudden shift in consumer behavior, which left businesses scrambling to innovate and adapt in order to stay afloat.
Among the industries that have been severely impacted by the pandemic, the consumer goods industry took a big hit. Businesses were closing left and right because of the implemented lockdown. But because of innovation and quick thinking some businesses were able to survive but overall, the by the end of the day, the consumers still gets to on what things they value the most, where and how they want to spend their money.
Here’s How The Consumer Behavior Changed during COVID Crisis
Back to Basic
The first sign of COVID cases in the US have caused a panic among US consumers. Not just in the US, but in other countries as well. With no vaccine in sight and fear of uncertainty, it ignited a slew of paranoia among the people. Almost everyone started buying bottled water, canned food and even toilet paper. This became a silver lining for companies that manufacture cleaning supplies and alcohol. That’s why, stock prices of Clorox soared during the pandemic.
Social Media became a Safe Haven.
Everyone migrated to the digital space. Since people aren’t allowed to get out, Social media and other digital media platforms like Netflix, Hulu, etc. became a solace for people during the pandemic. So does other businesses. The quarantine saw an explosive growth in Amazon’s share. Stocks prices went up at least 60% , and this happened across all of Amazon’s businesses, especially their cloud computing services, since everyone shifted to digital.
Online Shopping at its best
Despite some of the stores are starting to reopen, a lot of people are still not sold on the idea of going out, well for the most part. In a survey done by PYMNT.com, Online grocery shopping is more likely to stay even after the pandemic is over and people will probably never go back to their pre – pandemic behavior when it comes to grocery shopping. That’s why companies are scrambling to shift to digital platform.
Brand Loyalty is now a big deal
Consumers now are more informed and know which brands have the best reputation. That’s why online reviews are a big deal for companies. Consumers are now willing to write a review if they deemed the product having a great value or leave a negative review if it doesn’t live up to their standards. Since income is tight and many people are losing their jobs, sticking to brands that they have a good history with.
Safety is the Key
Because of the pandemic, shoppers are now sticking to brands that have a good track record when it comes cleanliness, hygiene and overall store feeling. According to The business insider, some of the cleanest restaurants, according to customer reviews are In an Out, Chick Fil A and Starbucks. In addition, shoppers are also more likely to stick to brands that demonstrates clean and at least minimal look or clean eating packaging.
There is a sudden shift in consumer behavior and this could possibly be the new normal, even when the pandemic is over. Studying consumer behavior is a great way for businesses to cater consumer needs, especially in this trying times, that in order to stay afloat, businesses should learn to adapt and think creatively in order to stay relevant.
This is A Blog Written by EHP Consulting Group
Find Out More: www.ehpconsultinggroup.com
Email: [email protected]
Call: (925) 293-3313
