After severely impacting business revenues, we are slowly moving ahead, managing Covid-19 crisis, and learning to adjust ourselves in this new normal. The last six months with Pandemic has changed the way we work, greet others, play, and undoubtedly, how we consume things. The virus has transformed our lives and compelled us to reassess our shopping patterns. Many factors, like- weeks-long lockdown, self-quarantine, and economic uncertainty, have impacted the way consumers behave. The change in the consumer behavior can be for short or long term. These new consumer behaviors are providing business owners with an opportunity to shape the next normal. Here are some aspects that business might consider to begin to rebuild-
Cut on spending
Customers have become more cautious. According to the latest research by KPMG, with consideration of coronavirus pandemic and uncertainty over the job and economic recovery, 78% of consumers are careful and have stopped discretionary spending. People have become more cautious about their expenditure and would like to be budgeting tools to track spending. However, the consumers in tier 2 and 3 cities are more optimistic about spending habits as compared to those in tier 1 cities.
Diversified online entertainment
With remote working and people confined at their homes, online entertainment consumption has risen considerably when movie theatres, museums, theme parks have been shut, online gaming and over-the-top (OTT) has been picking up.
Spike in social media usage
With the growing trends in the onset of remote working due to Coronavirus, there is a considerable increase in social media usage. In a survey from GlobalWebIndex across 20 countries, 42% of consumers in 20 countries are spending a longer time on social media in reading, scrolling, posting and sharing content.
Change in category spending
The fear of Coronavirus has not gone away. Many people are avoiding travelling for non-essential reasons to save themselves and others from the risk of covid infection. So the expanding in travel and mobility is less. Likewise, considering the hygiene factors and self-imposed quarantine, people are ordering fewer meals and cooking at home more frequently. During the lockdown, people have stocked up on certain goods.
Refurbished market Grows
The concept of reusing is not new to Indian consumers. As people are adapted to new normal, the demand for good quality refurbished products at affordable prices is growing. Considering the challenges of job losses, salary cuts, slow economic growth, consumers are more inclined to products which deliver better value. They are looking for better deals, warranty, doorstep delivery, discounts, product installation, demo options etc.
Pick up in remote learning/ education
Education may look different right now. The Pandemic has changed the To maintain social distancing and continuing education, a school principal in a remote village in Jharkhand, India has upgraded his school and turned the roadside clay wall of village houses into blackboards. The school doesn't have regular Internet connectivity. With the sudden shift from the physical classroom, in many parts of the world, most likely, online education may continue to persist post-pandemic and will impact the worldwide education market. This Pandemic has provided you with a meaningful experience – to advance your knowledge and careers.