Post-Pandemic Consumer Behaviour and its Challenges

A Brief Rundown

We as individuals are hit wide open. The pandemic has thrown the entire world out of its gears. Companies have crumbled left and right. The trust gap between products and customers is high than ever. People have started to rely on assumptions more than facts and research. Revenues have decimated, market places have vanished and supply chains cut off. In such challenging times that humanity has ever faced, we see a massive change in Customer Behavior.

A few months ago, we would have thought, yeah, we have done our user research and we know our customers well. That they don’t exactly categorize their experience into digital and non-digital forms. They just want to access the services in the easiest and convenient way possible, irrespective of the channel.

But with quarantine and social distance norms in place, many services of convenience have become essential. Our homes are being reshaped into workplaces. People’s lives have changed. There has been a massive shift in their behaviors. The definition of the Ideal User Experience is changing.

How has Consumer Behaviour Changed?

There has been a 40% jump in the e-commerce sector. Most categories have seen more than 10 percent growth in their online customer base and many consumers say that they plan to continue shopping online even when brick-and-mortar stores reopen. More and more consumers are going digital to connect, learn, and play.

45% believe that how the shop will have changed permanently, and 38% say the same about what they will buy.

Challenges :

1.Our Consumers in Crisis:

Now that we know our consumers have changed, the key thing to think about is, how well do we know our “new” users. To be frank, our consumers are in a crisis zone who are “forced to adapt” to a new lifestyle. The future of outdoor experiences is quite uncertain if not doomed.

Staying Indoors, what are they doing ? what and how do they consume? what are they thinking? what is their emotional state, their cognitive and somatic complications? What can businesses do to help them through these difficult and uncertain times? What brand communication resonates with them?

Knowing these new users is key to the product strategy in the immediate future and beyond.

2. Core Products may not be Core anymore

It is high time for companies to believe that they might have to start selling something very different soon, else they may be out of the market. The industry is experiencing a rapid incremental change and reinvesting in the core might be the only way out. Innovating outside the boundaries is always a risk but with the way this crisis has unfolded so far, it might be the best way to stay ahead and floating.

According to Facebook’s survey, 31% of small and medium-sized businesses have shut down in the last 3 months. So its time as they say!

3.Consumer Confidence

Currently, consumer optimism remains low, and spending intent is still below pre-crisis levels. Recent data suggests that households are quite pessimistic about the seriousness of the current financial emergency and its impact on the economy at large. The consumer confidence of the prevailing economic situation, employment scenario, and income have significantly dwindled.

More than 75 percent of consumers have experimented with different channels and brands to shop and purchase during the crisis. It has become a major challenge to motivate customers. Digital channels such as online advertising and social media, as well as proactive research, are going to play a key role in boosting consumer confidence and trust.

4.Forced Habits

Businesses will not succeed just by trying to change attitudes and preferences. But by helping people to develop an optimistic vision of the future, creating a conducive environment to grow and building relationships by lending a helping hand in times of crisis.

The key thing to understand is how the newly developed habits are forced upon them rapidly at full tilt. In times such as these, Consumers are known to be loyal and form relationships, remember and value their companies when their needs are met seamlessly.This presents huge opportunities for organizations to better engage with consumers through measures that bring added value and convenience.Now the challenge is not just to stand-out, but to pivot, innovate and transform.

The drastic change in consumer behavior is menacing, which means companies must adapt to a new age where the way in which day to day people are buying their produce has shifted dramatically