Consumer Behavior is Shifting, Businesses Need to Make Changes
The COVID-19 pandemic has changed the landscape of our world. From the way we work, the way our children attend school, the way businesses operate, the way we spend our money and so much more.
Many essential businesses will have customers no matter what, though they may need to change their daily operations.
However, businesses that aren’t necessarily essential will have to reassess consumer need and behaviors and adjust their marketing and advertising efforts to fit this new world.
Wells Fargo recently released their 2020 Midyear Outlook Report, showcasing the change in consumer behaviors.
Consumers are Staying Home
With the increase in unemployment and the ongoing medical crisis, consumers are becoming choosier regarding their purchases. As consumers assess their expenditures the study found “consumption-at-home” trends have increased.
More specifically, the study found the following buy-from-home increases:
Online Retail Shopping with Curbside Pick-Up/Delivery
Online Grocery Shopping with Curbside Pick-Up/Delivery
Streaming Entertainment & Gaming
Increased Online Learning & Digital Tool Use
Exercising at Home
Increased Use of Telemedicine/Remote Health Care
Likely Here to Stay
Though shopping online is not a major shift from life before COVID-19, consumers are using online resources more than before. One survey fond that “consumers intent to keep these online habits…” In fact, 56% of consumers will likely continue purchasing goods online and 45% will continue to use grocery delivery services.
Reassess Business Model
It’s time for businesses to reassess their business model and adjust how they do business. Brick-and-mortar retail or service locations may want to entertain the option of ecommerce choices. Service-related businesses may need to investigate providing remote quotes or basic service visits.
Businesses will need to adjust their goals and business models to meet the increased consumption-at-home trend.
Digital Media is Crucial
As consumer behavior shifts to online activity digital media will be vital to business success. Communicating options offered to consumers through Social Media, email, blogs, website, etc. will help people understand what you do and how you do it.
Using digital media to provide online services for consumers will also play an important role.
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