The global pandemic has completely changed the way we live and interact in our lives. Not only has our mobility and patterns of socialization turned on their head, but the way we perceive and interact with businesses has seen similar shifts. Customers still require many crucial goods and services to ensure that not all aspects of their life come to a standstill. However, the way they view and purchase goods and services has changed immensely, as illustrated below.
The Rise of E-Commerce:
The most notable change in buying patterns can be seen in the growing popularity of e-commerce platforms. A report by Mckinsey and Company shows that in both the United States and the United Kingdom, e-commerce platforms are faring better post-pandemic across all categories. This is partly made possible because these platforms provide a safer channel for consumers to procure their good as many now offer contactless delivery. The lockdown has also translated in numerous brick and mortars stores being ordered to close down due to public health concerns. E-commerce websites have filled this void and subsequently seen their sales skyrocket.
The Demise of Luxury Goods:
Consumers are increasingly substituting expensive products for cheaper alternatives; this could potentially be an era defining phenomenon for many markets. Consumers, especially those presiding in developing countries, have negative outlooks on the state of their national economy and their prospects of recovery. This coupled with uncertainty about the future has led them to save a higher proportion of their income, with many foregoing buying conventional luxury goods altogether. The situation is not too dissimilar in developed nations either, the US has been hit with record high unemployment rates which have made a sizeable dent in the luxury goods market.
One Stop Shopping & Entertainment:
Another shift has been noted in the popularity of one-stop shops, these are shops where consumers can purchase most of their requirements in house. Shopping at these locations reduces the risk of contracting the virus while also saving money on transportation costs. Authorities also view one stop shops favorably because they reduce the need for many outlets which makes managing public health more convenient. A report by Hill and Knowlton strategies has shown that since the pandemic’s start, the number of consumers availing online streaming services such as Netflix has also significantly increased.
Consumer Preference for Safety:
In terms of the food industry, many consumers have predictably shifted to using delivery services to fulfill their consumption needs, this shift is a significant bump for the logistics market. Furthermore, it stands to reason that consumers are more inclined to purchase from brands following the necessary protocols while conducting their day to day operations. The simple principle that consumers reflect in their buying practices is that their preferences will always be with a safer alternative. Businesses must realize that with the changes in buying practices, they too need to amend the way they operate; otherwise, they are at serious risk of incurring substantial losses. Fortunately, many companies now offer consultancy services that can help these businesses adapt to changing business practices. One such example is that of Mulberry Analytics.
The Way Forward with Mulberry Analytics:
The services offered by Mulberry Analytics are well-tailored to facilitate clients during this trying time. Take, for example, the company’s services in optimizing online stores and marketplaces. As stated, earlier consumers are frequenting online marketplaces more now than they have ever before. The team at Mulberry can not only make fully functioning online platforms from scratch but can make appropriate improvements to existing ones, enabling the client to scale their business in ways they could not before.
Furthermore, the team at Mulberry understands that many consumers are now predicated towards brands that project a safe and cautious image to their consumers. The marketing team at Mulberry can help a client brand themselves in a way that let its consumers know that the business is mindful of its consumer’s concerns. Mulberry Analytics also has a team of individuals who have experience in both warehousing and logistics, so we are adequately placed to lead your business in the time of COVID.
Finally, a brand needs to know which product types are popular at any given moment. Using the latest data analytics techniques, the team at Mulberry Analytics can help its clients understand consumer buying practices and respond accordingly. Our chatbot also ensures that digital ad campaigns garner qualified or solid leads to companies thereby empowering them to convert more customers thereby improving revenues.
The bottom line is that any business’s survival is predicated on how well it can adapt to the changing landscape of the world. Understanding the trends in consumer buying patterns is more important now than it has ever been. The team at Mulberry helps its clientele understand these practices and how best to respond to them.
