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Changing Consumer Behaviour due to Covid19

By Rohan A T

Covid19 has put the world on a halt and the implications of the pandemic outbreak are still causing major issues in countries across the globe. With various countries in the European Union and the USA reporting increasing cases after the daily infection rate started to decline over the course of the past couple of months, the world leaders are left in a dire situation. The economy is going through one of its worst stages and businesses and individuals are facing the brunt of the hit. The pandemic outbreak and the resulting lockdown have changed not just how businesses operate but it has also affected how consumers behave. The slump in the economy has affected everyone and consumers are becoming more cautious about where to spend and how much to spend. This has had negative side effects on the economy and has made the situation even worse for businesses. Another aspect of this is that consumers are now giving more importance to the various delivery options available to them as well as effective and transparent communication. The pandemic has made the consumers to look at products and services through a different lens and this is set to remain in the post-pandemic market too.

The concerns regarding both the economic and healthcare impacts are set to remain in the market even in the coming months. Consumers are now going online and there has been significant growth in sales and in the US market alone, online sales recorded a 43 percent rise in September and this shows where and how consumers are going to buy things and spend money in the current situation. The logistics department and the supply chains of many businesses have come under extreme strain over the past couple of months with businesses having to spend more than what is expected when it comes to getting the products to the customers. Another aspect that most of us have seen especially in the beginning stages of the pandemic is that people are hoarding essential supplies which makes it hard for the rest to be able to purchase that particular product. This has pushed manufacturers to increase their production to meet the demand and while it may seem as a positive thing for a business, the increasing cost of raw materials coupled with the pandemic outbreak and travel restrictions are putting a lot of strain on these manufacturing units.

Businesses also need to understand that the priorities of consumers have also changed and now it is more focused on the most essential necessities including packaged food items and hygiene products which have soared in demand since the outbreak of the pandemic. With that said, there are certain things businesses can do in order to make the best out of the current situation and steer your company from a potential shutdown. One important thing is if it is possible to go online, then you have a far better chance to survive these tough times. For companies working in segments where going online is not a feasible option then at least market yourself online and let the people know about your offerings and let them understand that getting your products and services will be hassle free even during the pandemic.

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