With all restrictions around the world, consumers have started believing that these situations are going to stay for long. With these circumstances, they have been worried about when will they restart their usual lifestyle again?
With lockdown easing and new situations setting in still, there is a concern when it comes to stepping out. Most of them are now using the Ecom platform for purchases & are used to getting things at their doorstep.
Consumers priorities are changing
Consumers have now prioritized the most basic necessities which they need on a daily basis. There is an increase in the demand for hygienic, cleaning, and staples products, while the drop has been seen in non-category products. The factors that influence customers while making brand decisions are also changing as “buy local” trends accelerate in the market.
Now, These situations are undoubtedly reshaping the consumer goods industry in real-time. One of the research of Accenture indicates new habits formed in this lockdown will continue even after the crisis ends, & is going to permanently change what we value, how and where we shop, and how we live and work.
More Consumers are shopping online.
People are choosing to stay indoors despite the ease of lockdown. Home has now become the hub of all the activities and people prefer socializing by just sitting at home. Working from home and staying indoors have changed the priorities of what they buy. As more and more consumers are now forced to shop online to stay safe, and eventually, they will get habitual about buying products online.
In a global survey conducted by Brandwatch, 20% of their respondents said that they have bought clothes, groceries, or toiletries and beauty products online when they usually wouldn’t have got them that way. The same survey said that the majority of these customers are investing in small purchases like busing buying clothes, accessories etc.
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How this change will impact the Retailers
The retail industry has suffered a lot of challenges in the past few months. Long term trends have grown as consumers have changed shopping habits, what they buy and how they shop.
The initial days of the lockdown showed a drastic effect on the retail industry. Retailers were concerning how they will satisfy the needs and the changing behaviour of consumers by keeping their stores shut. There was a decline in sales as people concerned about stepping out.
Retailers needed to lead with the best strategy considering the human-centric approach. With easing in the lockdown retailers started responding to this situation in a positive way by upgrading their business with new ways of working.
There is still a worry among the retailers that how will they enhance the in-store experience of the shoppers by taking the utmost care of their safety and hygiene. In this case, there are various innovations in AR such as beauty magic mirrors, try products in 3D, virtual trial rooms, etc. which offer a contactless shopping experience to the customer.
( To know more about Contactless shopping read: Contactless shopping: Sustainable choice for retail sustainability)
The research of Accenture says that 67% of consumers agree that companies will “build back better” by investing in sustainable and fair solutions.
How to upgrade business according to shoppers circumstances :
Reports of Delloit says the consumers are changing. They are more inconstant and less loyal to their purchasing decisions. They search for something new and exciting every time they make a new purchase. The business has to be on their toes to fulfil what their customer needs and how they can enhance customer engagement.
The entrepreneurs can —– to upgrade their business according to too the shopper’s circumstances
- Brands and retailers should focus on the long term business strategy by strengthening the internal categories by building the omnichannel approach towards their business and upskill employees for a technological revolution.
- They should invest in the digitalization of the business which will increase the efficiency of the digital platform.
- Companies should plan for the future of their brick and mortar stores by using their previous data and the changed shopping habits & preference of the shoppers.
- They should improve the supply chain network and ensure that they are upgraded about the product trends.
Changed shopping habits and customer preferences have taken a new dimension in these unusual challenges. Retailers who are careful and innovative during this new normal will build a stronger relationship with customers that will endure beyond the crisis passing.
If you are one of those brands who want to invest in the innovation in the fashion industry, Textronic is leading the solutions that will change the whole lookout of your business.
To avail of our services, feel free to contact us: info@textronic.net
