Human behaviour is pushed in a variety of directions by difficult circumstances, some of which are irreversible. The COVID-19 pandemic has fundamentally altered the way humans live. In several ways, people are behaving, shopping, and thinking differently. The reliability of supply chains has been tested. Companies are shutting their doors. Global consumers are perceiving products and businesses from novel perspectives. The virus is dramatically speeding long-term underlying tendencies in the consumer products industry, altering it over the course of just a few short weeks. People's goals and demands were re-evaluated as a result of the epidemic, and new patterns of consumption of products, information, and amusement emerged.

Consumers are quite worried about the impact of COVID-19, both from a health and financial perspective. Depending on their opinions, behaviours, and buying preferences, people are responding in a variety of ways. People around the world are afraid as they try to adjust to a new normal. Fear is pervasive as people assess what this catastrophe means for their families, friends, and society as a whole, in addition to what it means for themselves. Although it can be difficult to think positively, the COVID-19epidemic has sparked a number of good tendencies. One of these is the chance for innovation that has appeared as retail companies have adjusted to the sharp increase in demand for fundamental items, hygienic supplies, and PPE. Retailers also get the option to reassess their operations and go-to-market strategy once the recovery cycle starts.

Figure 1: Accenture COVID-19 Consumer Research

Despite the fact that customer behaviour is continually shifting, the recent changes have had a significant impact on the company. The epidemic has greatly changed consumer purchasing habits and has accelerated the trend of online shopping. It has also increased the need for omni-channel.

Shift To Shopping Online: People'spurchasing patterns and leisure activities have changed as a result of the pressure to live differently nowadays. People remaining indoors has caused swift behavioural changes that would have otherwise taken years, which has ultimately raised the need for online shopping. One illustration is how rapidly individuals have grown accustomed to placing food orders online.

Increased Time Spent on Recreational Activities: As more people choose to stay at home to deal with rising stress levels and increased mental health awareness, the amount of time spent viewing television has increased along with the demand for digital wellbeing. Additionally, more time is being spent on hobbies and reading the news. People are spending more on experiences and less on material goods as a result of all these behavioural shifts that affect how they spend their money.

Value-Based Purchasing: Value-based buying has become more popular as a result of factors like job insecurity, COVID-19-related stress and anxiety, and consumers stocking up on basics at home. Due to their price sensitivity, consumers continue to be driven primarily by value when testing new brands and establishments. Convenience, accessibility, and value are typically regarded as the top factors influencing consumers' selections about where to shop, even though quality and purpose are essential considerations when choosing new brands.

Figure 2: Probability of Activities becoming habits

Demystifying The Post-COVID World

Businesses are embracing change and adjusting to the "new" new normal in the face of rapidly changing market conditions in order to endure, and occasionally prosper, in this post-COVID era. While some businesses have embraced change, others have suffered from a lack of vision, diversity, or gut instinct, leading to job losses, severe revenue drops, or even collapse. It is important to distinguish between short-term and long-term changes in consumer behaviour, even though post-COVID trends have received a lot of attention. The following three phases can also be used to categorise customer behaviour:

Changes that can be reversed quickly: Similar to the "V-Shaped Recovery," as businesses restart operations and the virus is better understood, customers will recover from the tendencies. Consumers of goods and services are saying, "I'll surely start doing this again if things start getting better."

Long-term reversible changes: Customers will need time to recover from this, much like the "U-Shaped Recovery."It's when they're considering, "It would probably be best to put this off for a little while longer."

Long-term irreversible changes: There are situations where customers are probably never going to do things the way they used to, which is similar to the "L-Shaped Recovery." With the mentality of "I can't imagine life without this," they have accepted the new normal.

The ability of firms to adapt to long-term irreversible changes in consumer behaviour will determine their ability to remain successful over the long term, even though many have demonstrated their ability to successfully deal with short-term and long-term reversible changes.

Conclusion:

The lockdown and social isolation implemented in response to the COVID-19 virus have had a substantial negative impact on consumer behaviour. Every consumption has a specific time and place. Customers have learned to improvise in original and inventive ways because of the flexibility of time but the rigidity of location. The distinction between work and life is becoming hazier and hazier as more people learn, work, and unwind from home. The store must come to the consumer because the customer is unable to travel to the establishment. Consumers are expected to adopt newer technology that makes work, study, and consumption simpler as they get used to spending a lot of time in their homes. Your habits will undoubtedly change if you use digital technologies. After the pandemic, many of these altered consumer attitudes, behaviours, and purchasing patterns will continue. The focus of purchasing is currently on bare needs, but customers are becoming more conscientious buyers, embracing online shopping, and supporting local companies. In order to counteract loneliness, consumers are interacting, learn, and playing online.

References

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