A recently published McKinsey survey indicated some of the changes that have happened to consumer behavior since the start of the COVID-19 pandemic. The survey highlighted changes that are expected to last even beyond the pandemic and into the following years.
The study findings
Consumers want better value and essentials
The uncertainty over the duration of the pandemic along with the economic damage has many people becoming more mindful about their purchases. Essentials were the primary category where consumers felt positive after making purchases. They also want to make sure they are getting the most out of their purchases because money and financial security has been a concern for quite some time and with no end in sight, this sentiment is going to grow.
Rapid digitalization for businesses and consumers
Online shopping has grown fast in part because of the need for people to stay home as much as possible. If the consumer feels comfortable with purchasing online, they will do it and it is likely if the process is painless that it will continue even once the pandemic is over. Businesses have also been implementing digital solutions at an unprecedented level to minimize contact and make use of the available technology.
Brand loyalty does not mean what it used to
People want their purchases to be exactly what they asked for. If there is anything that starts to diminish confidence in a company or just flat out turns away customers, they are very likely to jump ship and go to a different company now more than ever.
Consumer care and safety measures importance at an all-time high
This pandemic has made the majority of people genuinely worried about their health when going out into the world. One of the ways companies can keep consumer satisfaction is by implementing all the safety measures at their disposal. If a company does not follow safety measures, people will just look at other companies that are putting health and safety at the forefront.
Stay at home is the new normal
Businesses need to take note that the majority of people are waiting for important developments made before having the confidence to return to a normal life. That means the stay at home lifestyle is here to stay for the foreseeable future which means businesses have to adapt to reach those people.
Most businesses require some kind of pivot to navigate the COVID-19 pandemic successfully. That means taking a look at what other companies have done that is working well for them and taking that into account during these adaptations.
Work with Runningfish to pivot
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