HOW THE PANDEMIC HAS CHANGED CONSUMER BEHAVIOUR?
In earlier days, ‘Sellers were the King’ and selling a product or a service was easy. However, as the time changed people started becoming rational and gradually the curve moved from seller to the consumers. Now the ‘Customer is the King.’ as they became rational on what they purchase and what they spend money on. Selling a product or a service is not that easy to the customers, with this the sellers too became cautious of what they sell.
Think of an industry which does not have an online presence!
The pandemic has shown how quick and adaptable consumers are. In no time, everybody shifted from offline to online. Every industry has made a great shift from offline to online whether it be perishable item industry or non-perishable item industry. This is because of the change in consumers attitudes, behaviors and purchasing habits in this pandemic, but, many of these new ways will remain post-pandemic too.
When we talk about perishable items, a company named Big Basket deals with perishable items. When everyone was inside their home, this company decided to stay outside and provide people with essential goods. It was only possible when the consumers adapted the online method of getting essentials and they believed the entire process. Even though the purchases are currently centered on the most basic needs, people are buying consciously and buying local.
To manage isolation, consumers are using digital to connect-play and learn and it seems that people are enjoying it too. The most transformed industry is the education industry. Who would ever in life thought teaching would be done online? No parent had ever thought that, no student had ever thought that, no teacher had ever thought that but with new normal and the pandemic everything changed. Zoom being one of the platforms, in support of teachers and educational institutions in conducting classes has been boon for the industry. According to a report, in 3 months Zoom’s revenue had increased by 333%. An ed-tech startup like Nactus Education is providing services to teachers to grow from their own app and getting connected with students keeping everything on the same platform.
A successful business is established only when you solve the actual problem of the customer at the right time. Moving ahead a lot of the workforce will become virtual as the ‘new normal’ as given solutions to do so, also many are loving it. In recent times, the consumers have become a lot more rational. They think twice before spending and also, purchasing a product or availing a service. The fast shift from offline to online was only possible because of technology. How digital transformation is affecting everyone in this evolving technological landscape and it’s surprising how not only the young generation but even older generations are adapting to it.