COVID-19 has resulted in change in mindset of consumers. Most of their spending nowadays is focused on food and essential home equipment. Consumers have cut down on their spending because of lower wages, lost jobs and also because of the uncertainty about how long the pandemic period will last.
Retail sector is hit really hard and people are shopping differently. With the scarcity of food item looming large, people are trying to stock up fearing the Coronavirus will stay for a longer period of time. The lockdown has caused a greater number of consumers to shop online more than ever and this new found and easier shop from home trend is most likely to stay with us even after COVID-19 has long gone from this world. With these kinds of shifts within the mindset of the consumer, retailers will also have to evolve with the changing consumer behavior.
As a larger number of shoppers are experimenting with online shopping since it is easier to find the products that they need. Consumers are buying more of essential household products, hand sanitizer and medicines through online and those retailers that satisfy consumers daily needs are thriving. Also, online sales of fitness equipment and Computers has increased by 55% and 40% respectively. It has been found that once a consumer starts using an easier, time saving and more convenient way of shopping for several times they would most probably continue to do so as they have got used to the experience and it has become their new normal.
Large retailers are struggling to meet the customer needs because of scarcity of stocks and delivery delays. Retailer have to manage these crises and must do their best to satisfy their customers even with all these problems. Retailers should be dynamic and change to the customer needs and expectations day to day or at least week to week.
After the end of COVID-19, it would be those retailers who come on top who has embraced digital marketing and has done their marketing to delivery digitally. Today’s environment requires a business to be constantly changing with the world or the world will move them over.