COVID-19 has opened a new door to how a consumer see the world. People nowadays favor brands that has evolved with this pandemic situation. Brands that have still kept their faith with customers has maintained their trust and earned more of them.
There are a vast number of surveys being conducted by reputed firms worldwide during these times for understanding the behavior of the consumers during the shutdown period and all of these surveys has shown that there are several changes in consumer behavior within a few weeks that would have otherwise happened in a few years.
Reports say that consumers are spending lesser than what they are used to as they are focused on ethical consumption of products. Consumers are purchasing more of groceries and essentials and weighing their needs and wants to save money as the overall household income is lesser.
With the world in quarantine mode, most of the people are spending lots of time online i.e. nearly 55.5% spend from 3-6 hours online and 29% are online for more than 7 hours. This has caused an increase in usage of social media, online shopping, gaming, streaming services and even apps for physical and mental fitness.
With most of the consumers online there are many digital ads which convey messages to people like “stay indoors and stay safe” within their ads which consumers seem to appreciate as they seem to think that these brands are socially responsible which creates an impact in the mind of the consumer. These ads are also valued and people seem to be clicking on these kinds of socially responsible ads more than others.
In a survey conducted most people found ads with news or updates on COVID-19 useful and socially responsible and also found that four out of ten consumers wanted brands to continue advertising even in these times.
Businesses has also opened new ways of marketing during these times, with more of them focusing on digital ads than traditional ads as more and more people spend time online than watching television or using print media. Businesses are investing more into creative type of marketing through social media and blogs.
All in all, COVID-19 has had many diverse effects in businesses worldwide and those of whom who has evolved with the needs and requirements of people would survive.