Will there be an impact on Buyer Behaviour Post Pandemic?
The pandemic has scared everyone around the globe and the impact of it is evident too on the businesses. Most of the retail outlets in different states in the US have put a lock on their business, and those opening are following the social distancing norms rigidly. And, out of necessity, even customers are shifting to the eCommerce industry.
There was a survey conducted to check the US Adults and the results showed that respondents took long lists of recommendations to protect them from coronavirus, inclusive of time and again washing their hands and avoiding social gatherings. In the second wave of the survey, 41% of respondents said they had shifted more of their shopping from physical stores to online—up from just 13% who had done so in the first wave.
More online, less in-store
The trend in the times of this pandemic is “more online, less in-store”. But some are a bit darker; people in the start spend a lot to fill up the stocks. But now, most are pulling back on spending either because they’re stuck at home or worried about potentially dwindling incomes but still, some people are still spending money due to their distraught routine.
According to a survey, 47% of US adults said they were spending less during the pandemic at the start of lockdown vs. 21% who spent more. A week later, only 18% of respondents reported spending more, while 49% were spending less. In April end, more than three in 10 respondents said it would be difficult or extremely difficult to get by if social distancing continued for another month—including 12% who said they would have trouble affording food.
The new normal
With the surrey happening and being surrounded by constant changes, marketers may be wondering which of these behaviors are likely to stick as “the new normal.” Almost half of the respondents in the survey on March 18 said they expected to retain their new way of life long-term.
80% of the adults said that they would not spend more but instead save more once the pandemic ends, and more than two-thirds said that they might even travel less. Half of them believed in doing online grocery shopping. And, some parents also claimed that they would homeschool their kids and move on the outskirts of the state post-pandemic to give their kids a good and safe environment to grow up in.
“Survey questions like this must be taken with a grain of salt but do point to consumer feelings and aspirations,” said Nicole Perrin, principal analyst at eMarketer. “Long-term forecasts right now can often seem like wish-casting—but it’s hard not to think that an extended period of working from home would lead to more demand from knowledge workers for the ability to live outside expensive coastal cities.”
By the results of the survey, it is clear that the people would prefer eCommerce stores for their day-to-day essentials, which might affect the business in the brick and mortar stores. Therefore, these businesses should come up with a solution to revive their losses, because, with these developments, there is a scope that the eCommerce business would flourish once the pandemic ends, as most of the customers are looking towards the online marketplaces for buying the essential products.