There is no doubt that COVID-19 has changed the way businesses are working today. Call it the need of the hour or desperate measures, but that’s how companies survive turbulent economic conditions. Almost every industry is re-setting their business models. It also includes services, offerings, and interaction with consumers. Today, it has become even more important to rethink your strategy based on the rapidly evolving consumer behavior.
As the pandemic has forced us to experience new ways of learning, working, and spending; its time organizations understand the emergence of changing consumer behavior and how it will affect their business in the future.
With the benefits of mobile payments and contactless commerce, we have flagged some of the consumer trends that will switch from their pre-COVID-19 behaviors.
Digital Transformation is the current business buzzword. COVID-19 has forced almost all companies across the globe to adapt to digital transformation. In fact, work from home has become the new normal. To make working from home a seamless process, organizations are trying their best to create an efficient virtual work environment for their employees.
Gone are the days when we used to stroll around the supermarkets to fill up our groceries. In fact. home-deliveries of essential foods and services are now the norm for most of us. From FMCG to retail, the comfort of digitalization is definitely going to reshape consumer behavior in the future with digital marketing companies and digital agencies playing a big role.
Another trend that has evolved during the COVID-19 pandemic is cashless and contactless payments and deliveries. The shift in-home deliveries from convenience to necessity is a clear indication, especially for the F&B industries, to prepare for the future.
Even after the end of this pandemic, consumers are not going to easily forget the impact of this crisis on their lives and hence will be more cautious in the future. F&B outlets need to be extremely vigilant about their delivery process to ensure a seamless and stress-free experience for their customers.
We have already witnessed the success of AI and Robotics being used to deliver food, taking blood samples, and remotely detecting COVID patients. Undoubtedly, COVID-19 is already changing consumer behavior and opening up new opportunities for technology and automation. For better or for worse, many companies are expanding their use of robotics for safety reasons.
Walmart, America’s biggest retailer, is using robots to scrub its floors. Robots in South Korea have been used to measure temperatures and distribute hand sanitizers. With health experts warning some social distancing measures may need to be in place through 2021, robot workers may be in greater demand.
COVID-19 pandemic has dramatically changed consumer behavior. Brands will need to take a closer look at the people, processes, and technology needed to prepare for the future. It’s time to consider how the business structure and model needs to be adjusted. The new mantra is to be conscious of your customers’ needs and preferences post-COVID and you’ll be one step ahead of your competitors!