Consumer behaviour has shifted as ease of buying increases each year. Over the past few months, with global lockdowns and movement restrictions, more and more people are moving towards online shopping and buying a growing number of new product categories online. The shift in buying behaviour has led retail chains to expand their e-commerce platforms to cater to the needs of the consumers.
Many marketers predict rising retail sales as COVID-19 infections soar. As we face the ‘new normal’ life, social dissociation becomes standard practice, consumer convenience increases when shopping online, and more people want or need to stay at home. The retail sector expects that the remaining quarters of 2020 and beyond, will have a long-term effect on the industry.
The market is becoming increasingly competitive as companies try to capitalise on this trend. For example, Nike has managed to boost digital sales by 30% in the last two years by integrating its fitness e-commerce app.
One of the biggest obstacles to the growth of online shopping is the responsiveness and delay of the website. If your site does not appear in at the top of your customer’s search results, then you stand to lose a potential shopper. Increasing SEO friendly terms in the content of your website could potentially help you overcome this obstacle.
It will be interesting to see the impact on consumer behaviour and panic buying in the coming weeks. If the current restrictions limit the number of goods that can be purchased in physical stores, and the increase in online shopping could limit these effects, then consumers will have less choice. However, if competition remains unaffected, there should be a difference between what people can buy online and what they can buy in a physical store.
COVID-19 has undoubtedly harmed humanity, and consumer behaviour will continue to evolve as we cope with this new world that we are living in right now.