I don’t think it’s too early to say that the global COVID-19 pandemic seems to be one of 2020’s defining events. However, it will have consequences that last well into the decade. The situation is often changing. Furthermore, the number of people considered safe to gather in a single place has decreased from thousands to hundreds, to ten. Restaurants, bars, movie theatres, and gyms are shutting down in many cities. Meanwhile, many office employees face new challenges of working full time remotely.
Understanding Panic Buying and Coronavirus
As news of COVID-19 spread and as the World Health Organisation formally announced a pandemic. They bought out health supplies such as hand sanitizer and masks and household essentials. Soon, it was impossible to keep up with the demand for both brick-and-mortar and online stores. Therefore, the price gouging for products became rampant.
Humans respond in diverse ways to crises. Therefore, we want to do whatever we can to feel like we have more control when faced with an uncertain, dangerous situation about which we have no control.
Secondly, the decision to stock up is reinforced by seeing other people filling up the stores and then seeing a shortage of required items. Nobody wants to be left behind without any support.
>Changes in Revenue Across Ecommerce
As people have embraced social distance to slow the spread of the virus. Then, there has obviously been a drop-off in brick-and-mortar shopping. That may appear to mean there would likely be an increase in online shopping as people switch to eCommerce to buy the items.
A survey found that people are spent on average 10-30% more online on average.
That’s grown in the second week of March after customers turned online to find the items weren’t available at their local grocery stores. Therefore, they have to buy items through online shopping (E-commerce).
Product Categories Shifting During COVID-19
As people are make purchase decisions based on new and ever-changing global and local circumstances. Therefore, market research company has identified some point consumer behavior.
- Reactive health management (masks and hand sanitizers).
- Restricted living (make fewer shopping trips, limited online fulfillment).
- Pantry preparation (stockpiling groceries and household essentials).
- Quarantine prep (experiencing shortages in stores, make fewer store visits).
Based on your industry and audience, your response to the ever-evolving situation will change. You know your customers better than anyone. We hope this resource has encouraged you to understand some of the ways their behaviors are changing. Therefore, you can continue to serve them as best as you can.
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