As a consumer one thing that is common to all of us is that COVID has had a great impact on income and earnings. This has led to a change in the purchasing priorities to a great extent.
The outbreak of Coronavirus across the world is bringing changes in the way people live. While we are preparing to live the new normal, conscious buying, health a priority, reduced propensity to spend are some of the things finding their way out.
But undeniably, the reliance on online shopping has increased more than ever before. On a more personal level, I would like to mention that I have started ordering from various brands’ mobile applications which I never did before. In fact, an NRF Survey told that more than 50% of consumers have ordered products online which they normally would purchase in-store.
But online shopping comes with a lot of other considerations for us consumers. The first and the foremost thing being looked at by consumers now are the safety measures being taken by the e-commerce platforms and various brands that are delivering. Right now, fast deliveries are no more a priority and they have been replaced with the lookout for safe deliveries.
This becomes a full package when these online shopping sites come up with great discounts and free deliveries.
The preferences of people have shifted a lot which might see a surge in “Buy Online-Pick up In-Store (BOPIS)” ways of shopping. But also majorly a lot of needs of consumers have declined. While people are home-quarantined, they no more need clothing for functions or festivities, professional clothing.
Some of the major products being demanded in priority these days are masks, sanitizers, Cleansing Equipment. Not to forget, people are doing bulk buying of goods that are shelf-stable due to long hours of work-from-home. As a consumer, I’ve also seen myself buying larger data packs, monthly subscriptions of digital streaming platforms like Netflix, Amazon at a greater priority as compared to the pre-lockdown period.
The pandemic is a major reason in the fall of brick and mortar shopping. There has been an increase in online purchasing gifts, apparel, accessories, home, and garden decoration. While on the other hand purchase of things like cameras and equipment and luggage, online, have fallen by 64% and 77% respectively.
While online shopping is acting as a safe resort for consumers right now, it has to live up to a lot of expectations of the consumers in that regard.
Another common consumer behavior is the widespread shift to cashless payments. Paytm, Google Pay, Bhim UPI are more in demand than ever. In fact, Paytm has recorded 4 times greater growth.
With the long-stretched impact of the pandemic, it’s time for e-commerce to take the charge!