It’s no secret that there has been a seismic shift in consumer behaviour post COVID-19. Engaged shoppers are viewing their spending habits through a new lens at a fervent pace and with intent focus. We talk to Thai-Anh Cooper of Walk Ethical about the changes in criteria and perception of shoppers, the reasons behind this change and what businesses can do to adjust, grow and create value in this unprecedented market.
What are some key changes in consumer behaviour that you’re seeing in the market currently?
Gone are the days of one-click buy, consumers are now looking at businesses and brands through a new lens. They are now making deliberate choices on how and where they spend their hard earned money. According to a new report published by Accenture, consumer prioritises have become centred around the most basic needs such as hygiene, cleaning products and staples, with a focus on personal health. In a bid to outmanoeuvre uncertainty, consumer buying patterns have changed at a high pace and scale, leading researchers to believe that the impact of these changes will last well beyond a few months.
What can businesses do to adjust to this ‘new normal’?
I’ve been fortunate enough to be able to talk to business owners everyday about their current struggles and trajectory going forward. The unanimous feedback has been that your focus must stem back to serving a purpose for people, especially your consumers. Now more than ever, consumers are wanting to contribute in a positive way to the economy. While cost has become a huge factor in spend, they are also looking to support businesses that support others as well as demonstrate responsibility towards the society.
What do you consider is the reason for this change in consumer behaviour?
It is more of a cause and effect equation. While the crisis has had a negative impact on our collective wellbeing due to its long-lasting, global impact, it has also served as a catalyst for an altered behaviour towards our community and consciousness. Time away from our traditional environment has resulted in a change in perspective and priorities. People have engaged in some cathartic thinking that has encouraged them to observe their environment and take their role as change makers quite seriously.
So now we notice, people who are coming back to their traditional settings, have a different set of values. They are more serious about health and their hygiene, keen to spend more time on relationships or have developed an altruistic approach to community.
So, how can businesses ensure they continue to grow and thrive during these uncertain times?
Going forward, businesses need to understand that as people’s lives change, they will continue to look for certainty and familiarity in their choices. Falling back on what worked for them during the crisis, people will adopt these new behaviours for the foreseeable future. Businesses need to innovate and create experiences to regenerate value and trust in the consumer, while keeping in mind these behaviours, and stay relevant in a post COVID-19 world.
Lastly, how can businesses create value for their customers?
Actions will be more important than words and brand stories. Businesses need to stand for more than what they show on the surface, they need to take actions, take responsibility for their communities, consumers, employees – create a business that is more than just products!
Consumers are demanding more of companies, and the ones who thrive in this post pandemic world, are ethical businesses that have practiced what they preach and are continuing to act swiftly and sustainably.
