Doing the groceries and window shopping isn’t like what we’re used to anymore. In fact, it may never be the same again as we go about the new normal. It’s not only the people’s purchasing power that is affected, but many businesses also suffer the consequences of this economic stagnation. Find out which consumer habits will stick post-pandemic according to researchers.
Even pre-pandemic, there has been a boom in e-commerce. With foot traffic in physical stores decreasing and people spending most of their time at home, businesses that haven’t shift to online platforms or adapt their marketing strategy had to unfortunately close doors. The data that Commerce Next gathered shows 48% of Americans will continue to make their purchases online, whether they are for delivery or store pick-up.
There is an increasing demand for local products during the pandemic due to convenience and as an initiative to support small businesses. Accenture’s report on new habits for retail consumers states that “56% of consumers are shopping in neighborhood stores or buying more locally sourced products, with 79% and 84% respectively planning to continue with this behavior into the long term.” This means community-driven brands are more likely to be patronized.
To limit contact with others, people are encouraged to opt for cashless payments via scannable QR codes or credit cards. Paypal, a company that operates an online payment system, notes that approximately 40% of consumers prefer to use touch-free payments as it’s more hygienic. Moving forward, more retailers are expected to implement self-checkout lanes to continue using low-touch services.
The pandemic has undoubtedly changed consumer habits, including how and where they spend their money. Because of lowered income or unemployment, people are trying to be more frugal. They’re delaying purchases until the situation gets better and prioritizing spending on essentials like food items and hygiene products.