The coronavirus has had a huge impact on consumer behavior. The conveniences of the digital age are being exploited to their full potential. The stock market has been severely affected by the pandemic. There is widespread uncertainty which has resulted in stock market crash. Since supply chains have disrupted, there are fewer goods in market that are made from China.
Uncertainty around Ad Spending
The reduction in goods available in the market is leading to companies putting advertising on hold. If there are fewer goods, corporations will find advertising to be less useful. Many analysts believe that the coronavirus should come to an end by June this year.
Postponement & Cancellation of Events
Many major events around the globe have either been postponed or canceled due to the current situation. There is also a shift to online events which has resulted in a shift to webinars. As large-scale gatherings become impossible to hold, there is a focus on leveraging digital channels for lead generation.
Panic Buying Leads to Price Hikes
The current frenzy of panic buying has led to significant price hikes. Produces such as toilet rolls and hand sanitizers have become extremely expensive. Their price has increased by as much as 5000% RRP. This trend of panic buying is likely to lead to a higher cost of living. Ecommerce stores have also increased the price of their products.
Shift to Ecommerce
Keeping in view of the present situation regarding panic buying, it is predicted that supermarkets are only likely to become increasingly crowded and people would try to avoid going to retail outlets. This is turn will lead to a significant rise in online shopping in order to avoid getting infected. Ecommerce stores can truly take advantage of the situation as it provides them with an opportunity to reach a wider target audience and grow their business. Panic buying has put a pressure on food delivery services. But, it is not easy to predict just what items customers would purchase if the current situation prolongs. This is where digital marketing comes into place. It provides ecommerce owners with the opportunity to acquiring new customers that normally do not shop online. The key to acquiring sales is an understanding of the changing consumer behavior.
Change In the Way People Work
Remote working has become the norm due to the health crisis. More and more people are working from home than ever before. The popularity of products and services that cater to the growing needs of remote workers is something that ecommerce businesses need to keep an eye on. By investing in digital marketing, it is possible to boost sales by a tenfold or more. For instance, Zoom Video Communications has experienced a soar in their stock price.
Ecommerce businesses need to remember that the shift in consumer behavior is only short-term. However, there would be some changes that have a lasting impact on consumers. It is during this time that ecommerce has a greater market share as compared to retail outlets. Thus, by taking advantage of digital marketers such as Paul Gordon, it is possible to cash in on the moment.