Infiniti Research, a leading market intelligence solutions provider, has recently announced the completion of its latest article on the impact of covid-19 on customer buying behavior. The article covers detailed insights into the key customer trends observed globally and strategies on how businesses can respond to changing customer buying behavior.
The novel coronavirus impact on various sectors of the economy has been dramatic. As the covid-19 continues to spread worldwide, customers are trying to stave off uncertainties by stacking up food and utility supplies. This has caused a big boost to online grocery shopping. However, the fashion and other luxury goods market continues to slide. As such, analyzing customer buying behavior and spending patterns are the way forward for businesses across various industries to gain a competitive edge in the long-run.
Impact of Covid-19 on Customer Buying Behavior
- An accelerated shift from store to e-commerce in grocery
With the coronavirus outbreak, e-commerce platforms are witnessing dramatic spikes in sales, which is driven by new customers trying online grocery shopping. The government implemented precautionary measures such as store closure and social distancing are some of the major factors driving the e-commerce market growth.
- Customers doing bulk shopping
A recent study from Infiniti Research shows that in the four weeks ending March 22, a record amount on groceries was spent at supermarkets across the world, especially in the European region. The unpredictable nature of the coronavirus outbreak is compelling shoppers to stock-up and buy in bulk. Demand for groceries has soared to such a huge amount that e-commerce giants are unable to fulfill customer needs and requirements.
- Spike in shelf-stable products and depleting markets for fresh and exotic foods
The demand for fresh and exotic food items are declining and there is a rising demand for packaged or canned food products. This is because customers are not willing to take the risks of consuming items that may have travelled long distances and exchanged many hands with little or no way to prove their hygiene quotient. Owing to this changing customer buying behavior, retailers will need to conduct thorough market research and gather data-driven insights to efficiently plan their next moves.