We’re seeing a seismic shift in the way all the companies conduct their business after this pandemic COVID-19. As entire country has come under lockdown and consumers around have started to shun human contact, retailers are scrambling to adapt. Consumers are the ones who are being forced to dramatically change their purchase behaviors. Above that, companies are putting all their efforts to protect their employees and help avoid the spread of the virus, therefore almost all the companies have quickly enacted new policies. Even with all the advancements in technology it's impossible to have employees working remotely when it comes to e-commerce.
All the retailers and the brands are facing a daunting multitude of short-term challenges around all the important sectors like health and safety, supply chain, labor force, cash flow, consumer demand and marketing. Also, when we talk about them as an issue successfully navigating them alone will not assure a bright future, or any future at all. That’s because once we get through this pandemic — which we will get through — we will emerge in a very different world from the one we left prior to the outbreak.
All the businesses must take steps and work towards ensuring a future where the company’s business not only survives, but thrives. It is critical to anticipate what a post-pandemic world will look like, and then begin to transform your business to better match this new reality. As this pandemic has adversely affected the lives of the people, the post pandemic commerce will also be affected by this is majorly 2 ways:
Short-term consumer behavior changes during the pandemic in many cases will become permanent. Before this pandemic, one of the largest consumer categories, grocery, was still nascent in terms of its transition to digital. But after this pandemic, all the researchers say that the most profound behavioral change in commerce will be the shift to digital or the e-commerce shopping. The COVID-19 pandemic will be one major reason to rapidly accelerate the shift from tradition trade to digital commerce. Along with that, several product categories were aggressively shopped by the consumer as they had rushed to stock their homes in preparation for the lockdown. Therefore, they are unlikely to be consumed as quickly. The result will be a delayed decline in sales in those categories as consumers work through their home inventory.
The consumers will emerge from this pandemic in a completely new economic reality, which will hence be changing commerce behaviors in profound ways. For example, after this pandemic get over the consumers are likely to be more germ cautious than ever before. No touch deliveries may become the new norm. Consumers may be less receptive to in-store food sampling and more hesitant to use public touch screens or keypads. Community play areas may be less appealing. Retailers will need to develop no-touch customer experiences with an emphasis on hygiene. COVID-19 is not only forcing consumers beyond their preferred brands like never before, but, giving a full possibility that the consumers could emerge from the pandemic with entirely new brand preferences or lower overall brand loyalty.
The article has been authored by Sourjyendu Medda, Founder – CBO – CFO, DealShare