Consumer Trends: How Shopping Behaviours Have Changed
2020 has been a year like no other! It has been a year filled with sacrifice, adaptation and innovation, with a huge change in consumer trends. Despite the vaccine moving us towards the post-pandemic era, the way we go about our daily lives is likely to be forever changed. Consumers were forced to change the way they shopped, resulting in some interesting 2020 consumer trends and impacting business forever. To help prepare businesses for the new year, we will be reviewing 3 key 2020 consumer trends.
Loyalty Trends in 2020
Who remembers shoppers lining up at the peak of dawn to get their hands on the highly sought after toilet paper rolls? The toilet paper example illustrates how shoppers were willing to put aside their brand loyalties in response to availability. In fact, a study by Bazaarvoice found that of the 41% of consumers surveyed who discovered new brands during the pandemic, 85% of the participants plan on sticking with the new brand/s.
So how will loyalty trends in 2020 impact business in 2021? Consumers are seeking value and availability. Businesses must emphasise the value of their products, whilst making the most of opportunities to offer discounts during sales and running competitions to appeal to cost-conscious customers.
Corporate Social Responsibility
The pandemic has revealed how, as a community, we are stronger when we work together (from a distance). Customers have been closely watching businesses to see if and how they protect their staff and customers. With consumers asking themselves, “is this brand focusing on people or profits?”. Many argue that a business should focus on profits, but with businesses who put people first reporting an increase in positive reviews and word of mouth marketing, it pays to be people-focused.
We are living in a world saturated with brands offering similar products, so brands must implement CSR (Corporate Social Responsibility) to stand out and win consumers. Furthermore, make sure your brand plays an active role in the community, as consumers are looking to shop local in order to support Australian businesses and their community.
During quarantine, most physical stores were closed, meaning that consumers had to rely on e-commerce online shopping. 2020 accelerated the growth of e-commerce, with Australia Post reporting an increase of over 79% in online shopping activity. Confidence around online shopping grew, with consumers experimenting with different brands, payment and shipping systems. Now that most shops have reopened, e-commerce sites will work in conjunction with physical stores to facilitate sales, as many consumers will research brands and products before going to a physical store.
Due to the convenient, accessible and cost-effective nature of e-commerce, online shopping will continue to increase in 2021 and beyond. Businesses who adapted their marketing strategy this year and capitalised on their owned media channels (SEO, Social media, email database, etc), plus optimised their paid media channels (Facebook and Instagram advertising, Google Ads, etc), opened their avenue to more opportunity. Additionally, businesses who invest in a high-quality website are basically investing in an appealing physical storefront within a high-traffic location.
Overall, the pandemic resulted in some unique 2020 consumer trends that disrupted consumer loyalty, whilst accelerating the growth of Corporate Social Responsibility policies and boosted e-commerce. We hope our article assists with your 2021 business planning.
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