One of the biggest problems with Covid-19 is the fact that it affects all of our lives, regardless of where we live or whether we’re infected or not.
One of the best examples is the shopping behaviour of the global population.
Due to financial insecurity, people are less prone to buy luxuries.
They are also favouring online orders and direct delivery to buying in crowded malls.
These are just some of the ways in which Covid-19 changes shopper behaviour.
Here is a brief rundown of all you need to know on this topic.
1. Home delivery
The first thing important to mention is that people hate the idea of leaving their homes during the pandemic.
This is why having a home delivery option is so important to a lot of people.
You see, not having to leave their home is incredibly important and if the delivery person can follow all the rules proscribed by the World Health Organization, then all the better for it.
This is also the reason why e-commerce is quickly starting to spearhead when it comes to global retail.
This is both a shopping habit and a necessary step of precaution.
2. The logistics
One of the biggest problems, however, lies in the fact that retail businesses transitioning into the e-commerce sector still lack the proper logistics to do so.
Fortunately, a lot of companies are solving this by outsourcing this particular task to third party logistics specialists.
A lot of online retailers are going even several steps further.
For instance, the concept of dropshipping is an idea that a retailer is just an intermediary between a buyer and the supplier/manufacturer of the products.
Where there’s the will, there’s always the way.
3. Lowered purchasing power
A lot of people are losing their jobs as a consequence of the pandemic.
This is why they have lower purchasing power and are less likely to spend as much money on non-essential items as before.
Sure, not everyone is good with money and decision-making, however, fear is a powerful motivator.
Under such motivation, even the most reckless of consumers will be able to show some restraint.
Other than this, lower purchasing power will make people prioritize far more.
This means that the average value of an order will go down, as well.
4. Stockpile buying
Some people are scared that they will be stuck at home with no food, no basic supplies and no toilet paper.
This is what has made them stockpile these items at the beginning of the epidemic.
In theory, this sounds like a good thing for the store, seeing as how it means that they will sell the entirety of their inventory.
Still, this causes a logistical problem in terms of shortages, which will divert some buyers from even stepping into the place.
Also, if people are cleaning out the entire stock from all the stores, you might have trouble with your suppliers.
This is because they will be unable to meet your demand.
5. Impulse purchases
Previously, we’ve mentioned that people prefer to buy items online rather than going out to the store.
This creates a problem with the concept of impulse-buying, seeing as how people are less likely to purchase something that they didn’t intend to originally.
Even in e-commerce, there is such a thing as a recommended item, however, even this works in agreement with categories.
Chances that a buyer will encounter a non-related item that they might buy is a lot lower than it was.
This alone can put a huge dent in the world of retail as we know it.
6. Change of priorities
Another interesting trend worth mentioning is an increase of interest in DIY projects and fitness equipment.
People who spend more time at home find different ways to fight boredom and one of them is working on themselves.
Now, not everyone is trying to make a home gym but you would be surprised at how much one can progress with mere callisthenics.
Also, due to the fact that buying tech was always popular in e-commerce, it’s no surprise that people are more interested in fitness gadgets.
This is just one of the indicators of how the priorities shift depending on the nature of the crisis.
7. Safety procedures
One more thing that is important to a lot of people is the question of safely handling packages during the coronavirus pandemic.
There are a lot of studies out there, some of which suggests that the virus could survive up to 24 hours on cardboard.
This alone is enough to make some people reluctant when it comes to ordering from affected regions.
The problem with this study, nonetheless, lies in the fact that it’s conducted on a relatively small sample.
This, on the other hand, doesn’t mean that mere rumours (driven by fear) can’t make it affect one’s buying habits.
In conclusion
As you can see, the changes caused by Covid-19 affect our way of life in more than one way.
The biggest problem with this lies in the fact that when this happens to a lot of people (nations and continents), the numbers are reflected in the economy as a whole.
This means that retailers have to adjust their approach and methodology in order to soften the potential impact.
With the right analytics of the market, adequate research and preparation process, they might be able to adjust.
