Impact on Indian Consumer Sentiments Before 2021 | How can Retailers or Business Owners Make Changes as per Consumer Behavior Change in 2021

Copy of RAISER POS installed at different stores across the country (1)
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Impact on Indian Consumer Sentiments Before 2021 | How can Retailers or Business Owners Make Changes as per Consumer Behavior Change in 2021

Looking at the current scenario of the consumer’s trend, it can be easily said that COVID-19 has left an impact on the consumers.

Indian consumers’ optimism has steadily increased since mid-May and has reached the highest levels since the start of the pandemic. But the stats show a decline in the months from October – December 2020.

Consumers have been more on a Buying spree than a Shopping one. This means and the stats suggest as well that consumers have put in more money into buying essential goods than buying the non-essential ones.

Consumers no longer want to browse in-store, or their browsing time will be cut down dramatically to functional and quicker in-store purchases. This means they will be going through that discovery process digitally. Indians have acquired new habits during COVID-19, including buying online and in-store pick up.

Firms ranging from tourism, food, and beverage sectors to the retail industry are focusing on the health and hygiene segment and strengthening their digital presence to overcome the challenges, the officials said, adding that the economic revival is expected in the second half of the next year.

Groceries and Food Delivery and digital buying have staying power as behavior evolves. There was a huge shock to consumers Loyalty towards a selected store or a brand. Due to the Pandemic consumers have tried new shopping behavior. If they received better value, quality, hygiene, availability, and convenience, then they have probably forgotten you as their all-time go-to brand or store.

Revenue from some of its brands has reached 90-100 percent of the pre-COVID levels, while sales from the touchless and hygiene products have gained momentum and the company has also forayed into the safe-essentials segment. The number of consumers engaging in out-of-home activities, after spiking in September, has decreased since then. Masks, sanitizers, and social distancing are the top things considered by consumers followed by the cleanliness and hygiene of the space.

After Phase 3 lockdown in the UK, it seems there could be quite a few restrictions on many businesses that started fully/partially after the easing out of government norms. Still, consumers tend to maintain their current level of engagement with out-of-home activities like, buying essential goods, working outside the home, getting together with family, travel, etc.

Consumers are anxious about returning to the ‘old’ normal. Sustained out of home activities and entertainment may resume only post a year from now. Concerns around health have heightened with immunity building food and drinks at the forefront of choice and consumption.

All retailers need to sit up and listen to these emerging consumer trends in 2021. Monumental change is often accompanied by opportunity. The brands that fail to pivot to accelerating consumer behavior change with agility risk not only will deal with the poor performance in the coming year but also find it difficult to start to 2021 and beyond.

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