A recent report also says that during this lockdown, people spend 20 % more time in apps. And, eventually, online shopping has taken a massive hit. This is because many people wish to make a safe purchase from their homes.
Impact on businesses
The ongoing COVID-19 pandemic is having a profound effect on the businesses, both big and small. It has also changed the consumer’s buying behavior around the world. It has almost upended many businesses worldwide that depend on offline operations mainly. And, has ramifications on various industries such as advertising, ecommerce, entertainment, travel, communication, and so on.
Businesses without a powerful online presence and that are slow to adapt to digital marketing and sales are facing a complete halt in operations. Whereas the businesses that are utilizing the online space actively for sales, customer bonds, and marketing have started to optimize their digital presence in order to grow their businesses in this Coronavirus crisis.
So, many businesses are currently in a position to handle the operational and financial challenges of COVID-19. They need to address the requirements of their prospective and potential customers instantly. They also need to align their business operations with the growing demand and identify a smart route to stabilize their revenues.
Are you one among those entrepreneurs trying hard to run your business smoothly in this pandemic situation? Then, continue to read the blog.
In this blog, we are going to see how consumer habits have changed in this pandemic; how a strong digital presence can help your business from falling down; how you can make your business survive this global crisis.
Change in consumer behavior in this pandemic
The COVID-19 lockdown led to a drastic change in consumer behavior. People now completely shifted their buying process to many popular online channels. This is due to the complete shutdown of stores and only a few people willing to go out for work. They show a keen interest in shopping online for a variety of product categories like home appliances, medicines, clothes, etc.
Consumers who were once hesitant to make their purchase online have now started to enjoy a convenient and personalized online shopping experience. This global lockdown has also impacted the online grocery shopping of the people. It has been reported that more than 50 percent of the shoppers are now buying groceries online.
According to a recent report, about 46 % of the businesses that sell online have experienced tremendous growth in this situation. Due to this, nearly 60% of the businesses have planned to invest more on mobile applications and websites. And, 46 % of them have decided to spend on the online marketplaces
User engagement on online platforms
There is also increased usage of streaming platforms in this quarantine time. Because with no theatre availability and without an option for leaving the homes, people search online for entertainment and look for ways to fill their leisure time. They search for some new and fresh information and entertaining content online.
From the online classes for students to the online workout sessions, lots of activities have been changed. And, it also became easier with better digital service from the businesses