Consumer behaviour is always evolving and it keeps changing according to time and social context. The retail industry is one that adapts rapidly to the ever-growing technological world. With consumers buying products on the internet, shopping habits are even more different now.
Before the introduction of online shopping, the consumers would directly head towards stores to purchase different goods. As the technology became more advanced, the traditional Brick and Mortar business model started getting replaced by an internet-based model.
HOW INTERNET CHANGED CONSUMER BEHAVIOUR
Where shopping in a store was once the primary way to shop, online shopping is becoming a preferred way for consumers to shop around the globe. In the last decade, the internet has become a major platform for people to buy and sell different items leaving retail stores in a struggle to compete against online websites and online stores. eCommerce has revolutionised consumer behaviour and has brought the shopping experience to the fingertips of the customers via their mobile devices and computers.
Research suggests that 40 per cent of the consumers now prefer to shop online with Australians spending $27.5 billion on purchasing goods online, an increase of 24.4 per cent year on year.
Although, consumers continued purchasing from physical stores, but they find online shopping more convenient as they can shop everything from the comfort of their couch. The change urged many businesses to become digital and create their websites to sell products. It has made the process of purchasing and creating products even easier and more convenient. Using the online platforms, customers can also provide feedback to the companies that has empowered both the consumers and the businesses.
MODERN-DAY CONSUMER BEHAVIOUR
Modern-day consumer behaviour has altered significantly over the last years that retailers aren’t feeling the revenue benefits even in healthy economies. Today, it has to be fast, convenient, and fun for the consumer. Utmost simplicity is extremely important for the modern consumer. Businesses are developing their online channels to enable customers to purchase goods at their maximum ease, at any given time without leaving their homes. A study reveals that consumers shop online to save their crucial time, and for available varieties of products and services. Modern-day consumers have the following characteristics that have changed the dynamics of purchasing and selling goods and services:
- They opt for the internet to look for solutions to their problems
- They compare different companies to find the best value for their money
- They want to make purchases with utmost transparency
- They are interested in adopting new market trends
- They want to feel the part of the community
- They search for the opinions of other people for a product
- They expect a more personalised experience
- They are hugely influenced by the people they admire
- They worry about sustainable products and avoid waste
- They want various options when it comes to the delivery of different products
HOW PANDEMIC HAS CHANGED CONSUMER BEHAVIOUR
The pandemic has changed consumer behaviour as now consumers rely more on online shopping. Considering the pandemic protocols, the nationwide lockdowns led to the closure of physical stores and brands had to shift their operations online. Panic shopping has been at its peak during the early stages of the pandemic as people started shopping for goods in panic, greater volume, numbers, and frequency. Due to the social distancing regulations, consumers switched to online shopping considering the safety and convenience that online shopping offers.
According to one survey, more than 200,000 Australians shopped online for the first time in April 2020, including many older consumers who had never felt the need of shopping online.
As people were trapped in their homes during the lockdown, they opted to spend their time shopping online. Amid the pandemic, almost 42 per cent of the consumers have claimed that the way they buy would predominant change. The post-pandemic world needs to learn to adapt to the new and lasting shifts in consumer behaviour. Now, more and more customers rely on online shopping, so the brands need to predict shopping patterns and identify changing consumer patterns in real-time to understand the changing preferences and act accordingly.
Ultimately, technological advancement has empowered consumers to shop in new ways and has also opened doors for retailers to turn the challenges of the modern-day into opportunities. As consumer behaviour is changing drastically, if brands don’t plan accordingly for the future, they may find tomorrow’s too late!
