Consumer Confidence in the Face of a Global Pandemic

Consumer Confidence in the Face of a Global Pandemic

Woman shopping online to depict consumer confidence during a global pandemic
Summary:

The global pandemic and the nationwide stay-at-home orders that resulted have inevitably reshaped how consumers buy, especially online. That’s why if you want to effectively attract, engage, and retain the new “crisis-minded” consumer, you’ll want to take note of some key distinctions.

The unexpected outbreak of the novel coronavirus has forced a “new normal” on American society, but it has also created a new, more price-conscious online consumer. As many essential items have been out of stock for months and with retailers now desperately scrambling to ramp up operations to meet anticipated demand, brands that can promise high-quality products with lightning-fast shipping will have a significant advantage. 

But, to effectively reach the new “crisis” consumer, retailers will need to overcome an even higher research barrier. For example, new marketing studies have found that consumers are now 3x more likely to research a product before buying it online. 

So, the question has become: “Who is this pandemic consumer and how do we reach them?”

Here are three ways you’ll need to pivot to tap into the new consumer psyche: 

  1. Advertise excess inventory. With essential items being sold out for months now, consumers don’t want to waste their time on “invisible” purchases that they won’t see anytime soon. That’s why 36% of people now prefer to buy from brands that can guarantee stock availability and reliable shipping on a wide range of products. And, if you can’t offer what the “crisis” consumer needs, they are more willing than ever to switch brands without a flinch.
  2. Promote your top-quality products. As many “pop up” online stores are trying to capitalize on the increased boom of online shopping, consumers have become much more selective with who they buy from. In fact, marketing experts have found that 40% of consumers rank trust as the single most important factor that influences their purchasing decisions during the pandemic.
  3. Make giving back a priority. With many consumers expecting to cut their overall spending by up to 50% in the coming months, the crisis consumer understands and is harnessing their purchasing power. New surveys show that 78% of consumers are now actively looking for and selectively buying from brands that have helped those in need during the pandemic.

As the pandemic continues to evolve, how consumers buy, and what factors will influence their purchasing decisions, will become a must-watch topic. However, making some simple pivots in your marketing messaging can help you capture a larger portion of this at-home, online-buying audience.

Instagram

Instagram has returned empty data. Please authorize your Instagram account in the plugin settings .

Please note

This is a widgetized sidebar area and you can place any widget here, as you would with the classic WordPress sidebar.