The COVID-19 outbreak has drastically altered the ways of the world. Individuals are feeling differently, perceiving differently, and therefore, purchasing differently. Businesses have taken a hit and supply chains have been reconstructed. Consumers all over the world are evaluating products/services from a newfound perspective. The pandemic is revolutionising the industry and maybe for the better. 

 

 

COVID and CONSUMER

 

The socioeconomic crises caused by the COVID-19 outbreak has taken everyone by shock. Anxiety and stress as a result of this are evidently impacting public behavioural responses. Consumers are profoundly worried about the influence of COVID-19, primarily in terms of quality of life and finances. People are different and so are their reactions to the situation. But fear is the common denominator. People throughout the world are terrified as they try to transition into a new reality.

 

The consumer will not spend their money easily unless they are convinced that they will be spending for what is promised. They will shun items that do not meet their true demands. The social and economic effects of a crisis, such as layoffs, devaluation, increasing goods costs, and diminishing money supply, cause substantial shifts in the consumer's buying and consumption habits. 

 

 

SHIFTING PRIORITIES

 

Durzng a crisis, consumers' understanding of the significance of money rises, forcing them to cut corners in monetary terms and psychological satisfaction. And this will directly or indirectly affect the goods and services industry as we know it.

 

Consumer priorities have changed towards the most basic necessities, driving up requirements for cleaning and disinfecting items while decreasing consumption for other market segments. As the "buy local" phenomenon gains traction, the variables that affect buying choices are evolving as well. When faced with limits, consumers tend to adapt. Old practises are abandoned, and novel approaches to consuming are developed.

 

 

THE DIGITAL DILEMMA

 

COVID-19 has advanced the range of the digital transition. According to a recent survey, 58 percent of US customers are overspending online; 27 per cent have joined at least one online streaming platform, and 42 per cent have bought more through smartphones. There has been a significant increase in the number of instances of corporate and conferencing applications. Consumption of modern technology is not restricted to youth any more, but has spread across ages.

 

The number of social media users now surpasses the population of most populated countries. And Covid has simply pushed it ahead. The sheer accessibility of unlimited information through digital platforms has affected consumer behaviour. 

 

 

DISRUPTION OF SUPPLY CHAIN

 

As consumers innovate, businesses must also reinvent themselves to become proactive and flexible. However, businesses are bound by official channels which take time. Nevertheless, as multinational businesses have moved to cloud-based solutions, it has become simpler to adapt. 

 

 

The synchronisation of demand and supply is another aspect that requires attention. There were perennial deficits of supplies at every outlet, from retailers to wholesalers, due to stockpiling by people during the pandemic peak. Distribution networks, transportation, and storage systems are crucial services that must be aligned with unpredictable market demands.

 

 

THE CHANGE: PERMANENT OR TEMPORARY?

 

All consumer behaviour is strongly influenced by circumstance. Depending on ethnicities, geography, and other factors, behaviour can vary greatly from one region to the next. This aspect of consumer behaviour is becoming more intricate and dynamic because of the outbreak.

 

Behavioural changes and patterns are also strongly related to the amount of time spent in novel situations. People are more likely to embrace practises that do not dramatically alter their established behaviours. Now as the various waves of this virus approach, consumers are getting enough space and time stabilising into new behavioural patterns that are likely to last for a long period of time. So, the changes we are witnessing now in consumer behaviour may as well become permanent or the new normal.

The Covid-19 outbreak has also given rise to the birth of e-commerce portals including B2B Portals. Global Trade Plaza is a top B2B Marketplace operating out of India with reach in international markets. Global Trade Plaza is trusted by sellers and buyers across the globe.