COVID 19 will permanently alter consumer behavior
Our CEO covered changing consumer behavior in the COVID 19 market and outlined a necessary business recovery strategy in this Forbes article.
The COVID 19 pandemic has played a transformative role in altering consumer spending patterns and accelerating practices that were yet to become mainstream. Shopping patterns today differ significantly from those in January. Today, e-commerce has become a necessity for all businesses, as the online presence of many industries typically lacking a web presence, such as grocery stores, has needed to adjust to new consumer patterns. Companies now must embrace a contactless experience, offering contactless delivery and curbside pickup services to ensure customers’ maximum safety.
Traditional face-to-face contact has been replaced with virtual meetings through Zoom, Google, and Facebook, and online games have replaced traditional in-person pastimes. Many companies have also transitioned to allow many employees to work from home, a dramatic cultural change expected to persist following the pandemic. Due to the onset of the financial crisis, staggering rates of unemployment, and unpredictable market change, consumers have cut back on unnecessary spending, making it essential for companies to establish strong brand loyalty. The article additionally proposes business recommendations to adapt to these changing consumer behaviors. These suggestions include developing a reliable and interactive website that makes it easy for consumers to purchase products and services. Additionally, businesses should invest in strong SEO and transition their product offerings to meet the consumer’s new needs.
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