AI Busters

Sep 7, 2020

3 min read

Consumer transformation and how to adapt to it [ENG]

The coronavirus pandemic has made most of the consumer behaviour analyses focus on comparing people’s behaviour before and after the pandemic. The reports include behavioral analyses, values, priorities and changes in behaviour and decisions of buyers of goods and services in a changing reality.

This is no different in the case of the PwC report based on the Global Consumer Insights Survey 2020, which indicates that the pandemic has accelerated the pace of lifestyle and consumption changes. The key to adapting to the new reality of each organization is the analysis and strategic changes that will allow to remain in coherence with new consumer preferences.

Based on the collected data, PwC specialists distinguished 4 main conclusions:

  1. No more stable consumer habits. Behaviour and priorities will become changeable. Price and value will lead the way.
  2. Safety is most important for the experience of consumers, who will look for accessible and universal solutions.
  3. Consumers will be more inclined to experiment and to embrace new channels. The key is to maintain a balance between digital communication and the use of traditional stores.
  4. Customers will choose innovative and ethical companies that will respect their health, wellbeing, which has become particularly important in the era of pandemic.

How can companies adapt to changing circumstances?

  1. Understanding the customer and his needs is a priority. Analysis of data and drawing knowledge from customers’ interactions with the company allows to adjust the offer, prices and delivery structure to the needs. It is no longer enough to sell, you need to draw conclusions that allow you to track trends and make quick changes to maintain customer engagement.
  2. Creativity and the use of new technologies allows you to provide customers with a sense of security and provide a good experience in dealing with the brand. Combining local contact with virtual accessibility can be the key to maintaining a lasting relationship.
  3. As many as 86% of respondents declare that they will stay with online shopping after they have tried it during the pandemic. The necessity has broken down barriers, so consumers are willing to experiment and have new contacts with technologies like never before. It is worth thinking about new technological partnerships in the field of delivery and customer service. An example of such a surprising partnership is Żabka, which has integrated its application with Ubera’s services, enabling purchases in stationary stores with home delivery. The ideal combination of local presence with virtualization and order security.
  4. Customers are increasingly paying attention to ecology and respect for their health and well-being. Companies should establish relationships with their customers and act ethically, carefully and with care for the environment. In this way they will win loyal customers who will be happy to recommend them to their friends.

We try to look at the companies we work with from the point of view of brand personality — a well-functioning company is for its customers like a neighbor you like, who you can always ask for advice and borrow the proverbial glass of sugar even during a lockdown.

“An organization in the era of client-centrism and dynamic changes in consumer behavior can no longer be a fossilized institution. The leading companies will be those that decide to become a good neighbor — always ready to help, sensible, always reliable and adaptable to the community in which they are located. Both on the local market and in the global village.

Getting closer to your customers is possible with the help of new technologies, but requires openness, empathy and constant analysis of available data.”

Karol Kowalczyk Co-founder AI Busters

Originally published at www.aibusters.com