Online businesses with omnichannel, pure-play and subscription services have been impacted by the changing purchase behaviour.
The COVID-19 pandemic has induced widespread panic buying behaviour like bulk-buying, reduced spending, stockpiling and online shopping among consumers. This article notes men are more likely to change their spending habits during the pandemic compared to only 25% of the women.
Experiential spending among Millennials and Gen Zs in the UK and US were reported to be decreasing. Omnichannel business models could see lower conversions and revenues due to reduced footfall in physical stores. Subscription services like Netflix and Hulu, however, might see increased subscription rates.
Nielsen research states that the sale of hygienic medical masks and shelf-stable products like milk and milk substitutes were up by more than 300%. The author contends brands should understand consumer behaviour during this evolving situation to serve them better.
[6 minute read]