Businesses must adapt to new shopping behaviours to optimise growth until COVID-19 subsides

New Ideas in MarketingEssential news for marketers, summarised by YouGov
November 25, 2020, 8:36 AM UTC

One in five business leaders expect businesses to decline by over 40% YoY, as per Kantar’s recent research.

The news of COVID-19 vaccines being on the way have excited the stock markets, but many business leaders worldwide are less optimistic. 69% business leaders expect to end Q2 2021 in decline and 45% project their business to be down 20% or less.

Brands adapting to new shopping behaviours will perform better, as half of the companies that experienced growth (20%), reportedly changed their business models. Consumers (45%) will continue buying from online stores they discovered amid COVID-19.

Further, 85% of consumers believe in purchasing from businesses that support their causes. Of those polled, 23% of businesses hope to recover within six months after the vaccine is widely made available. 41% expect recovery within a year.

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