Market and Consumer Behavior in the Covid-19 Pandemic

Since the start of the covid-19 pandemic, the whole world has been going through a very hard time. People are getting unemployed which is making them more insecure.  Families are facing a very difficult time. People have changed their way of living. The pandemic has changed their tastes and preferences. People are choosing a healthier and affordable option. They have shifted from in-store purchase to online shopping sites.

Here are some of the factors which determine the change in market and consumer behavior:

1 . Shifts in preferences:

Preferences or choices are something which are not easy to change. Even the best brand in the whole world cannot change the preferences of a person who is not willing to change his choice. But the pandemic has provided a shift to the choices of people. Now people choose something healthier. People now prefer online stores than in-store purchases.  Before or during the start of the covid-19 period, percentage of people using in-store purchase was 9% whereas the percentage of people using online stores was 29%. But as the covid-19 pandemic continues,  percentage of people using in-store purchase was 45% whereas there was a growth of 91% in online shopping users.

2 . The virus as catalyst

The virus was seen as a catalyst which changed the preferences of people using in-store purchase to online services.  The online shopping owners and ecommerce company's owners needed such a catalyst which can drive a large number of people to online shopping. During the covid-19 period,  91% of people have started using online stores which is a good indicator to the development of digital marketing.

3 . Consumer behavior and culture 

Due to the pandemic,  people are stuck at home and they are not able to perform their religious activities.  Religious gatherings are controlled by the government and people find it difficult to overcome. When the government partially lifted the lockdown on April 20, people started making a huge rush to the city centers and shopping malls, which was a very difficult situation to handle. So the government had to reimpose the lockdown rules. Well, Kerela was the most safe and well managed state in the covid-19 pandemic with excellent and efficient tracking and total mortality rate of 0.58% which is 3% of all India mortality rate and 5.75% of whole world's mortality rate.

4 . Unsure spending power

People became vulnerable to pay cuts and job losses which directed to lower spending at retail stores until the sentiments climb back up. Jobs, increments and promotions are stopped for some time so economic-pumping spending will be missing. Retailers have to keep their customers calm and comforted in order to make a good position in their hearts.

5 . Hygiene as an attraction 

Hygiene matters the most in the pandemic era so everytime people come to the malls or any stores, they need it clean. People find it awkward to suspect that the person near to them doesn't follow hygiene rules or is a carrier of virus. So everyone need to be conscious about their hygiene.

6 . Long term digital game

People often suspect that the pandemic can result an increase in digital marketing which is a good aspect. Digital marketing can be the most preferred option even after the end of the pandemic era. So in order to keep a good position in the market, retailers have to attract their customers. If retailers fail to do so, they are going to lose their precious customers.

So these are some of the determinants or factors which change market and consumer behavior in the post pandemic era. People are moving towards a new normal after the end of the pandemic era so they need to be careful and healthy in order to keep their lives moving on.