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The trajectory upward growth of digitalizationdigitalization
M&E industry to work with AI and machine learning as an alternative to advertising of the content
Regional content targeted to reach out more and most of the audience by M&E
Rural areas of India counted on as targeted audience by all the industry as rural India is turning out to be digitalized and so product orientation and delivery is to be done accordingly
Acceptance of new normal by people as well as companies and to forecast new alternative ways to carry on the business even in the pandemic

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This pandemic has coincidentally opened up some earnings opportunities in healthcare and safety sector since people have preferred the almost always ignored option of Precaution is always better Cure and consumer is ready to pay to get protection from this virus. None the less, sky touching share prices of Healthcare Companies can explain how the consumer is behaving in recent months.
Roll no . 02

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Covid-19 has changed the consumer behaviour ,changes in behaviour can be seen different wrt to the sector, and economic conditions of the consumer and country as a whole.
The common trends across is going digital and hygienic sentiment.
The future trends will depend on the policies implemented and duration required to flatten the curve.
Swara Shirsat

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Covid-19 has changed the consumer behaviour ,changes in behaviour can be seen different wrt to the sector, and economic conditions of the consumer and country as a whole.
The common trends across is going digital and hygienic sentiment.
The future trends will depend on the policies implemented and duration required to flatten the curve.
Swara Shirsat

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The changes in consumer behaviour that may be temporary or permanent but will impact the buy of the product

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Demand for at home digital media is expected to grow as demand for OTT originals will restore as people go towards targeted content for specific audiences
Risk aversion by both the industry and the consumer
Companies could place an increasing amount of reliance on AI ML to predict consumer in these uncertain times and thereby improve loyalty

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Many companies which are in the essential and daily goods market have pushed for larger packaging to take the advantage of the situation. E.g. Papads available in big packets only

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Change in purchase decisions and buying power of the consumer in the now, next and beyond phase.

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1)Increase in the virtual workforce
2)Focus towards local products
3) More focus on Health and Hygiene
4)Cost consciousness

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New consumer will be frugal and more conscious. Thier consumption is lot more than earlier.
The change in consumer behaviour is influencing brand decision as to buy local

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Accenture report focuses of key aspects of changing consumer behaviour post Covid1. The ever-increasing focus on health2. A rise in conscious consumption3. Growing love for local4. A new virtual workforce5. Staying connected with consumers through 3 point formula response, reset and renew6. Elastic digital workplace

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Accenture report focuses of key aspects of changing consumer behaviour post Covid1. The ever-increasing focus on health2. A rise in conscious consumption3. Growing love for local4. A new virtual workforce5. Staying connected with consumers through 3 point formula response, reset and renew6. Elastic digital workplace

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Hemant Sawant 23

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Change in the buying behaviour of consumers. People are now more mindful of their spending and have shifted to only buying essential goods or services. The e-commerce industry is beaming. Shopping has shifted from brick and mortar stores to online shopping.

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Malls and retailers are optimistic that post lockdown consumers will walk back to malls.
Companies especially FMCG, should be agile and try to meet changing consumer demands.
E-commerce companies and OTT platforms turned out to be big gainers during the pandemic

Amogh Nadkarni
Roll No.- 08

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Apurwa Sontakke-14 Covid has made people change their preferences which are not easy to change. Virus has acted as catalyst to bring the changes which forms were waiting for. Consumer behaviour is deeply impacted by cultural factors, wedding, rituals etc. People were still conducting weddings, Birthday parties in lockdown. Spending power has considerably reduced.Covid-19

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Apurwa Sontakke-14 Covid has made people change their preferences which are not easy to change. Virus has acted as catalyst to bring the changes which forms were waiting for. Consumer behaviour is deeply impacted by cultural factors, wedding, rituals etc. People were still conducting weddings, Birthday parties in lockdown. Spending power has considerably reduced.Covid-19

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Customer loyalty has been affected.
Incoming power has fallen.
Consumers are still apprehensive about going out physically and doing shopping etc. More preference is given to online shopping. OTT platforms are on rise.

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24
Shift in the perspective of the consumers

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OTT platforms has taken this pandemic as opportunity. they are changing there content according to various demographics and various location. people are also shifting from conventional entertainment platforms to online platforms

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Malls 10% earnings comes from cinemas which will be cut down to 1/3rd of it previous earnings. (3-4%).

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Homebody economy
According to McKinsey survey more than 70%of people don't feel comfortable resuming their "normal" out of home activities hence this behaviour has encouraged e-commerce and home delivery sector alot. There is also shock to loyalty of consumer to a specific brand like due to supply chain disturbance people are trying different brands.

Apurva Maniyar
Roll no 13

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How consumer sentiments and behaviour is affected because of the pandemic and how the consumers are shifting to a new normal. Consumer is more cautious now while buying/consuming any product or a service.

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1) Consumers are becoming aware of the hygiene factors post COVID and companies have accordingly formulated their marketing strategy for this segment.

2) With increase in use of digital platforms, the concept of omnichannel marketing can be adopted in order to enhance the CRM and increase brand loyalty in these testing times.

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What changes the pandemic has brought in our lives- shift to virtual mode, dependency on local brands, E-commerce, reliance on artificial intelligence / machine learning, etc.

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1. Fast acceptance of OTT platforms because of ease of access and work from home concept.
2. How OTT platforms are challenging Traditional entertainment?
3. India Vs Bharat dichotomy. How OTT platforms can grow their business significantly in rural areas.
4. Hurdles of monetisation has also affected M&E industry in a big way.

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Change in buying behaviors due to COVID 19
-  It has led to conscious consumption
- Growing love for local - customers now prefer local brands
- Hygiene has now become an important factor influencing the buying decisions

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Learnings -Priya Khosla (Rn:36)

-Unprecedented shift in consumer behaviour patterns in a short span of time.
-Changing market strategies based on newly emerged consumer sections
-Focus on health, wellness, sanitation and basic amenities
-Low discretionary expense and luxury product expenditure
-Work from home to be incorporated at a much faster pace

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Shift of Indian consumers from traditional M&E

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Shift of Indian consumers from traditional M&E

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Shreya Sawant
Roll no-112

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Gyayak Jain     Basically post pandemic people have shifted to buying essential products from luxury products.  

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Gyayak Jain     Basically post pandemic people have shifted to buying essential products from luxury products.  

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As the health focus is increasing and people are looking for more organic, immunity boosting food options, CPG’s should have health strategies and support this change people are making in their lifestyle.
-Maitreyi, 29

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1. There has been shift in watching movies from traditional ways to OTT Platforms
2. Increase in OTT platforms and Originals
3. Increase in Relieance on AI/ Machine learning to learn consumer behaviour and improve on daily basis
4.With people shifting to these platforms, increase in sales on Internet Related services

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Mallika Kandalgaonkar
Roll Number 30

Consumers are more focused on their basic needs, buying local, buying more consciously, enjoying the WFH concept, people are using digital platforms to manage isolation..

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Changed consumer behaviour during - Mitali Shingne

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Changed consumer behaviour during - Mitali Shingne

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The consumer segments that evolved around the pandemic have created various opportunities for businesses. According to the EY report, the emerging segments will have a tendency to spend more. The cut deep segment which consisted of 35% of population will go down to 19% post the crisis. The consumer behaviour towards essential and non essential products over the timeline is an interesting trend.

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Change in spending leisure time

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Companies are likely to evolve and expand their product line in sink with the changing consumer behaviour specifically in pandemic times.
OTT platforms and FMCG companies are about to get a huge surge.

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M & E companies can be expected to increase their dependence on technology due to shift in priorities among consumers and companies move on to variable cost model and reduce fix cost.

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From the Mckinsey Report, it is apparent that during uncertain times, brand loyalty goes for a toss. Also, consumers judge corporate on how they treat their employees during difficult times and form their perception towards that company.

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- consumers have become more aware of their spending power
- buy patterns have shifted from daily purchases to weekly bulk buying purchases
- trust factor has become the most important point for any company has they have to convince the customers by marketing tactics that they follow great levels of hygiene factors

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Demand for OTT originals is increasing significantly and hence OTT platforms are trying to produce as many originals as possible which are targeted towards a specific audience

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Effect of Covid-19 on Consumer behaviour

One common point among the reports was that there is likely to be a new normal. Different reports had different ways of dealing with this new normal, one common point being adopting the use of technology

Hygiene is a factor that will have a lot of consumer attention.

Over a period of time the consumer spending is bound to change and the consumer product companies need to take into consideration these updated consumer spending habits so that each product can be marketed in the right way.

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The change in habits of consumers  during pandemic can alter the future  demand of the products but not all changed habits of people  will remain the same post COVID ,some of the habits or the change in consumption pattern will go back to normal as it was in the pre COVID situation .

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Retail Industry has seen a serious drawback.
Work From Home has increased.
Many Retailers have shut down.
Digital Marketing has increased drastically.
Local Companies have seen an increase in their sales.
OTT platforms have seen a rise.
Eating habits have changed and people are going for more healthy options.
People are also embracing technology more than ever.

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Online release of films and E promotions, greater audience reached by home delivering the content by M&E
Importance of AI and Machine learning for online expansion of industry or company
Digitalisation took speed and has upward trajectory growth

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Shift in buying behavior of consumer, from brick-and-mortar to digital. Brand loyalty has been affected. Increase in purchase of healthcare products and staples. Companies changing their marketing strategies.

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People focusing more towards local products. They are going for basic goods and hygiene products.
Entertainment, e-commerce, e-learning industry are growing at a faster pace during this panademic.

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Rhea Dutta
Roll no. - 39

Covid-19 pandemic has drastically changed consumer behaviour and the overall business environment in today's time. Some of the changes -

1) E-commerce industry is growing in the times of this pandemic
2) People have shifted their focus towards essential goods. Hence, non-essentials like make-up, cosmetics have taken a hit
3) people have shifted more towards digital media consumption like OTT
4) Maintaining safety standards in retail outlets has become an essential point for consumers
5) A virtual workforce is on the rise
6) People are using technology and digital mediums to stay socially connected
7) Consumers are cutting back on wastage and focussing on sustainable buying
8) People are still unsure about employment and pay cuts, so many people are stockpiling, cutting back on expenses, hibernating and spending.

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Virtual Workforce & Social Impact- Harshvardhan Pal

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Virtual Workforce & Social Impact- Harshvardhan Pal

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Company's are finding new ways to stay connected with the consumers by following 3 R's:

Repond- By reshaping the Marketing Plan

Reset- Allowing the employees to Work from Home

Renew- Looking for new business opportunities to target the market

The pandemic is having a positive impact where more online communities are building, people are staying connected to their communities and 88% of the people feel that this trend will continue post lockdown.

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This is new normal
Change is preference of consumers
Understand consumer preferences
Sales pitch in novel crises ..customers nurturing.

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COVID-19 pandemic is radically changing consumer behavior in India: EY Future Consumer Index.

The COVID-19 crisis is being defined by four distinct consumer behavior segments, according to the EY Future Consumer Index, a survey of 1,046 Indian consumers, mostly in urban areas, covering their current behaviors, sentiment and intent. These are "Hibernate and spend", "Cut deep," "Save and stockpile" and "Stay calm, carry on".

Consumers that fall into the "Cut deep" group (35%) are significantly impacted by the pandemic as it impacts their employment; others representing the "Save and stockpile" group (25%) are worried about their families, less optimistic about the future and have been stockpiling essentials. Most consumers (38%) represent the "Hibernate and spend" group, who are concerned about the pandemic but are also the best positioned to deal with it, on the other hand, "Stay calm, carry on" group (2%) are the least impacted and are expected to resume their old shopping behaviors. COVID-19 is also a reminder to the consumer products industry about the fragility in ways of doing business. Given the anticipated changes in consumer behavior and category dynamics, the report highlights that consumer products companies would need to take quick actions to respond to the 'Now' phase, alter operating model to address the 'Next' phase and then consider strategic transformations to build a resilient organization for the 'Beyond' phase.

Indian consumer products companies face a multitude of challenges in the 'now', 'next', and 'beyond' phase coupled with the radically changing consumer behavior in India.
What consumer products companies are saying about the challenges they are facing?
EY enterprise resiliency framework areas:

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How COVID-19 is driving emergence of a new consumer products landscape in India - EY India

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COVID-19 pandemic is radically changing consumer behavior in India: EY Future Consumer Index. The COVID-19 crisis is being defined by four distinct consumer behavior segments, according to the EY Future Consumer Index, a survey of 1,046 Indian consumers, mostly in urban areas, covering their current behaviors, sentiment and intent.

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Consumers attitudes, behaviors and purchasing habits are changing-and many of these new ways will remain post-pandemic.

While purchases are currently centered on the most basic needs, people are shopping more consciously, buying local and are embracing digital commerce.

To manage isolation, consumers are using digital to connect, learn and play-and they will continue to.

Moving forward, we will see an increase in the virtual workforce as more people work from home and enjoy doing so.

New consumer behaviors will transform the industry's future

The COVID-19 pandemic has fundamentally changed the world as we know it. People are living differently, buying differently and in many ways, thinking differently. Supply chains have been tested. Retailers are closing doors. Consumers across the globe are looking at products and brands through a new lens.

The virus is reshaping the consumer goods industry in real time, rapidly accelerating long-term underlying trends in the space of mere weeks. Our research indicates that new habits formed now will endure beyond this crisis, permanently changing what we value, how and where we shop, and how we live and work.

Even as this crisis continues to evolve, by exploring the changes that are happening now, we can consider what consumer goods businesses should do today to prepare for what's next.

Getting to know the consumer in crisis

Consumers are deeply concerned about the impact of COVID-19, both from a health and economic perspective. People are responding in a variety of ways and have differing attitudes, behaviors and purchasing habits. People across the globe are afraid as they strive to adapt to a new normal. Fear is running high as individuals contemplate what this crisis means for them, but more significantly, what it means for their families and friends, and society at large.

Consumers are responding to the crisis in a variety of ways. Some feel anxious and worried, fueling panic-buying of staples and hygiene products. At the other extreme, some consumers remain indifferent to the pandemic and are continuing their business as usual, despite recommendations from government and health professionals. CPG companies will need to understand how their own consumers are reacting, and develop customized and personalized marketing strategies for each. The days of one-size-fits-all marketing are over.
Consumers are more fearful of the economic impact of COVID-19 than for their health

Source: Accenture COVID-19 Consumer Research, conducted April 2-6. Proportion of consumers that agree or significantly agree.

New buying behaviors in this new normal

Why, what and how consumers buy is changing due to the COVID-19 outbreak. Consumer priorities have become centered on the most basic needs, sending demand for hygiene, cleaning and staples products soaring, while non-essential categories slump. The factors that influence brand decisions are also changing as a "buy local" trend accelerates. Digital commerce has also seen a boost as new consumers migrate online for grocery shopping - a rise that is likely to be sustained post-outbreak.

In times like these, our need for the basic necessities of life takes precedence. It comes as no surprise that personal health is the top priority for the consumers we surveyed, followed by the health of friends and family. Food and medical security, financial security and personal safety were other leading priorities.

New-and everlasting-shopping habits

The outbreak has pushed consumers out of their normal routines. Consumers are adapting new habits and behaviors that many anticipate will continue in the long term.

The virus has accelerated three long-term trends:

The ever-increasing focus on health

CPG brands should heed this change and make it a priority to support healthy lifestyles for consumers, shoppers and employees. Having a "health strategy" will be a strategic differentiator for the foreseeable future.

A rise in conscious consumption

Consumers are more mindful of what they're buying. They are striving to limit food waste, shop more cost consciously and buy more sustainable options. Brands will need to make this a key part of their offer (e.g. by exploring new business models).

Growing love for local

The desire to shop local is reflected in both the products consumer buy (e.g. locally sourced, artisanal) and the way they shop (e.g. supporting community stores). CPG brands will need to explore ways to connect locally - be it through highlighting local provenance, customizing for local needs or engaging in locally relevant ways.

Consumers expect their shopping habits to change permanently

Source: Accenture COVID-19 Consumer Research, conducted March 19-25 and April 2-6
Click to enlarge

The COVID-19 outbreak has slowed the pace and changed daily life for many consumers, and this is having a profound impact on the way we view personal hygiene, health and how we engage with our communities, friends and families. People are embracing technology more than ever to support all aspects and consequences of isolation. There is also positive evidence to suggest that this crisis will build communities, rather than separate them.

of consumers feel more or as connected to their communities

of consumers expect these connections to stay intact long after the virus is contained

The ways in which people spend their leisure time are changing because of the outbreak and related social distancing measures, and again, these habits are likely to be sustained. More than half (61%) plan to continue watching more news after the outbreak, while 55% will prioritize more time with family. Entertainment, learning and DIY have also seen a rise.

This trend is reflected in the types of apps that consumers are downloading, related to entertainment, news, healthcare and education. Underlying consumer needs (e.g. to connect, to be entertained, to learn, to be informed) remain the same, yet technology is changing the way it happens. CPG companies must increase their focus on digital vs. traditional tools to engage with consumers and improve experiences.

People are working from home as businesses close doors and encourage remote work. Many employees who have not worked remotely before-or not often-plan to do so more frequently in the future. High percentages of employees feel they have the right environment and tools for remote work, but some miss social contact. Overall, employees feel their employers have taken the right steps to protect their health and keep them well informed.

Employees who now find themselves working from home are broadly positive about the experience. Unsurprisingly, those who worked from home previously are more likely than newcomers to feel they are more productive at home and feel they are more professionally satisfied than they are in the office . CPG companies that have a virtual working strategy will strengthen their employee value proposition and show that they are in-touch with their employee preferences.

of people who never worked from home previously now plan to work from home more often in the future

Change in work-from-home frequency from pre- to post-outbreak

Source: Accenture COVID-19 Consumer Research, conducted April 2-6, N = 1,118 respondents working from home

Staying connected with consumers

COVID-19 is a health and economic crisis that has a sustainable impact on consumer attitudes, behaviors and purchasing habits. CPG companies can adapt to these changes by taking action to respond, reset and renew to be positioned even stronger for the future.

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COVID-19: Fast-changing Consumer Behavior | Accenture

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Accenture reports the impact of coronavirus (COVID-19) on consumer behavior and how it will transform the future of the consumer goods industry. Read more.

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Heading into the fall season, there is a renewed sense of caution as coronavirus cases soar in parts of the world. While the uncertainty from COVID-19 persists throughout the globe, its impact is felt differently across countries. As a result, there is significant variance in how consumers respond to the crisis and adapt to the next normal.

While these themes hold true across the 45 countries we have tracked through the crisis (see sidebar, "About our surveys"), the following exhibits focus on a subset of 13 core countries, selected because of their economic significance and the impact that COVID-19 has had on their populations.

1. Shift to value and essentials

Consumer sentiment varies greatly across countries impacted by COVID-19. Consumers in China, India, and Indonesia consistently report higher optimism than the rest of the world, while those in Europe and Japan remain less optimistic about their countries' economic conditions after COVID-19. Except for Italy, optimism has declined throughout European countries, in line with the rise in confirmed cases since late July.

Divergent sentiment is also reflected in spending intent across categories. In most countries, consumers intend to continue shifting their spending to essentials, while cutting back on most discretionary categories. However, in China and India, spending is bouncing back beyond grocery and household supplies. Chinese consumers plan to increase spending on discretionary categories such as travel and apparel, suggesting that the country is further along the path to recovery than other countries. In India, consumers report a higher intent to spend across categories as they prepare for upcoming festivals (Diwali, for example) and the wedding season, which runs from October to December.

2. Shock to loyalty

Consumers across the globe have responded to the crisis and its associated disruption to normal consumer behaviors by trying different shopping behaviors and expressing a high intent (65 percent or more) to incorporate these behaviors going forward. However, the change has been less pronounced in countries with a moderate degree of economic shock, such as Germany and Japan.

Given consumers' price sensitivity, value remains the primary reason for consumers to try new brands as well as new places to shop. Aside from value, convenience and availability are most often cited as top drivers of consumers' decisions about where to shop, while quality and purpose (desire to support local businesses, for example) are the more important considerations when choosing new brands.

3. Homebody economy

Consumers around the globe are at vastly different stages of resuming out-of-home activities. In China, more than 80 percent of consumers report engaging regularly with out-of-home activities. Countries with stricter government lockdown measures, such as Mexico and Brazil, have the lowest percentage of consumers reporting they have resumed "normal" activities.

Consumers' intent to engage with out-of-home activities varies by category and country. Most intend to leave home to shop for necessities but maintain low engagement in shared services. Consistent with other indicators of recovery, China is again an outlier with most consumers intending to engage in more than half of the activities tracked.

4. Flight to digital

The shift to digital persists across countries and categories as consumers in most parts of the world keep low out-of-home engagement. Food and household categories have seen an average of over 30 percent growth in online customer base across countries. Online growth for China seems more moderate, as the country had a high level of online penetration prior to the pandemic.

5. Holiday outlook

Compared to last year, consumers across the globe plan to reduce holiday spending, even in countries that have exhibited signs of recovery in spending intent in the next few weeks. China stands out as the only exception, with more consumers reporting increased spending than decreased spending.

The flight to digital and omnichannel will be prevalent during the holiday season, with 30 to 60 percent of consumers across countries reporting an intent to shift online for holiday shopping.

We will continue tracking consumer sentiment to gauge how people's expectations, perceptions, and behaviors change throughout the pandemic. In addition to the exhibits embedded here, please see the country-level survey data, which will be updated regularly.

Or click directly to see survey results from these countries: Argentina, Australia, Belgium, Brazil, Canada, Central America, Chile, China, Colombia, Denmark, Dominican Republic, France, Germany, India, Indonesia, Italy, Japan, Korea, Mexico, the Netherlands, New Zealand, Nigeria, Peru, Poland, Portugal, Qatar, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, the United Arab Emirates, the United Kingdom, or the United States.

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Consumer sentiment and behavior continue to reflect the uncertainty of the COVID-19 crisis

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Heading into the fall season, there is a renewed sense of caution as coronavirus cases soar in parts of the world. While the uncertainty from COVID-19 persists throughout the globe, its impact is felt differently across countries. As a result, there is significant variance in how consumers respond to the crisis and adapt to the next normal.

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By Dr Jones Mathew

Unprecedented Preferences Shift: Covid -19 has done something which no amount of advertising by brands could do: it has made consumers change their 'preferences'. 'Preferences' have never been easy to change; they are stubborn and often impervious to marketing communication pleas. But a pandemic changed the game faster than what brands could have ever imagined. Almost overnight, hardwired mall shoppers and reluctant fence sitters were pushed into the deep end of the online commerce pool. And in a matter of days there is a high level of dexterity and comfort in online shopping across the board. Will this new found environmental change mutate the mall crawling gene which consumers have had ever since retailing started? Will this shift to a different channel be permanent? Will malls and high street stores be reduced to mere show windows? Admittedly, it is too early to claim that, but with new hygiene and contagiousness concerns, it is possible that people will reconsider venturing into public domains such as shopping malls and movie theatres with the same carefree and reckless gusto as before. Or at least not as unarmed as before - now a bottle of sanitizer and a mask would be minimal essential weapons for anyone going anywhere outside of their homes. In addition there could be paranoia about the physical distance to be maintained with the nearest guy trying to be too social. Would retail sales persons need to pitch their voices louder and farther in times of physical distancing? Would there have to be teams to manage queues outside popular supermarkets as lines snake away? If demonetization jumpstarted the digital payments mindset in India, it may be safe to suggest that C-19 might change the way we behave as consumers.

Read Also: https://brandequity.economictimes.indiatimes.com/news/digital/sonal-dabral-to-chair-spott-awards-2020-jury/75347269

The Virus as Catalyst: The shift to digital had witnessed reluctant spurts from time to time but C-19 was the catalyst which online companies and ecommerce firms would have been praying for, although the mass mortalities and the contagiousness were not part of the bargain. Instead of an organic, gradual shift to digital, what crashed down on us was a tsunami of change. If and when malls do finally reopen, what are the likely changes that we could witness? First of all, it is generally agreed that the number of people who would visit physical retail would first spike as release from enforced lockdown happens which later on taper out and stabilize. But the new 'normal' is estimated to be lower than before as a new hygiene and mortality consciousness kicks in. Maybe governments and local authorities should control the release of people into retail locations systematically so that confidence in visiting retail establishments can resurface.

Consumer behavior and Culture: Consumer behavior is influenced deeply by cultural factors. We are a social community with a high need for group activities - travel, tourism, shopping, religion, and entertainment. Festivals and rituals form a deep part of our religiously inclined psyche. C-19 lockdown notwithstanding, people have been known to conduct religious gatherings, wedding ceremonies and birthday parties even at the peak of the pandemic. These are aberrations, hopefully. Are they? In Kerala, the most well managed state in the C-19 fight so far with an excellent tracking efficiency and a mortality rate of just 0.58 percent (all India 3 percent and world average of 5.75 percent), on April 20 when the government partially lifted the lockdown there was a huge rush of humanity to city centres and shopping malls, so much so that the government there had to seriously consider the re-imposition of the lockdown.

Unsure Spending Power: As a result of a new vulnerability to job losses and pay cuts, there will be lower spending at retail for some time to come, till sentiments climb back up. As jobs, increments, and promotions get the axe during the pandemic, the cheer needed for economy-pumping spending will be missing for some time. Brands must think of what can be done to bring optimism and positivity to how consumers behave after the virus is vanquished, or is in a state of suspended abeyance? It will always be good to have been a caring brand during the C-19 pandemic. If a retail brand puts profits above people, those people are going to remember the betrayal.If a retail brand comforted victims and took positive actions like making PPE kits, or N95 masks, or transported daily need material to needy areas it will be remembered to some extent as a sensitive brand -the cynics might say that all this is just eyewash - companies are never really for the customer, they are for themselves only. If companies did not lay off employees when they were the most vulnerable, or if they offered their factories and hotels to be converted into quarantine facilities, would they be remembered at all after the return to normalcy? Probably the new normal would be a tad different from the normal we knew. Or probably not. Nobody is clairvoyant enough to know that today. As a brand did consumers notice that it tried to be relevant to the survival struggles of citizens during the pandemic?If they did, it might determine to some extent what consumers think of you after.

Read Also: https://brandequity.economictimes.indiatimes.com/news/business-of-brands/jio-facebook-marriage-how-will-the-data-story-play-out/75327436

Search for Optimism-filled Experiences: After the long and indeterminate lockdown ends, retail brands must offer exhilarating and refreshing experiences to customers. There is going to be a psychological impact of this lockdown on people who relieve the stress to some extent currently by making "we shall overcome" videos and sharing Covid memes. For once they would have known exactly what "house arrest" means! The feeling of relief when the lockdown is ultimately lifted must be planned for in advance. The feeling will not be just about freedom of movement but also the exhilaration of having survived a diabolical killer. What as a retail brand are you going to do? Just join the band wagon of templated, me-too events or come up with some truly memorable and unique "victory over corona" adventures?

Hygiene as a Customer Attracter: Consumer views about retail space cleanliness and employee and co-shopper hygiene is likely to play on retail shoppers' minds for some time to come. We might feel socially awkward about suspecting everyone around us of being potential Corona carriers. And yet for our own survival, we might be forced to replace the handshake or a shoulder pat with an aloof smile. Stepping into a mall lift will be a mental challenge for many. Mall managers would have to ensure that such fears do not persist for long by constantly making health and hygiene assurances. Consumer behaviour must be engineered to tilt toward the old familiar as soon as possible.

The Long Term Game: On the whole it will be better and wiser to play the long term game as a retailer in anticipation of consumers who might have changed visibly or surreptitiously forever by the corona virus. As a shopper whether some consumer behavior genes mutate or not only time will tell. Most consumers will be unsure of how to navigate a post Covid-19 consumer world.They might be tempted to continue on the digital commerce journey forever. Retailers should be visionary enough and smart enough to help consumers navigate between online and offline experience journeys seamlessly by investing in an omni-channel world. Changes that were expected to gradually come upon us over the next half decade or so have been forced on both the consumer and the retailer like an oncoming express train.

The author is a professor of marketing at the Great Lakes Institute of Management, Gurgaon.

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Post COVID-19: Will consumer behaviour patterns mutate? - ET BrandEquity

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By Dr Jones Mathew Unprecedented Preferences Shift: Covid -19 has done something which no amount of advertising by brands could do: it has made consumers change their 'preferences'. 'Preferences' have never been easy to change; they are stubborn and often impervious to marketing communication pleas.