Coronavirus has changed the consumer journey for good and there is no going back. Recently, Facebook in association with Boston Consulting Group released a report by the name of Turn the Tide which contained actionable guide for brands to build new consumer journeys in times of Covid19 and beyond.
What does the Report Say ?
The report delved into key consumer shifts based on three societal truths that have emerged as a result of the pandemic - Social Distancing, increasing focus on health and hygiene, and increasing income uncertainty. The report also finds that there are three kinds of behavior change movements that are being observed - reversal of past trends, acceleration of existing trends, and formation of new habits. Key highlights of the Report are -
There is 85 per cent reduction in number of visits to public places impacting Retail and Recreation Industry, 49% customers intend to buy more vitamins, herbs and supplements in the coming times, 54% consumers expect the overall household income to reduce in the next 6 months, 63% consumers are paying attention to the origin of the product, 51% consumers saw an increase in payments via digital wallets, 50% consumers expect to increase e-commerce spend in the next one month etc
What can the Brands do ?
An analysis reveals that only 1 in 6 companies emerged stronger in past crises - players who show the agility to reinvent their value propositions, go-to-market plans and business models to address these demand shifts will be the ones that set themselves apart from the pack. The report recommends various measures to turn this crisis into an opportunity : Build Social Connect in Social Distancing, Focus on Hyper Localisation, Bring alive experiences with digital access, Optimise portfolio for Value Creation, Build Online Presence etc. The bottom line is that Customer Journey may not go back to being what it was Post Corona and brands need to accept the new reality and take appropriate steps to survive and thrive in this environment.