Nohar Nath The Founder & CEO, Kiabza
It is no
surprise that Covid-19 has changed the way that the world once lived. Be it
remote working, surviving on bare necessities, stocking up on essential goods,
or completely relying on technology to communicate with the world outside; this
pandemic has turned the world on its head within a span of months.
companies struggling to meet their annual sales targets, they are incurring
significant losses. With the lockdown mandated and consumers forcefully
confined into their homes, retail stores have dried up significantly. With many
cities increasingly going under lockdown, people are opting to stay indoors and
only head out to purchase crucial and essential goods.
moved away from brick and mortar shops, to buying from stores who will deliver
without them having to venture out; i.e. e-commerce. With the extended time on
hands to kill, consumers are looking for newer ways of engagement, through
technology. The e-commerce sector has found a collective affinity from such
consumers; the ones who opt for portals that they can access through the
comforts of their fingertips and order what they need.
gets through the third month of lockdown, people have found themselves amidst a
potentially unending financial crisis. With the economy at an all-time low and
layoffs being more common than ever, consumers are thinking twice before making
any purchase. Needless to say, consumer buying trends have also shifted
dramatically from luxury-spends to long-running and quality-yet-affordable products.
They have tightened their purse strings to survive the cash crunch in this time
of crisis. This is another reason why consumers need high quality yet
shifted their priorities to companies who provide them what they need; and if
analysts are to be believed, this trend is here to stay for quite some time. It
is now that companies need to pay heed to consumer conversations and rework on
their marketing strategies online.
true in the case of retail fashion; it’s doubted that the fashion industry may
take a backseat in the minds of consumers as they will struggle to meet their
basic necessities. The fashion industry which once thrived on consumers
hoarding their prized possessions might see a buyer reanalyzing his every
purchase in the future. The trend of splurging on luxury fashion and expensive
couture will see an overturn, as consumers might experience a cash crunch. They
might go on a cash-saving spree by reserving more cash for emergencies, than
choosing to spend on fashion and retail.
for brands to provide what the customer needs the most; quality with
affordability. The pandemic will also see a rise in the number of online
shoppers. The convenience of doorstep delivery is something that consumers will
prioritize over luxury. This will surely be a boon for e-commerce sites that
have been favorites among their audiences. With the traffic heavily moving to
digital platforms due to the pandemic, it is necessary for businesses to set
shop online and be available for consumers’, as that’s where the brands will
possibility that the world might see an increase in sustainable and circular
fashion choices in the days that are to come. It is not long before we see that
consumers adapt to this style of buying; where they make conscious choices and
shift their base online.