A COVID-19 pandemic is definitely a defying event of 2020. The situation in the world is changing at a rapid pace. The number of people allowed in one space was minimised in many places around the world. This severely affected global economics and market.
One of the highlights of this period was definitely the way shopping behaviour changed. From bulk-buying things we need and don’t need to solely online shopping, consumers are changing when they are buying, what they are buying and how they are buying. Taking this change into consideration, you need to do what’s best for your brand and business to stay afloat. Take a look at the COVID-19 effects on the shopping, and look for the ways you can use this situation to your advantage.
1. Why is panic buying happening?
Natural human response to dangerous situations such as global pandemic is fear. People were scared that they will be locked up in the houses with no access to food or other necessities from brick and mortar stores. That’s why many of them decided to raid online and real-life stores and stock up everything they need for at least a couple of months in advanced.
Besides the fear of not being able to fulfil basic human needs, panic buying is influenced by the crowd mentality as well. Once people saw individuals buying in bulk, they worried they will be left with no resources, which caused complete chaos and made many people turn to online shopping.
2.Changes in revenue for Ecommerce stores
Many scientists have predicted a large peak of revenue Ecommerce stores would make. Since most of the people are following the physical distance rules, the natural response would be to start online shopping instead of paying your local supermarket a visit. However, did this peak truly happen?
Even though not all industries that operate online see this uptick, there are some eCommerce businesses with significantly increased revenue. This particularly applies to those that sell groceries and home goods online. In addition to that, eCommerce stores that sell medicines, health gear and baby equipment have also gained popularity during this global pandemic.
3.Differences between generations and genders
As expected, different age groups differently respond to the crisis when it comes to online shopping. Surprisingly, younger generations like Gen Z and Millennials are more worried about the effects of this pandemic on the economy. They tend to spend less money on short-term pleasures, save more and buy in bulk. On the other hand, half of the Baby Boomers didn’t let this pandemic affect their shopping behaviours.
When it comes to comparing men and women, men claim to be fonder off online shopping, while ladies tend to be more worried about the future and global economics.
4. Products people purchase have changed
People are making shopping decisions based on the situation in their surroundings. Instead of buying everything, people are mindfully picking product categories they purchase. Since most brick and mortar stores are closed or left empty shelved, people are getting their supplies in the online world.
Health and safety products and protective gear are usually on top of everyone’s list. If you can’t access any, try making your own hand sanitizer products and resell them online as the first-aid solution. Besides them, products with long shelf-life are very popular. Food and beverages that are long-lasting are a must-have product for every household in quarantine. Last on the lists are usually fashion items and clothes which can also be sold online.
5. Increased demand for certain products
Besides the necessities, people in Australia started buying things they might or might not need in nearer future. Due to the increased demand, online stores are struggling to keep up with the storage of these products. Many Australian warehouses are overcrowded with various products crammed without any order. Because of that, online business owners lose time trying to keep up with the incoming and sold products.
In case you run such successful online business the best thing you can do for it at this time is to admit you have a problem. You might need to contact professionals in 3PL from Australia who is ready to provide a solution related to complex warehouse problems and logistics of forwarding. Whether you have national or international demands, third party logistics can help you deal with warehouse and logistic problems while you undisturbedly run your business.
6. Buying online during the pandemic- safe or not?
Now that most people are aware of the importance of physical distance and masks, an important question has been raised: is buying online safe or not? The virus can survive on different surfaces from 3 hours to 3 days, at least that’s what many experts claim. While your purchase is usually safe from the virus, no item passes faster from one’s hands to another’s like paper money.
Since that may be an issue for some, use online paying methods for a safer experience. To pay safely while online shopping makes sure that you’re buying from a reliable store. If you’re a business owner, you need to have a registered bank account to receive online payment. That is the fastest and most reliable way to get money from your customers.
If you run an online business, you can use this information to your advantage. Focus on the products that are needed and try to build your business on that. Always follow the safety measures and stay safe while this dangerous virus is raging through the world.