Report on the impact of crisis events on consumer behavior From Profiles
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The following is the Report on the impact of crisis events on consumer behavior From Profiles recommended by recordtrend.com. And this article belongs to the classification: research report, network marketing, Online shopping.
Profitero has released a new report, “the impact of crisis events on consumer behavior.”. Consumers’ switching and substituting behaviors in crisis events may cost retailers and brands millions of dollars in sales. At the same time, it can also create unique growth opportunities for fast-moving brands.
During the outbreak, the out of stock rate of many brands increased, and many products of online retailers reached 100%, which triggered crazy switching behavior.
The main findings are as follows:
1. There is a lower price option. Brands must try to keep shoppers, because when their favorite items are out of stock, consumers don’t hesitate to change products. From January to April, the proportion of consumer brand switching increased by 75%, as high as 127%.
2. Invisibility will become irrelevant: out of stock makes big brands disappear on digital shelves, while small brands are entering. A January search for “toilet paper” showed that the long tail made up 8% of the first page; in March, it jumped to 51%.
3. Competition may be bigger than you think: brands must reevaluate competition, not just with products in their category, but with any category of products, as long as these products can solve problems or perform duties for consumers. For example, the proportion of consumers who searched for “disinfectant wipes” in April but bought completely different products was 2.5 times higher than in January.
4. Products are new services: the closure of restaurants, barbershops, gyms, etc. has prompted consumers to look for “products” to replace “services” and create new growth opportunities for brands. For example, in late April, the number of consumers searching for “barber knives” on Amazon increased 90 times compared with January.
5. Going digital: the transformation from offline to online and digital shopping is taking place rapidly, making unprepared brands face the challenge of rapid loss of market share. Since the beginning of hubris, the proportion of groceries sold online has increased by 150% year on year.
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