Facebook India, in association with Boston Consulting Group, released the ‘Turn the Tide’ report that focuses on how COVID-19 has dramatically changed consumer behaviour and altered the path-to-purchase. It shares actionable guidance for brands to build for new consumer journeys.
According to the report, the consumer journey has altered; brands need to urgently identify opportunities to build for new consumer journeys. Some of the consumer behaviour findings include:
- 63% consumers are paying more attention to origin of product
- 43% of consumers are expecting decrease in overall spend in next 6 months
- Purchase triggers expected to become more ‘functional’
- 51% consumers saw an increase in payment via digital wallets
- 50% of all consumers expect to increase e-commerce spend in next 1 month
- 40%+ may increase spend on Health & Wellness
- Informed purchase decision; High salience of digital research
- 60% increase in Instagram Live views in a week
- Spike in new hobbies and habits
- 91% Indian households washing hands more often
Sandeep Bhushan, Director and Head, Global Marketing Solutions, Facebook India says, “In response to consumers embracing the digital medium, brands need to focus on solutions that are relevant for the new normal such as hyper-localization, creating virtual experiences, re-looking at the media-mix to build efficiency, or building messaging around new habits such as DIY and the increased focus on health and hygiene.”
The report especially calls out the massive acceleration in digital led by social media, the emergence of micro-market opportunities, and increase in value consciousness leading to more utility-led shopping.
Nimisha Jain, Managing Director and Partner, Boston Consulting Group says, “We are experiencing unprecedented shifts in consumer attitudes and behaviours. 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.”