Life after the coronavirus has brought about a fundamental change in the way consumers purchase and consume goods and services.
1 out of every 3 consumers have switched to cheaper brands
30% consumers still buy the same brands but are buying less
How are brands responding?
Several brands are responding with one or more of the following 3 actions:
|Brand Actions||Where is the disconnect?|
|Offer price promotions||While promotions offer the much-needed revenue lift in the short term, it hurts your brand’s health in the long term.|
|Increase digital advertising||As much as 50% of digital advertisements are never seen by your target audience.|
|Selling products online||Most brands focus on having a good mobile app and a web portal, without spending much time on streamlining back-office functions.|
If a product fits consumers’ changing decision parameters, they will buy it. But if it doesn’t, they won’t think for a second to switch to a competitor’s product that fits their need.
The answer lies learning consumers’ buying and usage behaviors. We enable brands of all sizes across all retail verticals interact with our community of thousands of real consumers to understand behaviors.