Consumer behaviors had changed rapidly along with the unexpected damage that happened in the business model and their strategic plans for their growth of the business. In this short time, there has been a change in the consumer consumption behavior from healthy and safety consciousness to the preference of convenience and an increased focus on staples and essentials. 73% of Indian respondents are willing to spend more on convenience. All of these can be proved by the increase in the use of inline shopping especially in the categories of grocery and medicines, there has been an increase in the sale of Ready To Eat (RTE), Ready To Cook (RTC) also higher acceptance of digital payments.
The retailers and brands have started to address the new normal by providing all the consumer experience through channels and creating a targeted experience with two aims of retaining consumer loyalty and increase in profitability. The prominence of retailers has increased because of the Omni-Channel strategy with a shift from channel-centric to customer-centric mindset.
Brands have started to expand their business to the virtual world and increasing customer experience through Omni-Channel and online commerce integration. Even the auto and financial services are shifting from offline to Omni-Channel models. Beginning the journey of Omni-Channel is a complex change with covering all aspects of the value chain. The implementation of Omni-Channel requires new politics, capabilities, and KPIs. There has been a great benefit in business even though the journey was difficult.
There has been elevated customer experience and customer delight. This strategy presents an opportunity for the brands to provide an integrated experience for the customers in the area of purchase. The strategy should extend beyond the front-end part of the store and website to include satisfied and fulfillment elements across the supply chain including the necessary aspect of management change so that the strategy can have the desires results of more efficient delivery value to the customers. During these pandemic days and the aftermath of the crisis it gives, the change in the consumer behavior is only natural by this even companies to change adapt to this new normal so that they can continue their business without any difficulties.
