Current Affairs
The global health crisis has shaken people’s psychology, impacted the economy of families, and modified our daily behavior.
According to the latest insights offered by Think with Google Latin America, we are facing a consumer in confinement who has seen a dramatic change in their lifestyle:
- New relationship with time and space
- New relationship with work and leisure
- New relationship with themselves and with others
- New relationship with consumption and expenses
This lifestyle change has directly affected the expectation and form of habitual consumption.
According to Deloitte’s latest study, the Mobility Observatory, as of 2020, we will face a new consumer. The following are some relevant facts:
The Motivation of Purchase of the new consumer:
- Acceleration in purchasing through digital media
- Polarization of consumer segments
- Back to local: Local consumption has become a decision driver in the purchasing process.
- Omnichannel
- Less effort in the purchase process
A structural change in the concept of Product Delivery:
- There is a substantial increase in expectations in the delivery of all products and services
- There has been a boom in “remote services”
- The culture of immediacy has taken center stage
In this way, the business strategy for 2021 in the face of the “new reality” should be formulated by answering the following questions:
- How do we help consumers as their needs evolve?
- How do we adjust to the new, continually evolving consumption cycle?
- How do we apply the concept of “novelty” to help consumers fight boredom?
To get out of this crisis, organizations will have to reevaluate their reason for being towards the consumer and what value they genuinely create in this new reality. Knowing how to respond to all of these changes will be critical to surviving and thriving in Year 1 after COVID-19.
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