COVID-19 Impact on Consumer Behavioral Changes For Online Shopping
Online Shopping Experience A Significant Impact In 2020 Influenced by COVID-19 Pandemic
By: UnivDatos Market Insights (UMI)
As news of COVID-19 spread and as it was officially declared a pandemic by the World Health Organization, people responded by stocking up the items of their needs. Consumers rushed to buy medical supplies like hand sanitizer and masks and household essentials like toilet paper and bread. Soon, both physical and online stores were struggling to keep up with demand, and price gouging for supplies became rampant. According to a survey done in survey of U.S. and U.K. consumers found that 96% of Millennial's and Gen Zs are concerned about the pandemic and its effects on the economy. This concern is leading them to make change their behavior more dramatically than other generations, which includes cutting back on spending, stocking up on items, and spending less on experiences. During the coronavirus pandemic, online grocery shopping is picking up a lot of converts—at least for now. The change in shopping patterns has caused retailers to adapt quickly and could create long-term challenges as the giant retail sector accelerates its transition to e-commerce and Omnichannel fulfillment.
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UnivDatos Market Insights (UMI)