How To Keep Up With The Shifting Consumer Taste
By Chin-Undram Odsuren
Nothing has been the same since the Covid-19 outbreak – the business world is no exception. After the weary lockdown, consumer taste and shopping habits turned more sustainable and inclusive. Let us save your time for research and present to you the changes so you are experts on how to turn them to your advantage!
Before the pandemic, the business world had been relatively stable. With great customer loyalty, firms had little to no incentive to change. Now, the sooner you are familiar with the consumer changes, the better it is for you in the long term. Let’s explore how consumers are focusing more on sustainability and what it means for your business.
Online shopping at an all-time high
With the mobility restrictions, online shopping has increased significantly. In this research, every participant reported their online spending rocketed during the pandemic. The research concludes that the changed habit of consumers turning to their laptops for shopping is for the long haul. Businesses can adapt to the new situation by developing their e-commerce platforms such as websites or social media.
Social change and socially aware customers
The change is not only about shopping habits but also about sustainability and inclusivity. During the pandemic, social issues were brought up and addressed more than usual. Now, consumer taste shifted into a more socially and environmentally aware approach. More people are advocating against fast-fashion brands and choosing ethically sourced products. For businesses, being transparent about the sources and supporting the positive social changes by raising awareness will help build better customer loyalty now.
Inclusivity, inclusivity, inclusivity!
From a business perspective, diversity in the workplace can bring about 35% higher financial returns. From a consumer perspective, it is even more than financial benefits. For especially Gen Z consumers, DEI (diversity, equity, inclusivity) is extremely important. Businesses like Fenty incorporating a wide range of products are more profitable. Achieving inclusivity in terms of workplace and product portfolio is not a beneficial thing to have anymore – it is a must.
The post-pandemic world is urging businesses to adopt more sustainable and inclusive measures when operating. The changes in consumer taste show an increase in e-commerce as well as more demand for sustainable and inclusive products. With the emergence of Gen-Z who cares more about the environment and social issues, businesses with a vision aligned with them will benefit greatly.