Q: Will consumer behaviours change significantly?
There are two ways such a cataclysmic event can affect consumer behaviours – changing actual functional needs and affecting consumer preferences; generally as a result of shifting emotional/psychological need-states.
But it’s the behaviours which are widespread and persistent that brands of scale should pay attention to. These can be wholesale changes, such as the elderly embracing e-commerce, or those that reach a tipping point, growing rapidly from niche to mass, like group video chat, for example.
Typically in technology, we see the latter – popularised by the notion of Gartner’s ‘hype curve’, which says that new technologies will be adopted following a predictable route, from hype to niche success, through cynicism and perhaps actual mass usage. Many technologies of recent years which were hyped (‘peak of inflated expectations’) and yet failed to be widely adopted (‘trough of disillusionment’), are being stress-tested en masse right now. Your grandmother on video chat – never?! Till now!
A: Now’s the time to rethink your digital strategy and revise your timeline of the adoption of many technologies. New behaviours will persist. In a few months, Covid-19 will have done more to motivate digital transformation acceleration in organisations than CEOs or COOs have managed to do in the previous decade.
This is part of our FMCG (CPG) Thought Leadership x Covid, read more here.
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