The pandemic has bought with it a decade's worth of digital transformation in just two years. It's led to a complete change in the way demand and supply cycles work. Consumers have become mindful of what they buy as well as selective with the brands they interact with.
With abundant choices available for customers, the competition among brands is fierce and customers are quick to switch brands if their expectations are not met.
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"Around 76 percent of customers who were surveyed during the pandemic experimented with new shopping behavior. Of these, 37 percent tried new brands and 26 percent tried private-label brands. (McKinsey, COVID-19 US Consumer Pulse Survey)."
Pandemic has impacted customers economically and culturally. They are coping up with job crunch, salary deductions and home-borne lifestyle, all of which are driving them towards a permanent change in shopping behaviors.
Challenge? Customer behavior is unpredictable, fluid and changes dramatically over time.
Expectation: Customers expect brands to know them, recognize them, curate experiences exclusively on the basis of their browsing history, purchase pattern and lifestyle across all touchpoints.
Customer experience is the sum total of digital experiences nd in-store experiences that brands provide to their customers everytime they interact with the brand.
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The pandemic might get over soon but the convenience it has brought with it is here to stay. If you will look at the shopping behavior of customers from March 2020, you will understand how they are inclined towards brands that understand their search intent, analyse their online and offline preferences and offer contextual omnichannel commerce experience.
Customers do more online research than ever now. The pandemic has changed customers’ outlook towards life and they are building a healthy lifestyle. Limiting wastage of food and health consciousness are the top two priorities of customers, followed by making sustainable choices:
Born and grown in the ‘cloud’ world, Digital Native Brands (DNBs) have a distinct advantage over retailers. Their focus on fulfilling customer expectations and quick service at a lower price sets them apart. Digital Native Brands such as AllBirds, Away, Bonobos, Burrow, Casper, Everlane, Glossier, General Mills, Parachute, Warby Parker have gained incredible popularity for offering direct-to-consumer services.
During the pandemic time, stay-at-home culture boomed and increased consumers’ willingness to spend more money on health and improving their home-borne lifestyle. They prefer interacting with brands that are sustainable, suit their lifestyle and offer services round the clock. Here’s how DNBs are gaining an edge over their retail counterparts:
Source: Warbyparker.com
Source: Casper.com
Source: www.Universalstandard.com
Pandemic has forever changed how customers and brands look at each other. Customers have given space to Digital Native Brands in their lives because of the convenience, safety and value they get. As per Tinuiti, companies that started online are expanding to physical stores, with 850 digital native brick-and-mortar stores expected to open in the next five years. DNBs are a source of great inspiration for retailers for fulfilling customer expectations and building a seamless and connected shopping landscape.
You can get in touch with our experts to know more about how the retail industry is changing in post-pandemic times and how some brands are already on their journey of digital recovery. Drop us a ‘Hi’ at marketing@altudo.co and we will schedule a call with our team.
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