The Hard Truth - We’re all in this together, but only the adaptable will succeed
As the COVID global pandemic continues to ravage all corners of our economy, we are just beginning to see some glimmers of hope. Restaurants, retail and other brick and mortar stores are starting to open again, with modified procedures - and many consumers are thrilled at the opportunity to get out from under quarantine. But even with people ready to emerge from lockdown, there are just as many, if not more, who are rightfully hesitant to put themselves at risk of catching the virus by going out in public.
As much as we’d all like to hope, the COVID-19 pandemic isn’t going to go away with the flip of a switch. It’s going to be a long, uncharted and non-standardized transition to getting back to a new normal. We’re going to see urban areas opening at a slower rate than suburban or rural areas. While some industries will be able to follow the CDC guidelines without having to modify their operations much, others will need to adapt in order to accommodate consumers. And in these short 3 months since the virus has taken hold, consumers have already undergone serious changes to their purchasing behaviors - some which will turn into long-term habits.
What does this all mean and how will it translate into future consumer behavior? At this point, nobody knows. We’re still in the thick of it. But even during this time, people are willing to purchase goods and services that make it easier for them to shelter in place, and the companies that understand consumers’ needs and meet them will be the ones that outlast the pandemic.
A great example of seeing how restaurants can adapt to the crisis can be seen in one of my favorite local restaurants. Instead of taking the common approach of laying off his staff, the owner decided to change his approach to meet his customers’ needs. In addition to offering his restaurant's entire menu for carryout, he also set up an online market where clients can order deconstructed meals that they then prepare at home. This has led to an increase in both new customers and brand loyalty in the short term, which should translate well once indoor dining is allowed again.
And although most non-essential retailers were forced to offer curbside pickup options when their brick and mortar stores were closed, I have a strong feeling that this purchase option will persist even after shoppers come back to the stores. Curbside pickup creates another path to purchase for consumers, and retailers should recognize and adapt to allow this option going forward.
It seems like everything we’ve known has been affected in some way by the pandemic. But as we press on and strive to get back to normalcy, we’re going to see the adaptable companies making the largest strides. Consumers are getting ready to spend again, but their purchasing habits and behaviors are not the same as they were 4 months ago. Conducting research now is an ideal way to get inside the mindset of the consumer to understand their new worldview, and in turn adapt to the changes.
