COVID-19 has changed consumer behaviour from offline to online, and this trend will persist post COVID-19.
Let us look at the following charts together:
What does it mean? Ever since the COVID-19 pandemic outbreak happened, consumers started shifting more of their spending online, making more online transactions, be it on essential or non-essential products or services. People also spend more time at home than being outside. Read more at Bain: How Covid-19 Is Changing Southeast Asia’s Consumers.
Social media platform entertainment also increased during this period. For example, TikTok’s (a video-sharing social networking service) number of downloads spiked up in the first quarter of 2020 (when COVID-19 outbreak started). (Read more at SensorTower: TikTok Crosses 2 Billion Downloads After Best Quarter For Any App Ever).
COVID-19 has changed individuals and business world-wide. Many businesses collapsed during COVID-19, caught unprepared by government-imposed lockdown to curb the spread of the pandemic. The situation is inevitable. Conventional business operators may suffer and their survival depends on their adaptability in using online marketing and sales channels to reach and service their existing and future customers and this signifies the beginning of a new trend(s).
In the fast-changing trend world, businesses have to stay dynamic and be ready to change, especially when crisis occurs. Business owners and senior management have to react fast enough to minimise damage and create or capture opportunities to survive and grow.
Social media platform – helping to increase online presence and maintain brand or organisation interaction with consumers
With online transactions on the uptrend, businesses start to shift their focus online. Businesses begun to leverage on Facebook Live, Instagram Story, TikTok social video app, and other social media platforms to publicise their products and services. There is even a new profession dubbed “Facebook Live DJ”, whom businesses hired specifically to perform online selling on Facebook Live (similar to live TV Shopping but perform live on Facebook).
What are we expecting after COVID-19 pandemic?
We foresee that the stay-home culture will stay even after COVID-19. (Read more on CNBC: Southeast Asia’s online shopping boom is here to stay, even after the pandemic). Digital activities will become common and essential, becoming a normal part of our lives and inseparable.
How can we react?
Quantum Solutions Research & Development team is constantly observing up and coming digital trends to act on, enabling us to bring long-term business and digital solutions that work for our clients. We are currently developing FMCG High Frequency Transaction System, which will help businesses to streamline the process of handling large volume of order placements and payment systems, transaction records and auditing.
Read more about our research on FMCG High Frequency Transaction System.