The ongoing pandemic has altered our way of shopping – and items we buy. With lockdowns and restrictions, digital has become the more important than ever. Beyond that, people’s spending levels have also changed, with more people becoming more mindful of what they purchase.
Customers focus on what they need rather than what they want
As mentioned previously, the impact on our economy also impacted how customers spend their money during this pandemic. 47% of customers are trying to cut back their spending. This means that most customers focus to spend their money on their necessities rather than indulgence.
The Pandemic & The Rise of Digital Way of Life
The pandemic has also changed how we shop – mostly online. In Indonesia, more and more of us shop from Tokopedia and Shopee, two of our biggest e-commerce. Based on this article, Tokopedia is now home to over 10 million merchants. Not only that, but there was also a sharp 71% rise in monthly spending on online shopping during emergencies.
Not only e-commerce, Indonesia also saw a rise in the use of e-wallets. With people trying to minimize contacts, most customers choose cashless transactions when they go out. Meaning that not only more and more people are using debit or credit cards, they also choose to use e-wallet services such as GoPay, OVO, and ShopeePay. Not only are these e-wallets convenient for cashless transactions, they can also be used on e-commerce, creating one very convenient experience for the users.
How do customers decide where they shop from?
With many customers being more mindful of their spending, the deciding factors of purchase have also changed.
Meanwhile, the beginning of the pandemic showed the scarcity of a few necessities item around the world. This makes availability one of the deciding factors for the customers.
Last but not least, value is also one of the deciding factors. The customers want to make sure that they are paying for the product’s worth and forego the expensive items as they have to be more mindful of their spending more than ever.
Where do we go from here?
Overall, it seems like the pandemic has affected and influenced our live in a big way. Many of the shopping habits we started in the beginning of the pandemic has becoming our new normal and habits. It is safe to say that our digital habits and mindful spending are going to continue for the foreseeable future.