Covid 19 has already disrupted shopping behavior, shoppers around the world have become more price sensitive and more value oriented. The “New Normal” is not only applicable to individuals who have lost jobs, seen pay-cuts, or fear for their jobs. Even those with relatively secure jobs are altering their spending as they become concerned for the economy in general.

Shoppers are becoming more price conscious, more likely to seek out deals and promotions during uncertain times. As a marketer, getting your pack and price strategy right is key as the economic pressure builds on shoppers.

• 1-Value shoppers trade ‘value’ for ‘cost’. Shoppers are more likely to visit a store, without air-conditioning for instance, if they can get a better deal.
• 2-Value shoppers trade ‘time’ for ‘money’.  Shoppers will put up with a store with a long queue or drive a long way to visit a cheaper store if they believe that they can save money.
• 3-Value shoppers shift stores. Online shoppers might start visiting offline stores to avoid delivery charges, or to spot bargains. Some might spend less time in convenience stores, to stock up in supermarkets.
• 4-Value Shopping isn’t all about ‘lowest price’. Some shoppers might be interested in buying in bulk, to get a discount. Others will be focused on buying small packs, as their disposable cash is limited.

Turn the economic downturn into an opportunity with an out-of-the-box marketing tool with guaranteed ROI!

Source of the Article: Shopper Marketing by Mike Anthony – Link of Full Article here.