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Consumer Trends: How buying behavior has been changed by the pandemic

A lot has changed in the last two years. As a result, consumers have adapted their purchasing behavior and developed preferences that will continue to play a major role this year. How can businesses make sense of these changes, especially when behaviors are continuously evolving and adapting?

One way is to look at the opinions, experiences, and recommendations consumers make in their millions online. From these discussions, companies can draw valuable insights and adjust or optimize their strategies accordingly - almost in real time.

With the help of digital consumer intelligence company Brandwatch’s flagship platform Consumer Research, analysts took an in-depth look at online consumer conversations to spot trends in how behaviors are developing.

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More online shopping, more cart abandonment

Due to the pandemic, many shops had to close for lengthy periods and retailers built up or expanded their online offering to keep connected with their customers. Consumers spent more time at home and therefore more time online looking for new products, offers, or brands and many discovered the convenience of online shopping for the first time. This increased online surfing led to a phenomenon that could be described as "online window shopping" which led to more digital shopping cart abandonments. Abandoned carts have always been a pain point for businesses in the e-commerce space but, since the outbreak of the pandemic, this behavior has intensified.

Online conversations revealed there are some surprising reasons why shoppers don't complete the online buying process. The three most common reasons that surfaced from the data around shopping cart abandonment are saving money, “postponing” purchases due to a general procrastination mentality, and low purchase intention from the beginning, with consumers filling virtual shopping carts with expensive items out of wishful thinking.

While there is little companies can do about points one and three, they should investigate whether there are barriers in the online purchasing process that cause consumers to abandon the shopping cart or "postpone" it for a later point in time, like poor UX, limited payment options, etc. Ongoing monitoring of consumer discussions can provide useful insights into the most common pain points and areas for improvement which could help bring cart abandonment down and online sales up.

Consumers are buying more thoughtfully again

More time at home and more online shopping opportunities lead to more impulse purchases. An analysis of online consumer conversations around “impulsive shopping” shows that there was a sharp spike in conversations in the first few months after the outbreak of the pandemic. Consumers commented on trying out new online shopping options, wanting to treat themselves, or ordering online out of sheer boredom. 

Looking at the data over time shows that mentions of impulse buying decreased in spring 2021 and almost returned to pre-pandemic levels. Consumers now seem to be more thoughtful about buying, including shopping online. Inflation and the economic situation could cause this trend to continue, with consumers thinking more carefully about their spending and saving habits as money gets tighter. In the short term, businesses may now have to fight even harder for customers.

 

Pre-orders are becoming more popular

In 2020, consumers experienced a situation that was previously unknown to most: panic buying. Stocking up on supplies left empty shelves in supermarkets and drugstores and, while this type of hoarding was mostly limited to staple foods and hygiene products, the restrictions and lockdowns during the pandemic created product shortages in other areas. This psychological effect of uncertainty when shopping may be why pre-orders, especially for electronics, became more popular with consumers.

These fears of shortages will continue this year and likely beyond, especially considering recent developments with the war in Ukraine and its economic fallout. There may even be demand for pre-ordering products that traditionally have not been offered up for pre-orders. Companies that offer pre-orders for their products have the opportunity to win more customers and can plan demand more accurately. However, companies should ensure that they can fulfill their promises on the supply end. Even one bad experience aired online by a consumer could lead to a much wider loss of custom.

For more consumer trends including changing buying behaviors, consumer fears and concerns in a post-pandemic world, and even how people feel about telemedicine, read our comprehensive Consumer Trends for 2022 report.

► Link to the study

 

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