How Changing Consumer Demands Will Impact Your Business’

The COVID-19 pandemic has triggered intertwined crises of personal health and personal finance. There is no playbook on how to weather this storm. How are you preparing to survive a U.S. economy largely dependent on consumer expenditure during a time when consumers are cutting back expenses? The long-term effect of this pandemic on consumers cannot be known. At least in the short term, consumers feel out of control because of the the pandemic and will likely save most of their income to feel in-control.

How about the money they spend?

·         It will be mostly on necessities to feel in-control and will likely embrace online shopping. Hence, invest more on necessities which is especially true for most retailers. Moreover, consumers will avoid high prices as a result of income loss and layoffs. As a result, having discounts and bargain prices could increase your sales. 

How does one plan for the next catastrophe and survive COVID-19 era?

• Adopting Remote work whenever feasible
• Utilizing delivery services with your business
• Slashing Capital spending to save cash.
• Learning how to do things effectively with fewer people.
• Using gift cards as customers are less price-sensitive with gift cards.
• Preparing a Pandemic plan.

Hence, the best prevention for future financial hurdles is today's preparation as many are beyond our control and prediction. 

For more information on how to go contactless please visit our blog.