The advent of the pandemic has brought about seismic changes to consumer behavior, as quarantining measures early on shifted the way people consume goods. This quickly spurred e-commerce shopping to unexpected levels, launching e-commerce growth to levels that weren’t expected for some years to come. Yet, here and now, we are witnessing the evolution of retail, e-commerce and what constitutes the quintessential consumer shopping experience.
The pandemic has created several stark changes in consumer mentality — the most predominant being the influx of digital shopping. During the lockdowns, most consumers left their homes as little as possible, which meant that shopping was primarily relegated to e-commerce purchases. Many of this steady stream of consumers went to Amazon, looking for ways to spend their time and stimulus checks. However, predominantly brick-and-mortar businesses that witnessed the success of e-commerce ended up adopting some form of digital commerce in an effort to keep sales from lapsing entirely.
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More than just the method of shopping has changed for consumers over the past two years. Perhaps one of the most significant changes was a drop in income levels for many households. One-third of the American population reported a decrease in household income during the course of the pandemic. This has led consumers to be wary of what they’re spending their money on. As a result, brand loyalty has taken a hit as many consumers — now more price-conscious — have been more willing to try unknown brands to cut down on costs. This practice has only
grown further due to the increase in inflation, with 2022 bringing about the highest inflation rate in over 40 years.
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With the continued growth of e-commerce and the increase in mindful shopping habits, there will undoubtedly be an increase in return logistics. It is estimated that approximately $573 billion worth of goods will be returned to retailers throughout 2022, four times the total e-commerce volume in 2008. Logistics capabilities will be further strained as companies will have to contend with both the incoming and outgoing product flows.
Source-https://techilive.in/growing-e-commerce-tech-is-helping-smbs-meet-new-consumer-demands/