In the past blog post I posted, (you can find it here) I talked about the consumer behavior shifts due to Covid-19. Upon further reading, I realized that not only do consumers want that instant gratification feeling, but there is also a demand for easier ways to shop.
Ordering online through a computer or smartphone is convenient, however, it is even easier now through voice assistants. In an article written by Simon Torkington, there has been a 42% shift towards using connected smart voice assistants such as Amazon Echo, Google Home and Samsung SmartThings to order products online. These smart assistants are taking away the need to type out and browse for products you want to buy. All you have to do is ask Alexa or whatever device you're using to add it to your cart and checkout. This is proving to be very helpful for repeat items like medications or other common household products.
Due to the fact that everything is available so easily for consumers, brand loyalty is starting to become a thing of the past. Consumers are presented with a wide variety of brands for the same product. The threat of the power of buyers is continuing to grow. Organizations are losing the power to raise prices because consumers have many substitutes. There are practically no switching costs for consumers as well, which makes it even easier for substitutes to be chosen.
I believe that there is always going to be a need for physical stores. There are some things that are better to be bought in person rather than online. Also, some things can’t be delivered fast enough with today’s technology. Being able to touch and feel the product is definitely something physical stores have the upper hand on. However, I am excited to see what technology will come out next.
What do you think is next when it comes to new convenient ways to shop?