2020 will be remembered as the year that changed everything. One of those areas of change was in consumer behavior. As consumers faced changes in work, school, activities, schedules, etc, brands had to adjust operations to meet their new needs. The changes we faced last year have continued into this year. So, here are some of the 2021 consumer behavior trends and what they means for you and your business.
Online Shopping
We have already seen the drastic increase in e-commerce since the beginning of the pandemic. This trend has also caused a higher demand of warehouse/industrial space, which is good news for those in the commercial real estate industry. Creating a solid online shopping experience for consumers in addition to in-person shopping is more important than ever. There has been a significant increase in online shopping for groceries, household supplies, fitness and wellness products, personal care products and food delivery. This is not expected to change any time soon. Now, it is very important to offer flexible shopping options to your customers.
In-person Shopping
For consumers choosing to shop in-person, they now prefer contactless shopping options. Options such as, QR code menus, curbside pickup/delivery or self-checkout lanes. Consumers are more likely to shop at businesses that offer these no-touch transactions, or that are extremely transparent about their safety measures. Brick and mortar businesses must follow strict cleaning guidelines, and customers are prioritizing this in their new shopping behaviors. Being able to adapt to these sorts of changes is essential for businesses today.
Brand Loyalty
The goal for any brand is to create a pleasant shopping experience for their customers to entice them to continually shop at their business. This is also known as brand loyalty. There are many different ways to go about doing this, but one trend remains prevalent this year. Consumers are much more likely to support brands that are creating a positive impact on their community. This includes shopping at local businesses and community organizations. Because many businesses were hit hard due to the pandemic, people are realizing more and more the importance of shopping local and supporting their communities. By doing this they are supporting their local economy and helping with the economic rebound. Many think that this trend is likely to stay around for years to come.
Many of these 2021 consumer behavior trends are expected to stay for months and years to come. If they aren’t already, it is imperative for businesses to recognize these trends and try to adapt their operations to work with them. We will always try to keep you updated on the latest commercial real estate trends to help you and your businesses succeed!