The global pandemic has changed many things about who we are and how we live – from our day-to-day working patterns to our long-term life choices.
Global consumer habits have also undergone something of an overhaul. For businesses to take advantage of this changing landscape they need to learn to adapt quickly.
Part of that may be companies experimenting with approaches they may never have considered before – whether it’s adding value to products, marketing to new audiences in different ways, or through sales promotions that can boost sentiment or market share.
Some markets grew immensely during the lockdowns caused by the global pandemic and there’s many off-the-wall business boosts too. According to Google, year-on-year searches for ‘patio heaters’ increased by 600% in 2021 as people moved to eating and entertaining outdoors during the winter months while searches for ‘candle making kits’ were also up 300%. By using data and monitoring consumer trends closely, these unexpected quirks can be identified early and used to your advantage.
It hasn’t just been new markets emerging during the pandemic; we’ve seen fundamental behavioural changes too. According to a survey by AlixPartners, 48% of consumers say their shopping habits have been permanently changed by the pandemic. For many, that appears to be a huge growth in online shopping – including from groups, such as older shoppers, who’ve previously been marginalised in this area. Overall UK department stores have seen a year-on-year growth of 157.2% for online sales in 2020.
This move towards online shopping could help explain the seeming decline in brand loyalty, too.
In years gone by, many mainstream brands could rely on their core audiences to drive sales – both for new product launches and for their existing portfolio – but now those same brands are having to work much harder to retain custom.
According to research by McKinsey, 40% of consumers said they switched brands during the pandemic – driven by a combination of greater choice from internet searches vs high street shopping trips. Customers are embracing sales promotions and seeking out the best deals they can find, be it price drops, deep discounts or added value.
At Insyt, our intelligent promotions are extremely efficient in the way they are targeted towards increasing sales and improving brand sentiment. Through our risk-managed model, we collect and utilise market information and industry conditions to predict likely redemption rates, as well as giving our clients additional insights about consumers.
All this means the disruption of the pandemic has made promotions more important now than ever. There’s rarely been a better time to let our expert team help you, using our proprietary data and analytics models, to build the most complete picture possible and create a strategic and insights-led proposal that will boost your business.
At Insyt, we offer a wide range of bespoke promotions solutions that can help increase your sales, brand sentiment or customer loyalty. It’s all underpinned by our risk-managed approach, which enables us to develop bold and adventurous solutions for you. Get in touch with us today to see how we can help your business: firstname.lastname@example.org