Shifting of Shopping Habits: The Rise of New Consumer BehaviorNov 09, 2022 11:30AM ● By Victoria Ezechukwu-Nwagwu
The shopping habits of consumers have changed dramatically over the past few decades. The rise in online retail and an increased focus on quality have been two major factors in this shift.
In recent years, there has been a shift in shopping habits as consumers become savvier and more selective in their spending. This is due to a number of factors, including the rise of online shopping, the growth of social media, COVID-19 pandemic and recession. As a result of these changes, shoppers are now more likely to research products before making a purchase, compare prices between different retailers, and look for deals and discounts. They are also increasingly influenced by product reviews and recommendations from friends and family.
According to Statista Research Department, Africa recorded an increase of 281 million digital buyers in 2020. By 2025, there could be roughly 520 million digital buyers in Africa. On the other hand, a 2022 GWI Commerce Report recorded a 36% increase in the number of Americans doing most of their household or grocery shopping online. These new consumer behaviors are having a major impact on the retail sector, with traditional brick-and-mortar stores struggling to compete with online retailers. In order to survive, many stores are being forced to change their business models and strategies. The retail landscape is changing rapidly and businesses need to adapt or die.
What are the Reasons for this Change?
There are many reasons for the shift in shopping habits. The most notable reason is the change in consumer behavior. With the advent of technology, consumers now shop online because it is convenient and easy to compare prices and products online. Another reason is the rise of e-commerce. With more and more businesses selling their products online, consumers have become accustomed to buying things online. This trend is only going to continue as e-commerce becomes more prevalent. We also have the changing demographics of the population. As baby boomers age, they are less likely to go out and shop at physical stores.
Another major reason for this change is the outbreak of COVID-19 pandemic. This has had a significant impact on consumers' shopping habits. In response to the pandemic, many consumers have been forced to change the way they shop, both in terms of where they shop and what they buy. With stay-at-home orders and social distancing guidelines in place, many consumers have turned to online retailers for their shopping needs.
Looking ahead, it is likely that some of the changes in consumer shopping habits brought about by COVID-19 will be permanent. Even as restrictions are lifted and life begins to return to normal, it is expected that more consumers will continue to shop online and focus on essential purchases. This could have long-term implications for businesses across a range of industries
Why is it Important to Understand these Trends?
There are a number of reasons why it is important to understand these trends. Firstly, as the world of retail continues to change and evolve, it is important to stay up-to-date with the latest trends in order to ensure that your business remains relevant and competitive. Secondly, comprehending these trends can help you to better understand your customers and their needs, which in turn can help you tailor your offering to better meet their demands. Finally, by understanding the latest shopping trends, you can be sure that you are making the most informed decisions possible when it comes to marketing and advertising your business.
Victoria Ezechukwu-Nwagwu is the Executive Assistant to the Publisher of FunTimes Magazine. She is a communication enthusiast with a Bachelor's Degree in Mass Communication. She is passionate about learning new things and influencing creative innovations.
Read more from Victoria Ezechukwu-Nwagwu:
The word Nok means “to make something” in the old Bamana language which is spoken by some hunters in Mali. Read More »