To Buy or Not to Buy

Why do we buy what we buy?

Do we buy a product or a service, just because we need it or mostly because we want it? 

Is one’s buying decision solely depends on his financials?

We could easily spend days to discuss the ultimate answer to this simple question without managing to address half of the studies explaining the human nature and the scientific difference between “need” and “want” as the two major drivers behind his buying decision. That is why it takes so many resources and so much time for companies to identify how to extract unarticulated functional and emotional needs of their customers in order to design products and services that goes beyond the expectations at any stage of their buying journey, from product awareness to delivery.

That is why it is so shocking to see how, an unexpected pandemic, Covid-19, has managed to bring global markets upside down in just six months due to its direct impact on individual’s life quality and his financials.  

With its huge impact on the job markets leading to reduced household spending, Covid-19 has already caused, short and long term, changes in consumer buying preferences regardless of the sector. To complicate matters even further, there are also shifts on customer expectations which may eventually require re-designing of existing customer journey maps and change in customer engagement channels.

There are many insightful studies on the shifted consumer preferences, during this global crisis. And it is imperative for any business to have a look at those before start planning their next move to react on the emerging trends in buying behavior, which are already accepted as the “new normal”.

Photo: Shutterstock

Further reading…
Pandemic, Lockdown and Consumer Behaviour: Now What?
What About Digital Governance?
How Can A Global Pandemic Change Our Lifestyles For Better?

 

THE BETTER NORMAL SERIES 
THE BETTER NORMAL #1: “THE BETTER NORMAL” WILL BE CREATED BY US
THE BETTER NORMAL #2: NO WAY OUT!
THE BETTER NORMAL #3: SYSTEMIC CHANGE OR NUDGE FOR THE BETTER NORMAL
THE BETTER NORMAL #4:A Critical Approach to Digital
THE BETTER NORMAL #5: A CUSTOMER EXPERIENCE PERSPECTIVE
THE BETTER NORMAL #6: The “Real” Resilience Of Supply Chains
THE BETTER NORMAL #7: Aim For Digital Greatness 
THE BETTER NORMAL #8: THE BALANCED VISION
THE BETTER NORMAL #9THE BETTER NORMAL: OPERATIONAL EXCELLENCE
THE BETTER NORMAL #10DON’T CARRY “COVID-19 IMPACT” TOO FAR
THE BETTER NORMAL #11WORKPLACE OF THE BETTER NORMAL

 

About Digitopia:

We are trusted advisors to many great companies on their digital journeys. Our passion and focus help businesses succeed. Digitopia is an objective and independent management consulting firm driven by values and delivering tangible impact.

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