EGC Group, a full-service integrated marketing and digital agency, released a study today revealing the analytics and psychology behind the post-covid consumer – and how the customer journey has changed.
The new report entitled “Psychology Behind the Post-Covid Consumer” includes insights and predictions based on EGC’s proprietary retailer data, consumer analytics, and key trends from research partners, finding that consumers are browsing less in stores, shopping locally, revenge spending using pent up money and stimulus checks, and purchasing from new, online brands.
The study shows that across all industries, online customers are transforming faster, converting more often from an initial site visit, and requiring fewer interactions with a brand before signing up or purchasing. With new brands accessible on Facebook and Instagram, consumers will buy these products if the appeal and product value are there.
“As the world begins to emerge from the Covid-19 crisis, consumer optimism is on the rise and as expected, the consumer’s journey has changed quite a bit, said Nicole Penn, President of EGC Group. “It is extremely important for brands to rethink their own consumer journey with the everchanging landscape and new mindset of the post-covid consumer.”
Noteworthy findings include:
- The decline of in-store browsing: 80% of retailers polled reported that customers browse less and spend half the time in their stores than they used to.
- Shorter customer journey conversion on websites: According to EGC’s analytics, website visitors require fewer website interactions to convert and they are spending less time before making a purchasing decision.
- Revenge spending: According to Bloomberg, Americans may have excess savings totaling to be about 1.7 trillion.
- Support of local business: According to Accenture: 56% of consumers are shopping in neighborhood stores or buying locally sourced products.
“With consumers browsing time in stores dramatically decreasing, as well as online shopping, brands can no longer rely on shelf-browsing,” said Penn. “Additionally, the support around local businesses from consumers will play an important role for brands in social responsibility and community outreach. This new consumer behavior that we are seeing is likely to remain in the future, and marketing practices should be considered from a whole new perspective.”
To download the full research report, visit:
About EGC Group
EGC Group is an ROI-focused full-service integrated marketing and digital agency with offices in Long Island, Brooklyn and Manhattan, and provides services in advertising, marketing investment management, media strategy and placement, web development and data analytics. EGC has been named an Inc. 500/5000 Company and has dedicated vertical service groups in healthcare, retail, admissions and craft beverage. For more information, visit www.egcgroup.com or call (516) 935-4944.