May 13 2022
In the world of brands, consumer satisfaction is once again a buzzword strategy. The new business environment worldwide after the COVID-19 epidemic is changing to a new dimension, and change in consumer behaviour is the main focus of this change. The epidemic is far more than a health emergency; it has irreversibly altered our entire way of life.
As evidenced by the examination of economic statistics on sales, this catastrophic situation has also had a significant impact on the spending habits of individuals. In reality, the epidemic is much more than a mere health catastrophe, as it has had a significant impact on society and the economy. More than any other disturbance this decade, the epidemic has unexpectedly altered how we work, communicate, and shop. The analysis of economic data on sales indicates that this catastrophic circumstance has significantly impacted customer attitudes and behaviours.
According to a study undertaken by Nielsen Company, the spread of the epidemic resulted in an apparent worldwide change in consumer expenditure levels. Specifically, an increasing trend has been noted in the sales of necessities: customer priorities have become centred on the most fundamental needs, such as food, hygiene, and cleaning items. Throughout the pandemic, buying preferences have shifted globally.
When the pandemic began, consumer behaviour tended to be preoccupied with purchasing critical items, especially those associated with virus prevention, such as protective equipment and sanitising gel. The pandemic altered consumption habits, such as decreasing sales for product categories (such as clothing) and increasing sales for others (e.g., entertainment products). In addition, the epidemic’s employment insecurity and life uncertainty had a detrimental effect on consumer behaviour worldwide.
In this scenario, the business world is rethinking its strategy to satisfy consumers in the given circumstances. However, the literature on consumer behaviour has covered the subject extensively. There are thousands of books and entire consulting practices devoted to assisting businesses in enhancing customer satisfaction for consumer loyalty. Academic journals are replete with articles that strive to dissect and identify the antecedents and effects of the subject. However, what impact does customer satisfaction for consumer loyalty has on a business during and after the COVID-19 epidemic is still fully understood?
Consumer satisfaction is the name of the game in the business world. No marketing company or brand in the right mindset wants consumers unsatisfied side. Truly unsatisfied consumers are unlikely to conduct future business with a company. A dissatisfied consumer can act as a terrorist by harming a company’s reputation, diverting workers from more productive endeavours, and even causing bodily harm. These are sufficient reasons for ensuring a minimum degree of consumer satisfaction or deciding not to do business with unsatisfiable consumers; nevertheless, what returns can genuine consumer satisfaction generate for a business? Multiple studies have proven that the answer is relatively small.
While failure to please a consumer will certainly result in the loss of that consumer, satisfaction only indicates that the consumer will examine the firm’s product or service alongside other choices deemed satisfactory the next time they make a purchase. There is nothing unique about a product that merely fulfils expectations. Therefore, the delighted consumer purchases another “satisfying” product on sale, conveniently available, or “new” with the promise of being superior.