Consumer buying behavior changes. Sometimes it happens cyclically – a product is obsolete one decade and ‘hip’ the next. From cultural changes to new technology, business owners often carefully watch for changes in the way customers consume their products and services. The advent of the Internet caused cataclysmic changes in how we do business. But people may have been caught off guard by changes caused COVID-19 shutdowns and restrictions.
What Is Consumer Buying Behavior?
One definition is:
“The process by which individuals search for, select, purchase, use, and dispose of goods and services, in satisfaction of their needs and wants.”
In the past, people often search for products and services:
- in person,
- through word-of-mouth,
- from catalogs and other marketing materials.
But the digital age – and, more recently, COVID-19 – dramatically altered how people find and buy products.
How Has Buying Behavior Changed?
Many consumers use the Internet to research before they buy. Companies that did not offer easily-navigated websites often fell behind more technologically advanced companies.
Thanks to COVID-19, consumers who previously shied away from online shopping started opening accounts. The fear of exposure to COVID-19 overcame their fear of ordering over the Internet. In some cases, the stores they frequented closed or restricted access. New online shoppers may appreciate the convenience so much they won’t return to buying from brick-and-mortar stores.
What Effect Might This Have on Your Business?
Adapting is crucial. In fact, changes in consumer buying behavior can have a major negative effect on your business. Revenues drop as customers move on to companies that meet their needs. So, how can you turn this around?
- Update Your Company Website. Ensure that your changes comply with all laws, including privacy laws like the European Union’s General Data Protection Regulation (GDPR).
- Offer New Delivery Systems. For example, many companies now offer contactless or curbside pickup. It’s important to provide a safe environment for your employees and customers on the legal side of things.
- Assess Company Plans. Check for anything you’re doing now that is counterproductive in the new buying environment.
You may need to adapt to new types of consumer buying behavior. But don’t forget to have your corporate counsel or business lawyer review legal documents, agreements, and contracts before you sign.
Changes in Consumer Buying Behavior Might Bring About Changes to Your Company.
Attorney Richard Sierra at the Florida Small Business Center assists clients like you with business and litigation matters. As always, Our Goal Is to Help You Succeed™. For an appointment, you may call us at 1-866-842-5202 or use the contact form on our website. We represent clients throughout the State of Florida, including Coral Springs, Coconut Creek, Boca Raton, Delray Beach, Pompano Beach, Sunrise, Fort Lauderdale, Miami, West Palm Beach, Jupiter, Deerfield Beach, Stuart, Port St. Lucie, Orlando, Naples, Fort Myers, Sarasota, Tampa, and surrounding communities.