60% of American consumers crave new brands! Personalized virtual experiences are popular

The pandemic has led to dramatic changes in consumer behavior, with a McKinsey study showing that at the height of the outbreak, e-commerce achieved a decade of growth in just 90 days.

75% of U.S. consumers have tried a different store , website, or brand during the pandemic , and 60 % of these consumers want to incorporate new brands and stores into their post- pandemic lives.

With the rapid development of e-commerce and the influx of new brands, where should merchants /brands start to better cope with the fiercely competitive market environment?

1. In-depth analysis of consumer data

“ With so many brands moving online, they now have access to more consumer behavioral and psychographic data than ever before , and are able to glean insights from it , ” said Katharine McKee, founder of digital commerce consultancy Morphology Consulting .

Therefore, the big shift post-pandemic should be to parse this consumer data and use it to create products or services that customers actively seek and turn existing products or services into new sources of revenue . The best way to do this is to improve the brand ’s website and ensure that it is easy to navigate and has a good user experience.

In addition, in order to cope with the growth of online traffic and the development of e-commerce , brands need to optimize across all channels , such as social media, retail, wholesale and online markets , in order to provide customers with a better omni-channel shopping experience.  

2. Provide personalized virtual experience

Brands that can successfully deliver engaging virtual experiences that replicate real-life experiences could really win over consumers. 14% of buyers have typically purchased a product that offered a virtual experience, a number that jumps to 27% among those aged 18 to 35.

The key to creating a successful virtual experience is personalization. Being able to connect with consumers makes the event more interactive and differentiated , making consumers feel unique and helping to increase consumer stickiness .

Regardless, brands will be able to reap greater rewards by always putting consumers first, understanding their needs, and engaging with them in new and creative ways .

Virtual Experience

Personalization

American Consumers

New Brand