cashless archivos - PaynoPain Solutions

Shopping trends after coronavirus pandemic: How do consumers prefer to buy and pay?

With the state of alarm and the confinement over in Spain and other countries, many might think that we will return to normality, but everything indicates that the post-coronavirus era will be very different from the previous one. Many areas of daily life have been affected, such as work methodologies or behaviors when it comes to socializing and also consuming.

The new normality has a new type of consumer, the post-coronavirus consumers have changed their habits and consumption patterns during confinement and many of them will stay. The fear of catching the disease and the comfort discovered with alternative purchasing methods have led to the emergence of a new post-coronavirus consumer profile, which has already been attributed a series of very specific characteristics. Let’s see them:

 

Post-coronavirus consumer is more attentive to promotions and offers

The purchasing power of consumers has dropped during confinement. Although they have not left home and have barely spent money, millions of Spaniards have lost their source of income or have had to subsist without a job. It is for this reason that many non-essential sectors have noticed a drop in demand and that the consumer has begun to look at prices with a magnifying glass and to value any promotion or offer that helps them save a few euros, and this trend will continue, at least , as long as the economic situation is not the same as it was before the crisis.

 

Post-coronavirus consumers buy much more online

During confinement, the closure of most stores forced consumers to try online shopping. And not surprisingly, online sales have increased their results by 55% on average during the months of alarm and today (with all physical businesses already open) accounts for a third of total transactions in Western Europe. This has led many local producers and stores to digitize their business and have a greater online presence, and those who have not yet done so, have had to find alternative payment solutions such as link payment.

 

Post-coronavirus consumer chooses larger, infrequent purchases

Closely related to the habits we’ve seen above are the largest but infrequent purchases. This online purchase mode allows you to get better promotions and offers, save shipping costs and minimize the number of times the purchase process must be repeated.

And there is another related trend: the rise is the automated or subscription purchase, which consists of choosing a frequency in which certain products will come home and automate it so that you do not have to go through the payment process again. Many virtual businesses reward this type of purchase with discounts, which perfectly fits the interests of the company but also of the post-coronavirus consumers’.

 

Post-coronavirus consumer chooses innovative payment solutions

The cash withdrawal in Spain fell 68% during the month of March, at the beginning of the confinement. Interestingly, this has been the first crisis in which the demand for cash has decreased rather than increased. The fear of contagion has made online and contactless payment methods flourish, allowing zero contact and guaranteeing greater security. But at the same time, they are faster, more comfortable and safer payment methods, due to which everything points to the fact that the post-coronavirus consumers will continue to tend to prefer them over cash.

 

At PaynoPain we implement the necessary technology in any type of business so that it can adapt to the needs of the new post-coronavirus consumers in a simple, economic and fast way. Our Paylands payment gateway allows to respond to all the payment needs of users, in addition to many other advantages for the company.

Learn More