South African consumers are still prioritising savings opportunities, following on recent years’ research in 2016. Even though they remain loyal to brands, price could be causing consumers to move to a cheaper brand or even wait for specials at their preferred brand.
A lot has been said about consumer behaviour change during COVID-19 and beyond, of which some are predicted to have a lasting impact.
One example of this is that of the 79% of South Africans who tried new shopping behaviours, most intend to continue usage beyond the pandemic.
A research study done by McKinsey South Africa in November 2020, identified the following five major shifts in consumer behaviour:
- Shift to value and essentials: 45% of consumers intend to decrease spend across most discretionary categories
- Flight to digital and omnichannel: 90% growth intent in online buying across most categories even post covid-19
- Shock to loyalty: 79% of consumers changed stores, brands or the way they shop
- Homebody economy: 60% of consumers are not yet resuming ‘normal’ out-of-home activities
- New holiday outlook: 88% intend to maintain or reduce their holiday shopping spending
- 61% are looking for ways to save money when shopping
- 57% are more mindful of where they spend their money
- 54% are changing to less expensive products to save money
- 40% are planning their spending and are making shopping lists
- 33% are researching brand and product choices before buying
- Customer Experience Vision. A successful customer experience vision starts with an aspiration centred around what matters to customers and empowering frontline workers to deliver. – McKinsey
- Customer Experience Blueprint. You can think of a Customer Experience Blueprint as an “operational tool”. It helps you describe the nature and the characteristics of the future state customer experience in enough detail to verify, implement, and maintain it. – John Gusiff, 2015
- Business Enablement. Done right, business enablement should be a cross-functional operation. Though sourcing and assessing feedback from many teams may sound like a logistical nightmare, its actually insuring you against late-stage disappointment. -Highspot Team, 2020
- Monitor. Monitoring allows programmes to implement remedial measures to get programmes back on track and remain accountable to the expected results the programme is aiming to achieve. – UNWOMAN, 2010
- Customer-Obsessed Culture. Building a Customer-Obsessed Culture doesn’t happen by accident. It happens by design. – Clare Muscutt
- CX Governance. Simply put, CX governance is “the organizing framework for establishing strategy, objectives and policies for the corporate CX program.” – Lisa Loftis, 2020
- Enable you to really reimagine, redefine, outline, demonstrate and implement the memorable experience you want to offer your customers based on solid customer insights i.e., the positive memories you create with your customer resulting in life-time customers who enjoy spending time with your brand
- Enable you to evaluate and account for customer experience improvements implemented to date while ensuring you have the necessary governance and leadership styles embedded in the organisation, empowering you to sustain and drive your customer-obsessed vision.