Do you purchase like you do six month before?
Review the way you are spending today, think how you have shifted your purchasing behavior. May be you are only consuming essentials these days, but if you start thinking the way you choose non-essential items you might notice a shift in your buying behavior.
Covid-19 has changed everything. It changes how people act, interact, buy, search and last but not the least consume. It has changed the entire scenario of consumer behavior.
The awareness that all digital tools always seek in Nepalese market is now enhanced by Pandemic lockdown. Other than early adapters, leggards are also not in the ground. Population of age group 40+ have been started to look for products and service online. Although, there is very less home delivery due to Nation wise lockdown, but people are now more aware about the strength of Online tools. Thus this pandemic situation has created online funnel for Online active products and service in Nepalese business Environment.
Online stores such as Daraz, sasto deal, rasanmart, Foodmandu has improved their sustainability scope of E-commerce in Nepal. Now, they are more sure on sustainable future of E-commerce in Nepal. Also, various payment systems such as connect IPS, meroshare, esewa, khalti etc has enhanced Financial transaction awarensss in this current situation.
The Consumer shift in Online search, online selection and online delivery will grow progressively in Nepalese market from now onwards. Thus businesses have started investing in digital tools to portray their products. Now, the mainstream businesses have to revise their pricing. Success of online tools depends on price – to very high extent. Thus now, businesses will start to revise their pricing strategy and keep their profit margin minimum. This will benefit consumer and consumers will now rely on reviews of businesses in the internet.
While interacting with one Entrepreneur from Kathmandu who manufactures garment (men’s fashion), we learned that they offer Men’s trousers in NPR 1200 -2,000 depending on its fabric quality. He also informed that his garment will sell in retail in threefold price. As there is no strict monitoring mechanism from consumer and bureaucracy there is no standard pricing strategy among retailers. Pricing depends on mood of entrepreneur.
Now, this situation will of course change. People now know to search product online. Consumer can now research about the fabric quality and check their preferred design online along with price. If for e.g. Retail A publish price of same garment to X amount and retail B publish same garment in less price (X-Y). Consumer can choose wisely now. This is power of Online tools that are available to us. Also, refund policy will help consumers to return products if products shown does not match the quality of the Product Delivered.
As Adam smith told century ago about invisible hand, market will automatically determine the Good, Bad and the ugly. Market will review each retailers and people will choose the best one through reviews thus by elemenating Bad and ugly from the market over the period of time.