The COVID-19 outbreak has brought about a major shift in consumers’ buying behavior and spending pattern. With the pandemic taking a toll on employment and household income, consumers are left with no option but to curtail spending. Definitely, measures undertaken to support households and the resumption of economic activities provided some relief but consumers’ hunt for better bargains continue.
Under the current circumstances, people have been showing a preference for discount stores for essentials and other household needs. A differentiated product range resonates well with customers’ spending habits. No wonder, the strategy to sell products at discounted prices has helped industry players expand customer base amid the pandemic.
That said, industry participants have been focusing on deepening engagements with consumers, expanding merchandise assortments, and enhancing digital and data analytics capabilities. They have been making strategic investments to provide consumers fast, convenient and safe shopping experience, be it offline or online.