Buying in the New Era
The COVID-19 crisis accelerated many consumer behavior trends we’ve been witnessing for years. Consumers were forced to spend more time online out of necessity. And as a result, they began branching out, discovering new channels and gaining more confidence in online shopping.
In a recent Channel Advisor poll, they polled over 1,000 active US consumers about their shopping habits to find out how the COVID-19 crisis has impacted their behavior since the beginning of March 2020. Ultimately, it was found that consumers are still discovering, researching and purchasing in many of the same ways — depending on their age breakdown. But the incremental increase in new e-commerce consumers is speeding up the impact.
The e-commerce landscape is evolving quickly as consumers and brands adapt to a post-coronavirus world. And, consumer behavior formed during this unprecedented time may shape shopping habits for years to come.
To stay competitive, brands and retailers need to know these consumers – where they are spending time, how they are shopping and what their shopping habits might be in the future – and build effective strategies to reach them.
Some key takeaways from this recent poll are as follows:
- 46% of consumers are shopping online more frequently.
- 58% are spending more time on media channels.
- 63% are spending more time on mobile devices.
- 54% are shopping more on Amazon and 28% more frequently in general.
- 80% of 18-25 year olds have researched products on Instagram and 79% of consumers over 56 years old have researched products on Amazon. They are purchasing from those as well.
- 37% have bought medical supplies, 41% have bought beauty products, and 27% have bought books and/or hobby items since the beginning of the pandemic.
- 38% of all consumers will shop more online in the future.
These are just some of the important statistics. It’s pretty clear that people are doing more online. In turn your business needs to be prepared to do more online. That’s where it’s at. That’s what people are doing. This pandemic has only accentuated that.
The stakes are always high in any product development, but especially in real estate project developments, planned communities and new home sales programs. PTC Computer Solutions has worked closely with Parker Associates for years at understanding the Market in any environment. This is no different though the tools may be and we are working online and OPEN FOR BUSINESS.
Parker Associates has perfected several unique processes for helping developers, builders and community managers take the necessary actions to effectively plan, position, market and sell to achieve success. We apply each of these proven processes, taking them from schematic concepts to real-time strategies for feasibility, product definition, consumer identification, applied marketing tactics and monitoring mechanisms. The result is a clear series of steps to assist clients in taking new developments forward on the right foot, repositioning active projects or reviving dormant or aging master planned communities.
WHO? WHAT? HOW?
CONSUMERS COME FIRST
Real estate marketing and sales relies first upon understanding the characteristics of potential consumers and their needs and preferences — WHO are these individuals and households for a particular marketplace in terms of age, income, household size and likely behavioral patterns.
The exclusive WHO, WHAT, & HOW diagram to define your consumer as developed by Parker Associates.
Such consumer information is essential to creating the highest impact product to attract their attention — WHAT appearance and design features will match their needs and preferences at a feasible price range. For new homes, product includes regional and neighborhood attractions as well as community amenities and both the exterior and interior features of specific dwelling offerings. The tendency of consumers to relate to persons with similar age, income and household size characteristics provides a special attraction for most potential buyers.
The same consumer information provides the basis for cost-effective marketing strategies — HOW best to attract these consumers to contact the builder and visit the offerings at the most efficient time and cost outlay. Despite claims to the contrary, most real estate requires face-to-face contact with consumers to achieve sales. It cannot be sold by phone or even Internet communications.
These three simple words — WHO? WHAT? HOW? — constitute the essence of efficient marketing and sales or leasing of new homes. They are the basis for Parker Associates’ success in guiding many community developers, hoteliers, and homebuilders toward rapid sellout of all types and prices of new homes and rental apartments. With modest modifications, they can be applied directly to retail, commercial and industrial real estate as well as housing.
Contact us here at PTC Computer Solutions to help understand the retail market and business technology of today. For more on the ever evolving Retail market and how to stay involved and relevant, contact us today. We work hard to stay ahead of the cutting edge and can assist your projects in understanding where you should be putting your efforts.
David WB Parker is a principal of Parker Associates of Jacksonville, Florida, marketing consultants to the real estate industry as well as the President of PTC Computer Solutions, IT Consultants and Strategists, and also an active real estate sales professional with Barclay’s Real Estate Group. Though based out of Jacksonville, Florida, David and the team at Parker Associates have worked in 17 Countries and 33 States through the years as well as 65 out of 67 counties in Florida. David can be reached at 904-607-8763 or via email firstname.lastname@example.org.