Growth Opportunities for Brands During the COVID-19 Crisis

COVID-19 has already had an enormous impact on consumers and brands The stay-at-home directives, radical shifts in demand for certain product categories, undersupplied distribution channels, and supply chain difficulties for certain companies have disrupted habitual behaviors and required customers to shop in new ways This is significant for brands, especially market leaders in their categories, because humans are cognitive misers, meaning that they use mental shortcuts to guide their judgments and decisions In terms of purchasing behavior, once a routine in a certain store or preference for particular brand is established, it becomes habitual and is difficult to change Here, Knowles et al share the findings of our research into what percentage of consumer purchases is vulnerable to substitution and the ways brands can rethink their value propositions to customers in uncertain times