With the shift in consumer behavior as a result of the pandemic comes the need for small business to adapt to customers' changing wants and needs. Watch this video to hear how Patrick Smith anticipates this consumer shift and how businesses should respond.
With all of the changes the pandemic facilitated, one of the most notable was the shift in consumer behavior and the ways customers do their business. Patrick Smith, Head of Small Business Banking at Santander, covers some examples of the consumer behavior shift and the ways that businesses can adjust their business strategy to anticipate and accommodate these new demands.
I think what the the pandemic has done is it's accelerated certain consumer behaviors and consumer needs and demands. And it's also I think, exposed consumers to the advantages of having more choice. And some of the things that we've seen in the pandemic are not likely to go away. So consumers wanting to have the flexibility and the convenience of things like delivery, curbside pickup, low or no shipping cost, all those things are permanent. And many studies and surveys show that they are not, they're not going away. And so I think some of these, these trends just they're irreversible, but they present also opportunities. So another element of choice, I think that's going to be important as well, businesses going forward is consumers have actually gotten used to having more choice in the brands that they choose. So I think that's actually created this this opportunity for small businesses where they can reevaluate their marketing strategies, how they talk to and reach out to consumers to try to take advantage of this openness, this newfound openness. But I do think there are certain certain parts of of what's what's changed that will reverse themselves in ways that need to be addressed by the operating our business models of small businesses. Some of the adaptations they made, they're made to their business model around sanitation, cleanliness, and transparency about those things will need to be kind of staples of their their businesses going forward.