The IMPACT OF CONSUMER PURCHASE BEHAVIOUR CHANGES ON THE BUSINESS MODEL DESIGN OF CONSUMERS SERVICE COMPANIES OVER THE COURSE OF COVID-19

Abstract

Customers are being thriftier as a result of the downturn, therefore businesses need to provide excellent value while maintaining their typical quality of service. To be successful, businesses must adapt to the ever-shifting preferences of their target demographic. Customers are more concerned about their health and the health of the environment, and businesses need to cater to this trend by offering suitable products and services. The strategy behind developing products and services aimed at the general public is discussed in depth in this seminal work, which examines the impact of digital technological advancements, economic factors and market trends, and shifting consumer preferences. Study will discuss how businesses may adapt their methods of service delivery to the ever-changing demands of their customers in today's competitive market. People may shop whenever and wherever they choose thanks to the portability of gadgets like smartphones and tablets. Businesses are increasingly turning to mobile applications as a means of communicating with their customers due to the ease of push alerts and location-based offers. Social media is another aspect of digital technology that has influenced changes in consumer behaviour. As social media has grown in popularity, it has been easier for firms to connect with their consumers on a personal level. Expanding a business's consumer base and income through the usage of social media influencers is becoming increasingly important.