How Change in Consumer Behaviour Post COVID-19 is positively influencing Packaging Sector
Be it Mumbai 2005 Flood or 2008 Global Crisis, one thing which stands out amongst all my learnings has been the ability to identify business opportunities amongst the adverse & difficult times the nature throughs on us. As they say, “Life is not always the bed of roses” but what you do in those difficult time & how to come out of it defines who you are.
As we go through this unprecedented time of turmoil, I thought it would be a good time to write around how change in trends & consumer behaviour will positively influence the packaging sector going forward for rest of the year.
- #WorkFromHome” is now new normal: Lack of comfortable “Home Wardrobe” is a new realisation & hence sales for At leisure or At home comfy Pyjamas, Beauty Products, Furnitures & WorkStation Accessories (Remote Desktops, Screens, Laptops, Connectivity Etc) are expected to increase. At home beauty solutions are replacing professional services For e.g : Hair Removal Creams, Strips, Face packs, Hair Color Etc.
- Social distancing & Increase focus on Personal Hygiene will force brands to implement of IOT & Industry 4 Concepts faster. In fact many restaurants & services companies in China & other parts of the world have already started using robots & drone for delivering products to the consumer, One large brand is India has developed a touch free hand sanitiser pump made with just CPVC water fitting pipes.
- Increase “Hygiene Quotient” is increasing the quantity buying of cleaning, washing agents, packaged food & ready to eat products. As per a research done by a private company. There was 543% + increase in online searches related to sanitiser & 346% increase in online searches related to Hand-wash in the month of Mar2020 alone.
- Technology adoption getting catalysed in COVID-19 times: Companies are adopting automation & supply chain optimisation measures due to social distancing & limited labour force availability which means opportunities for us in the domain of RFID, Automation, Process Improvement & Supply Chain Improvements.
- Cooking has become a gender-neutral surviving skill & this new debuted audience in kitchen combined with WFH culture will demand for innovation in Appliances category. Brands have to be more agile to listen to their demands & come up with innovative solutions.
- Parents are in the constant lookout to engage their children & hence digital toys & cool gadgets are increasing becoming popular. China has already seeing the boost for gadget exports from their Feb & Mar Exports figure.
- Increased Online Sales: As per reports, corrugated cartons constitute to 90% of outer packaging for online delivery of products & hence increase in Online Sales & Grocery Shopping will positively influence its sales.
COVID-19 has introduced new challenges to the business environment forcing us to take renewed look at our business strategy, actions, measures & goals as Manpower & other important resources are becoming scarce. But from market stands point of view, you may be in Flexible or Rigid Packaging , Durable or Perishable Goods Packaging to RFID or Artificial Intelligence, There are opportunities for all of & We need to realise that the COVID -19 situation is likely to lead the new normal – Embracing the new opportunities sooner & adapting to these challenges will only make us succeed in these challenging times ahead.
About the Author
Parag Agrawal - Business Consultant serving to packaging community since last 15 Years
Masters in Packaging Science & Business Administration with specialisation in Marketing, Parag Agrawal has more than more than 15 years of experience in Packaging Industry Domain.
Working as an independent business consultant for developing high value segment in renowned labelling companies in India to improve profitability.
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