Evolving Consumer Behaviour and Importance of Brand Trust

BA nsightz Evolving Consumer Behaviour and Importance of Brand Trust How have consumer sentiments, behaviour and expectations in Nigeria evolved since the start of the pandemic and how should brands react to them? To answer these questions, Borderless Access has conducted an online consumer study to measure the evolving consumer behaviour and to understand the importance of brand trust from the consumer's lens. This infographic provides a glimpse into the key findings of the report. Behavioural Changes One Year Into The Pandemic Washing one's hands remains the top activity (95%), followed by wearing masks, which has increased by 47%. 2020 2021 95% 93% 92% 45% Washing hands more often Wearing face mask Ordering groceries/vegetables/fruits online has gone up by 9% over last year. 2020 32% 2021 1 23% Add to cart Ordering online for groceries/Vegetables/Fruits 2020 2021 55% 54% 49% 30% 29% 30% 26% 19% People have started going out with friends/extended family more and frequency of travel Avoiding any kind of travel Avoiding air travel Avoiding shops/ markets where Avoid engaging with friends/ extended has increased as well. possible family People have gradually started going back to their workplace at a staggered pace. 2020 29% 29% 2021 21% 17% Working partially at home and partially at work place Working at home entirely How have consumer shopping behaviour evolved? 73% 73% One year into the pandemic, consumer spending is being prioritized towards 61% basic necessities over Add to cart luxuries. Utilities Grocery Medicine Consumers have started leaning more towards transactional aspects (promotions, price discount, etc.) compared to last year. 2020 2021 63% 43% 39% 31% Promotions Availability Consumers are now less concerned about safety and hygiene aspects than they were last year at the start. 2020 2021 70% 60% 52% 43% 45% 39% 24% 27% 20% 12% 8% 5% Safe packaging Teaching retailers / distributors to ensure Amount of care Ensuring high quality standards - manufacturing Reducing price / offering promotions Spreading taken by brands awareness to tackle the pandemic safety and hygiene 2020 32% 2021 24/7 23% Online shopping has increased by 23% since last year. 6. Ordering online for groceries/Vegetables/Fruits Except for medicines, consumers now prefer online or mix of online/offline shopping methods across categories. Mix of Online & Offline Online Offline 47% 46% 45% 43% 46% 44% 38% 36% 35% 36% 33% 32% 33% 30% Grocery Medicines Apparels Footwear Books & Magazines Electronics Toys Changes to media consumption habits 2020 2021 95% 88% 72% 64% 51% 38% Over the year, screen time in terms of watching television or playing video games has reduced slightly. Watch TV Read Books & Magazines Play Video Games While the overall screen time has dropped a little, it has come at the expense of television. YouTube and online website/webpage views have gone up. 2020 79% 2021 51% 34% 28% 22% 16% Television Websites/ Webpages YouTube Brand trust and expectations Reliability, Honesty and Quality are the keywords that come to consumers' mind when they think of trust. Banking & Insurance Telecom Consumer Packaged Goods PURCHASE DRIVERS 85% 72% 71% 60% 55% 43% 45% 39% 40% Trust Quality Value for Trust Quality Value for Trust Quality Value for Money Money Money DRIVERS OF TRUST 57% 31% 20% 14% 12% 12% 8% 6% 5% Customer Reliability Well-Known Reliability Quality Good Quality Reliability Durability Service Network TOP 3 BRANDS IN TERMS OF TRUST Relative Relative Relative Relative Relative Relative Strengths* Weaknesses* Strength* Weaknesses* Strengths* Weaknesses* MTN Quality Product, Good Packaging Trust Good Network GTBank Nestle Quality Good Quality Availability, Price, Packaging Good Customer Peak Good Network Service FirstBank airtel KINCT 14 Since 1894 Promotion, Strong Data Network, Availability Trust, Good Value for Money glo CocaCola Brand Quality Providing data at low price ZENITH Relative Strengths and Weakness have been arrived by normalizing the scores of endorsements * Conclusion Brand Trust is the final and the most important brand funnel metric in the brand value chain - hence the goal of every brand should be to reach to this stage. BRAND VALUE CHAIN OVERALL Consumers are focusing more on price and promotions apart from quality and 1/3rd of them want brands to be trustable. 01 KNOW Consumers are aware of the Brand. 02 BANKING & INSURANCE Trust is the most important factor and Reliability drives Trust. CONSUMER PACKAGED GOODS 03 LIKE Trust is the 3rd most important driver after Quality & Value for Money and Trust is driven by good quality and reliability. Consumer have a positive impression about the TELECOM Trust is the 3rd most important driver after Quality & Value for Money and Trust is driven by good quality network and reliability. 04 brand. Brands with higher reliability, honesty and consistent quality can help in etching trust in consumers' mind. TRUST Consumers believe the brand can solve their problems with integrity. borderlessaccess.com/ba-insightz [email protected] in f You Tube