In 2020, the whole world experienced a pandemic that rose in different parts of the world leading to a pandemic; many businesses were affected because of it, and it changed people's thinking towards life. It also changed how consumers looked at purchasing products online. This study focuses mainly on how the new age technologies like machine learning, internet of things, and artificial intelligence helps in identifying the consumer buying patterns. Consumer buying pattern on online shopping have changed over a period during this pandemic. This research highlights the role of these technologies in marketing and how it has helped the companies to create their marketing strategies. This research also includes the study of change in buying patterns of consumers during the pandemic and how it has increased over a period of time through primary research done with 30 respondents taken as a focus group.
TopResearch Objectives
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To understand about new age technologies.
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To understand how New Age Technologies have helped brands in marketing their products
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To study the consumer buying pattern change during and after pandemic.
A questionnaire with a focus group of 40 respondents was studied as a sample survey and also secondary research is done by studying various research papers, Industry reports etc.
TopLiterature Review
The researcher has explained how consumers had started or basically were made to shift to digital marketplace for their daily needs as there was no other option as such due to the pandemic. Reddy said that according to trifecta, since cheaper 4G network and constantly increasing consumer wealth, Indian EE-commerce is expected to grow to US$200 billion by 2026. But these projections were based on the pre-covid19. But because of COVID-19 hitting hard in India, the surging demand of e-commerce for the past few months is so high that the e-commerce industry could hit $200 billion much earlier. (Reddy, 2020), According to Suchi Bansal, consumers have rapidly changed their perspective towards buying online products, during covid-19 have seen a rapid increase in consciousness in hygiene and health effects of the same. She predicts after covid-19 supermarkets will se a drastic change in not having overcrowded stores for FMCG. (S, 2020), Sanstuti Nath has put a spotlight on the topic of whether lockdown has increased the digitization in india and whether it is going to last and will benefit the consumers. Top companies and brands were already benefiting themselves from these platforms, and also now post lockdown this whole scenario is going to change how consumers buy. (Nath, 2020). Millennials will buy in revenge once lockdown lifts; consumer behavior to change in these ways.It said that as the country is under lockdown for such a long time, the buying behaviour of the consumer, especially the Millennials are expected to undergo massive changes as most of them are going to do revenge buying, as they didn't get to buy goods as they used to buy in the pre- lockdown period. And if the e-commerce industry is talked about, they are estimated to be the clear winners, especially in the FMCG online sales, in the short and long term both, as part of the strategies of FMCG companies (Nath, 2020).