Is COVID-19 Affecting Consumer Behaviour Positively? - Ranjan C, NITIE

Thanks to COVID 19, the way consumers ineract with products and services has changed drastically. From everything being available at the click of a button, to settling down for what's accessible and in the market currently, we as consumers have had to make do. And it's not an easy shift. In this video, Associate Professor - Marketing at NITIE Mumbai, as well as InsideIIM's Professor Of the Year 2019 and 2020, Dr. Ranjan Chaudhuri, talks to us about his passion for marketing, his journey to becoming a professor, and most relevantly, how the Coronavirus will change and shape consumer behaviour. If you want a sneak peek into one of the most loved and well attended classes at NITIE, here's your chance! This is part 2 of Dr. Chaudhuri's talk. Find part 1 here: Top 4 Marketing Trends & Skills To Look At Post COVID 19, Ft. Prof. Ranjan Chaudhuri, NITIE Check out more on what students say about Prof. Chaudhuri's lectures and teaching here.

Summary
In this video, Prof. Dr. Chaudhuri takes us through the major changes our economy will face due to COVID 19, in terms of retail and consumer behaviour. He shares how consumers today are settling down and accepting life in a no frills economy, where not everything is just a click away.
He further talks about how the Coronavirus induced lockdown will make us more aware and more open as consumers, while also augmenting the fear and concern we feel for our health and sanity. He talks about how retail and supply chain will evolve post COVID 19.

Next he shares just how and why he became a professor and talks about his own journey from working at Monsanto to pursuing an MBA, and further teaching at various institutions like IIT Kharagpur, SPJIMR, his Fullbright fellowship, etc. If you want to know how retail and consumer behaviour will look post COVID 19, this is a must watch.

Key Takeaways
- The ultimate acid test of any industry initiative lies at the 0 moment of truth, which is the time one spends with the customer.
- Not what the customer is buying, but what the customer is actually doing helps one understand consumer behaviour.
- To learn and understand marketing, the best training comes from the field.
- If you want to be in a strategic role, an MBA might help you land it.
- Find out about your customer before you actually create a marketing strategy.
- COVID 19 has led to a change in buying behaviour as well as the way products are priced and retailed.
- As consumers, we need to comfort ourselves to adjust to the new reality of a no frills economy due to COVID 19.
- COVID 19 will bring out our flexibility, adaptability and compassion as consumers as well.
- Money cannot necessarily buy everything.
- Consumer Behaviour is going to take a structural change beyond 2020.
- The post COVID 19 consumer will have concerns about food safety.
- QR codes can be used as an authentic source of information to reassure consumers that their food and food products are safe.
- Supply chains will be under pressure, but will also evolve and become more transparent due to COVID 19.
- Every turbulence that breaks before us also promises opportunities to improve and grow.
- Every global citizen will have the time to think about personal fitness and space, thus changing him as a consumer.
- COVID 19 will transform the human race, making us the more prudent, compassionate and sensitive consumers of tomorrow.

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