The Digital Consumer
Over the last year, the COVID-19 pandemic has transformed numerous areas of society and the consumer. One of these areas is that of the digital consumer.
Online Purchases of Essential Items
Before the pandemic, e-commerce was popular, but limited mostly to purchases of things they desired. Consumers preferred to go inside a physical store to buy essentials.
Since the pandemic, consumer shopping patterns have shifted. Today, they regularly purchase essentials, such as food, through e-commerce sites. The convenience of doing so makes it likely that consumers will embrace this trend for the long-term.
Digital entertainment has also grown rapidly in the face of the pandemic. For example, consumers are embracing gaming and e-sports in large numbers, thanks to the absence of in-person entertainment opportunities during the pandemic. E-sports alone enjoyed an audience of 589 million by the end of 2020.
In addition, streaming services, online award ceremonies, and similar entertainment opportunities are starting to garner more attention and audiences than their counterparts.
Social media was popular before the pandemic, but the conversations and content it generated changed over the course of the pandemic. People began to focus on more local and home-based topics, for example.
The Future of Digital Entertainment
Digital entertainment has shifted because of the pandemic, but those changes are likely to persist long after the pandemic ends. In some cases, these changes were coming already and were simply accelerated by the pandemic. These lasting changes could present valuable opportunities for businesses and investors alike.