Data and analytics company GlobalData highlights the importance of social responsibility on part of retail brands to drive consumer engagement in the long-term.
Amidst the COVID-19 pandemic, government bodies are starting to introduce policies for supermarkets to work as a collective for the duration of the virus outbreak. This is a response to ease consumer choice and complication of brand loyalty.
The UK Government has requested supermarkets to exchange information on pricing and temporarily hold off their competition in order to keep on top of staff availability and inventory in consideration of serving the public. In the UAE, Dubai Economy has launched a ‘Price Monitor’ to track daily prices of staple foods and essentials to ensure that consumers get their basic needs at fair prices.
“This collective act of social responsibility plays a critical role at the time of crisis such as COVID-19. Putting people’s interests first instead of focusing on competition is needed to align with consumer demands for a less complicated lifestyle,” observed Ramsey Baghdadi, analyst, GlobalData. “Looking forward, a social responsibility strategy would serve brands well in the long-term, as consumers would more likely engage and be loyal to the brands that go the extra mile to combat a global crisis.”
Meanwhile, even before the current crisis, GlobalData’s 2019 Q3 consumer survey indicated that around 36% of consumers around the world value a less complicated lifestyle.