New factors of consumer behaviour in the context of business models used in retailing during the COVID-19 era
New factors of consumer behaviour in the context of business models used in retailing during the COVID-19 era

Summary/Abstract: Innovative business models adopted in new retail stores will multiply and become available in a very short time and in large numbers, reflecting a new set of consumers’ experts on offerings that will be inherent in defining changes in their behaviour as our world changes. The article aims to show new factors influencing the current shopping behaviour of Slovak households during the COVID-19 pandemic. Empirical research was conducted from February to mid-March 2021; the sample involved 534 households where the main member had the final word in terms of purchasing food. Factor analysis was used to predict changes in consumer behaviour. The data obtained allowed the researchers to create a model presenting five new target markets. The empirical survey results suggest from a theoretical viewpoint that consumers adopted mostly social rather than financial practices in consumption. The paper introduces practical contributions for retailers to formulate new marketing strategies and take their impact into account in the marketing mix, in a way that ensures business continuity and that their employees can effectively manage a prolonged crisis and build lasting customer loyalty in the post-COVID-19 era.

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