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The Impact of Consumer Purchase Behavior Changes on the Business Model Design of Consumer Services Companies Over the Course of COVID-19

Year: 2022

Type: article

Abstract: The COVID-19 pandemic has had a profound psychological and behavioral impact on people around the world. Consumer purchase behaviors have thus changed greatly, and consumer services companies need to adjust their business models to adapt to this change. From the perspective of consumer psychology, this paper explores the impact of consumer purchase behavior changes over the course of the pandemic on the business model design of consumer services companies using a representative survey of 1,742 individuals. Our results show that changes in consumer purchase behavior have a significant impact on the design of consumer services firms' business models. Specifically, changes in consumers' purchase object, motive, and timeframe are more likely to spark a novelty-centered business model design, whereas changes in purchase method tend to inspire an efficiency-centered one. Our findings provide a theoretical reference for consumer services companies in designing business models when faced with unexpected crises.

Source: Frontiers in Psychology

DOI: 10.3389/fpsyg.2022.818845

Authors: Hu Tao, Xin Sun, Xia Liu, Jinfang Tian, Di Zhang

Institution: Shandong University of Finance and Economics

Language: English

Topic: COVID-19 Pandemic Impacts

Subfield: Economics and Econometrics

Field: Economics, Econometrics and Finance

Domain: Social Sciences

Open Access status: gold

Estimated APC paid: $2,950

Funder: National Social Science Fund of China