B1786
Title: Navigating the retail landscape: Understanding customer behavior during the COVID-19 pandemic and its impact on finance
Authors: Liana Stanca - UBB (Romania) [presenting]
Cristian Dabija - UBB (Romania)
Abstract: The COVID-19 pandemic triggered a substantial transformation in retail customer behaviour, characterized by the accumulation of essential items due to restrictions and concerns about supply shortages. This shift was magnified by media and social networks, fostering panic-buying tendencies. Despite an overall decrease in sales, food consumption surged as restaurants shuttered their doors. This transition had profound consequences for both consumers and retailers, necessitating adaptations in staffing and business approaches. To gain a deeper understanding of how Romanian food retailers reacted to these changes, qualitative interviews were conducted and harnessed the power of R for data analysis. This encompassed various data manipulation techniques, visualization methods, and sentiment analysis. The study's significance lies in unravelling the underlying drivers of these behavioural shifts and comprehending how retail representatives perceived safety measures. These valuable insights hold particular importance as retailers revamp their strategies. The aim is to explore the impact of these changes in the realm of finance, shedding light on the financial implications and outcomes resulting from the altered retail landscape during the pandemic.
