why wishlists are so full, but your wallet is not.

Let’s face it, COVID has affected all of us, and if we talk about struggles well, your customers are facing a few.

Your customer is now spending 24/7 in their house and constantly looking at a screen. We may not know much about COVID, but what we do know, customers still have needs to full fill.

Here is a secret, people had become lazy, it doesn't matter that they now have more “time”, they want to find everything at the same place, and this can include the perfect PJ for your mom to a new product of skincare which promises that you will look absolutely amazing.

But, is inspiration enough to make them buy? and if so, why they are not giving you their money?

2 reasons why wishlists are so full, but your incomes are not.

a) Time, we have talked about this, customers get inspired so many times a day, through social media ads, their favorite influencers, ads on YouTube, and so on.

What do they have in common? They are all digital, and even though digital has been a huge trend in the past years it has never grown this fast, not only for the advertisement side but also the traffic on the brand’s websites.

As an example of this, we could talk about Microsoft, which is closing all their stores worldwide because selling online is more efficient, gets you more information about your clients, you can map your customer journey, and as a bonus, is cheaper.

Another example could be American eagle or Tommy Hilfiger which both for their first time open their e-commerce site for Mexico and Latin America, before this you could only buy at these brands through a third party or their physical store making their costs higher.

b) People don’t have that much money; they have the inspiration and time to want things, but they don’t have the money or they don’t want to do it. It is not a secret that we are facing a worldwide recession, and because of the uncertainty people don’t want to spend their money. The fact that people are more reluctant to spend their money, which creates a slow economy, making it harder for companies to keep jobs for their employees.

As an example, we can look at Best Buy, who by the end of December all its stores in Mexico will be closed, the thing is that Best Buy was not doing amazing before the pandemic and when COVID arrived people stopped buying at their stores, making it impossible to Best Buy to stay in Mexico, or at least that what it says in their press release.

Another great example is Air BnB who had to fire a lot of their employees as they don’t know when this situation is going to get better, and even though they have come up with so many alternatives to remain in the game, this has not been enough to cover all the employees they used to need.

Even luxury, right now companies like Gucci, Channel, Tommy, and so many others are on sale, the reason is that their warehouses are full, and they need to incentivize customers to spend their money.

How do you transform those wishlists into empty carts? and how do you make your customers spend the few dollars they have or increase their spending?

Today is not enough to have a pretty banner, or an influencer, is not enough to defend controversial topics like black lives matter. you have to build a strategy. The thing is that you have to analyze absolutely everything and at the same time act fast. Because people, more than ever are looking, are engaging with brands, and are connected so it depends on how you act the results you will get.