The COVID-19 pandemic has changed the world in many ways. Some of these changes, such as restrictions on the movement of people, will be short-term, while others will, most likely, be more fundamental & affect business for many years to come.
In this article, we’ll be taking a look at the changes in consumer behavior & why brand owners should ensure that their brand protection strategy overseas is flexible & responsive in this time of change.
Registering an International Brand: Consumer Behavior
Consumer behavior is ever evolving, but the Covid-19 pandemic has accelerated this evolution dramatically. Given the gradual increase in the popularity of online shopping, the need to register an international brand has taken on new relevance.
When the pandemic hit, many consumers succumbed to panic & followed their natural urge to stock up on basic essentials. Back then, photos of supermarkets with empty shelves were a common sight in some countries, with some consumers reporting having to wait for days to have their purchases delivered.
However, recently released data suggests that the number of e-commerce transactions in supermarkets has grown by half as compared to January 2020. There has also been an increase in the number of e-commerce transactions in other sectors, such as healthcare, banking & insurance & online marketing.
On the contrary, some industries that bore the brunt of the pandemic ended up suffering losses of different gravity levels. One of the hardest hit were the tourism industry, luxury industry, fashion industry & jewelry industry.
Why is it Important to Register an International Trademark?
The period of panic didn’t last long, and it soon became clear that purchases online quickly returned to their previous level. That particularly applies to cosmetics, healthcare products & sports equipment. Many consumers now own the goods they thought they would never buy before. For example, sports equipment & hair cutting tools are now one of the best-selling consumer products in Great Britain. There has been a surge in online consumption & digital content around the world. Given all that, now is the best time for registering an international brand, especially if you’re planning on selling your product or service online.
As we’re entering into the 10th week of quarantine, more and more more business people are beginning to invest in creating/improving their websites & e-commerce solutions. In their turn, consumers seem to be leaning more toward making their purchases exclusively online.
The biggest loser now is, of course, online travel agencies which have seen their traffic drop to a record low level (some report a decrease of 90%). Therefore, entrepreneurs in this sector are hoping that that the governments of their countries will let them know when travel restrictions will be lifted so that their clients could at least plan their trips.
While consumers undoubtedly enjoy making purchases in physical stores, it is obvious that the number of online purchases is growing, and this process will only be gaining momentum over time. Registering an international trademark during the COVID-19 pandemic has become even more relevant than before the quarantine. Therefore, if you need legal assistance with registering an international brand, you can always keep ID Decision UK in mind.
Looking for legal assistance with registering a trademark? Need legal advice on brand protection? IQ Decision UK can handle that & a lot more.