Change in Consumers’ Behavior during the COVID 19 pandemic as an Opportunity to foster Digital Entrepreneurship in the Republic of North Macedonia

Abstract

The Covid-19 pandemic has a huge impact in different aspects of people’s life and behavior. The pandemic causes both health and economic problems worldwide by reducing companies’ economic activity, increasing unemployment and reducing consumption. In countries affected by the pandemic, people are trying to adapt themselves to the prolonged indoor stays by changing the way of behavior as both citizens and consumers. Demand is depended on consumer’s behaviour, which undoubtedly underwent changes caused with Covid-19 pandemic. Consumers are responding to the crisis in different ways; some of them feel anxious, others are worried and buying in panic, mainly the necessary products and some of them remain indifferent or suspicious despite the government and health professionals’ recommendations. To date, due to the short period from the beginning of pandemic with Covid-19, a limited number of studies are available that focus on the consumer behaviour caused by a new virus. This paper attempts to notify changes of the consumer behaviour because of pandemic with Covid-19 in Republic of North Macedonia. This paper presents the findings from a survey which was conducted in April 2020, soon after the beginning of the pandemic with Covid-19. The findings lead to various aspects of changing consumer behaviour that businesses can use to step up their digital transformation efforts, foster e-commerce and promote an effective and widespread transition of many digital platform activities as a step forward in development of digital entrepreneurship.The findings could also contribute in predicting future consumer behavior, which is significant for many businesses affected by the pandemic. While at the first blush Covid-19 pandemics imposed negative impact from the changed consumer behavior, in the concluding remarks of this paper there are clear indications for some possibilities and new business opportunities in fostering digital entrepreneurship for the present and future.