Consumers are always shifting preference. The onus is on businesses to keep readjusting strategies to keep in touch with evolving market behaviours which capture new trends among the consumers.
Lifestyle changes, changing economic realities, technological innovation, influences of celebrities and activists are some of the factors that influence consumer behaviours. This is why Sarah O’Grady, brand manager at Valassis, a retail analytic firm, advised businesses “to look beyond the traditional purchasing journey to meet the needs of the modern consumer and put the customer first”.
Unlike traditional analysis of buyers and users, the modern consumer is a mixture of complex influences. Each one is a ‘merger of different entities’ which comprise social media influences and persona-booster such as the artificial intelligence ecosystem [AIE].
Those complexities demand constant tracking to scope a robust, timely response that match key changes in focused sectors. Segment analysis is not enough in this instance. Customer personalization is needed to gain a broad view of targets.
TotalRetail conducted a research into new consumer motivation:
1. Consumers welcome information and are more informed.
Our unprecedented access to information means that virtually anything anyone wants to know about a product or service is available online. This reality has had a significant influence on how people make purchasing decisions. We found that 60 percent of people research products online before making a purchase, and 62 percent read a product’s label carefully before buying it. Instead of feeling overloaded by information, 68 percent of people say they feel more qualified to make an informed decision on a purchase.
2. Discovery is important … but so is efficiency.
A majority of people (61 percent) say they enjoy finding new products and consider shopping an enjoyable, easy-going excursion. This leads to spontaneous purchases when consumers encounter unforgettable experiences. However, once consumers know what they want, they’re ready to buy as quickly as possible. Case in point: 43 percent of consumers want to shop more efficiently and welcome in-store advertising that guides their browsing.
3. The purchasing journey is shorter than ever.
Busy consumers are looking for shortcuts to get what they want. A majority of consumers (69 percent) prefer to get their shopping done as quickly as they can, and 65 percent said they always go with the products they know, which means strong loyalty to brands. This desire for familiarity and convenience has led 24 percent of customers to use services like Amazon.com’s Subscribe & Save. These services ensure consumers’ favorite products will be delivered to them regularly.
4. Social media and online influencers guide purchases.
Thanks to social media and the rise of influencers, word-of-mouth marketing has extended beyond casual recommendations from family members and friends. Our research shows that 30 percent of users look to influencers to try out new products before they take the plunge themselves, and a quarter of shoppers trust ads more that feature people they follow online. Additionally, 28 percent of consumers say they enjoy interacting with brands on social media.
5. Consumers want a customized experience.
The internet has made it seem like everything a person wants is just a click away, but many consumers still feel like they can’t find exactly what they want. Forty-three percent of respondents want services and products that cater to their specific needs better. This is true in advertising, too. Consumers like relevant ads that pop up in product searches, and 50 percent want more relevant ads delivered at appropriate times.
Check out the report here.