There’s no question about it: #consumerism or in other words the #consumerbehavior model has gone through tremendous changes in the business province over the last decade, and is likely to evolve further.
Let’s consider an example; Smriti & Rahul are a married couple in their 30s. They grew up in a typical middle class family set-up wherein they were just provided with the basic amenities owing to the modest family income, limited choices of products, traditional purchase mind-set and avoiding any kind of unnecessary spending. The entire focus of their lives revolved around saving as much as they can so as to buy their own house, & for their post-retirement life.
But, thanks to the growing globalization, the #consumer attitudes have been undergoing drastic changes. So, unlike their parents Smriti & Rahul are much more exposed to new products/technologies, with their buying patterns being more inclined towards products that add to their status, provides great experience, & are time-saving, than focusing on buying only necessary & conventional items. And this not only holds truth in this particular case but also for most of the consumers globally, with the interest in spending on conventional stuff witnessing a decline.
Unlike earlier, immediate gratification assumes more significance than creation of assets. Previously, if buying a car or house was the top most priority, today it is more of buying of social status items such as i-phone or going on international vacation. Indeed, we can say that there has been a drastic shift in the consumer behavioral & spending patterns over the years!
Moreover, the consumers nowadays are much exposed, aware & knowledgeable when it comes to their needs & expect innovative products which are reasonably priced, provides prompt satisfaction, swift results along with constant access & efficient service. And if they can’t find these, they would not hesitate to shift their loyalty to other brands.
To address this shift in consumer behavior, #marketers can adopt the following key points to effectively adjust to this change & succeed in providing the exact experience to customers:-
Developing products/services keeping in mind the specific needs, desires & pain points of customers.
Creating personalized journeys across their preferred channels to increase engagement.
Regular communication with customers.
Developing a strong feedback mechanism to understand the mind-set of the customers
Strategizing at providing customer satisfaction.
Providing a comprehensive & great buying experience from pre-purchase interaction to post-purchase.
Using technology for better customer engagement.
Hope these quick facts on the current trends in consumer behavior will help you in addressing their needs in a much better way, thereby improving your own sales & revenue growth in return!
Do share any other fact that you think can be added to our list by commenting below.
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