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.
