If a business wants to stay ahead of the competition, it must stay updated about the ever-changing consumer behavior.
Over the last few years, consumers’ behavior and shopping habits have changed drastically, mainly due to changing lifestyles, social media influence, and technology. The rise in online shopping is also a major contributor to this change.
According to Global Management Consulting Firm McKinsey & Company, consumers are showing significant changes in their priorities and preferences, with over 75 percent exploring new shopping habits and behaviors.
Indeed, retail marketing techniques have also evolved to cater to the shift in consumer behavior and preferences. Businesses must always be ready to keep up with the latest trends to stay relevant.
Thomas Ligor of New York explores below the ever-changing consumer shopping habits and how businesses can adapt to these changes.
Trends and Technology: Changes in Consumer Behavior
Digital Transformation
When the retail industry and technology shift, so does the behavior of consumers.
Tech Informed found that a whopping 73% of consumers prefer shopping online because of the user-friendly nature and convenience it offers. Customers also have high expectations when it comes to online shopping, so companies need to ensure that shopping in their platform brings about a smooth and seamless experience.
Personalization
Consumers also expect to get personalized services that cater to their specific needs and preferences. To address this, businesses should start capitalizing on tailored campaigns instead of marketing strategies designed for the masses.
Health and Wellness
As more people shift to a healthier lifestyle, shoppers have also started seeking products and services that support their health and well-being. Products that promote relaxation and wellness are all the rage, so retailers must answer to this demand.
Customers have also started championing the environment, and they expect brands to follow suit in promoting sustainability and reducing waste. To keep up with this trend, retailers must find ways to prioritize eco-friendly practices and sustainable solutions.
Consumer Habits and Behavior: Strategies to Adapt
Employ Omnichannel Retailing
To maintain a competitive edge in the industry, companies should consider omnichannel retailing which provides consumers the convenience of shopping their brand across different platforms, including in-store, mobile, and web.
To make their customers’ shopping experience even more convenient, payment methods should be diversified; adding online payments, mobile wallets, and other quick and easy methods.
Enhance Online Presence
If a company doesn’t have a strong digital presence, they’re going to get left behind.
With most consumers spending the majority of their time online, it makes sense that brands should constantly update their social media profiles and invest in professional websites optimized for just about any device.
A strong online presence that offers value to consumers paired with smooth online shopping experience can catapult a brand to success.
Collaborate with Influencers
We are in an era of influencers. These online personalities are doing their job right – influencing the masses. Partnering with influencers opens a whole lot of opportunities for brands like business exposure, enhanced customer reach, improved engagement, and better sales.
The bottom line – customer behavior and habits change all the time. It is the business’s responsibility to adjust and adapt to these changing needs. Happy customers, booming business – it’s a win-win for everyone.
