Some consumer trends are driven by technology and convenience, while others are moral decisions
Consumers are the decisive factor behind the success of any business. For a business, it is important to take note of what’s hit with your consumers and what’s not. Some consumer trends are driven by technology and convenience, while others are moral decisions. Consumer trends change quickly, thus businesses are forced to act just as swiftly to keep up with them to stand out from the competition. Here are 3 key consumer trends that will affect the business world in 2019.
Personalization in products came into limelight in the last few years. From shampoos to beverages, many brands are allowing consumers to customise the products according to their needs and desires. Consumers are increasingly expecting brands to provide them with experiences that are tailored to their individual wants and needs.
According to a recent report, 71 percent of consumers find impersonal experiences frustrating. Customers are valuing a hint of personal touch to the products and services offered. They expect brands to give them relevant and timely promotions, products, or services based on their personalized data. In short, consumers expect brands to know them.
With the recent influx of information and technology, a customer is able to gather complete data about a product or brand. Millennial customers don’t believe in impulse buying. They first research about the brand, check the review and testimonials, then fixate on the decision of availing the product or service.
But, yet experiences and opinions differ from person to person. Thus, consumers nowadays like to dip their toes before fully immersing themselves into the product. Therefore, brands are offerings sample version of their products at lower prices by means of smaller packaging, broadening distribution channels.
E-commerce is not everything... but necessary
With technology making our lives easier, one can get anything delivered to their doorsteps with a single click. Thus, driving the demand for e-commerce sites. But if reports are to be believed, it is not everything. Some 82% of consumers believe going into a store to physically buy something gives them more security when it comes to expensive or recurring items or services.
Hence, simply focusing on e-commerce won’t count as a profitable move. Although, you should also have a good presence over the internet as 47% of consumers prefer to at least research products online to help them make a decision before buying in store.