It’s a brave new world with shorter attention spans and information overload thanks to social media and the emerging technology. As consumers move ahead, retailers and marketers have started working on new frameworks to understand the consumer’s mindset. Marketing your products in this climate requires a change of focus from who is buying your products to why and how they are buying.
There are various kinds of consumers; there will be some consumers who are interested only in getting the lowest price on what they need. Many of these low-price shoppers will go out of their way to get a lower price, shopping at stores that are not convenient or waiting to buy their favourite brands until they go on sale. There are also a group of people who love their brands do extensive research before buying at the best price they can find. The Internet makes price comparison easier than ever. This group can be attracted by promises of better quality, meaning products last longer and so cost less over the long term, even when the initial outlay is higher. Messages that show brand comparisons and provide clear product data will catch their interest.
IBIS World research forecasts an 8.6% per year increase in online revenues over the next five years. The shift is now to visual vocabulary that relies on photos, vlogs, which is largely replacing the need for text. This the age of impatience, consumers want products that are on-demand and want it quickly, the retailers/marketers need to focus on making the products available and delivered more quickly. Today’s consumers are impulsive shoppers.
You cannot ignore the mobile boom, this industry is moving forward and the retailers need to tap this market as quickly as they can. It’s an age where privacy on the internet is next to impossible, so it has become easier to predict the mood of the consumers and consumer trends. Everybody is ready to embrace quirkiness and creativity, today the consumers are far more independent and don’t need any in store assistance as they are well versed with the current trends.
So all the marketers and retailers out there…keep up with the change, you don’t want to be left behind!!