Consumer Behavior is Evolving
There has been a fundamental shift in consumer behavior in regards to how products and services are consumed. It’s easy to point fingers and blame technology for the downsizing of retail, but there are a number of other factors which are responsible for this transformation.
Time Constraints
In today’s world, we are connected to our jobs, friends, and information twenty-four seven. Thanks to smartphones, we can access information from any location. This makes it difficult to unplug from work, take time to oneself, and relax.
Because of time constraints, more and more people are choosing to do things straight from their smartphones. Why do something ourselves when we can pay a nominal fee to have someone else do it for us? Consumers are looking for solutions which will help save time, rather than perform mundane duties like parking, walking from store to store, and sinking money into gas. The result is consumers shopping online in record numbers.
Money
Online shopping not only saves time, but it also has the potential to save money when used strategically. It allows savvy shoppers to compare prices and often get the best deal on the products they want or need. Additionally, they can read reviews online to get unbiased input from other consumers.
A problem that comes with living in this technologically advanced time, however, is that there are products available today which were not essential in the past. Examples include:
- Tablets
- Smartphones
- Internet
- Streaming TV Services
While convenient, these new products add financial strain to our lives.
Minimalist Mindset
Whether one blames the rising cost of living or the fact we now have books and music at our fingertips, current consumer behavior is becoming less rooted in materialism and more focused on experiences. People are ditching the “stuff” and are instead choosing to allocate their hard-earned money toward travel, get-togethers, convenience services, and other experiences. This doesn’t mean that the window to selling is gone – just that it’s narrowing. Consumers today place high value on their leisure time. Retailers have to cater to that by making the buying process as streamlined and enjoyable as possible.
Don’t Blame Technology—Use It!
Retailers have a tendency to be responsive rather than proactive – much to their own demise. The answer to this problem is to leverage technology in ways that provide a memorable and appreciated customer experience.
With the right solutions, retailers can use technology to make lucrative data-driven decisions that will ramp up sales and boost brand loyalty. The Alert Tech platform has helped several of the largest retailers remain competitive in the twenty-first century by evolving with consumer behavior habits.
For details on how it works, or to book a personalized demo, contact us today.
