Current trends in Consumer Behaviour

Current trends have indicated that marketers need to be sensitive to the changes in consumer needs, demographic characteristics and lifestyles and develop effective marketing strategies. Evaluation of marketing strategies is more valid because of the greater value orientation on the part of the consumers’ today. They desire for more customised products because of their accessibility to better and more information on products and services.

In order to survive in the highly competitive market, marketers are working towards building customer relationship. The three drivers of successful relationships between marketers and customers are customer value, high levels of customer satisfaction and building a structure of customer retention.

Increased Demand for Transparency

There is an increasing customer demand around transparency. Big corporations have abused the trust of the customer for a long time. We’ve seen many scandals within various industries from food to automotive. That’s the reason why the customers of today require transparency on the supply chain, ingredients, and processes and so on.

Health conscious

Perhaps unsurprisingly, consumers are far more health conscious than before. According to Accenture, health ranked as consumers’ top priority right now. With 80% of surveyed people reporting that the health of their friends and family is at the top of their minds, followed by 78% who were most concerned with their personal health.

After months of increased hand washing, wearing protective masks and isolating indoors, hygiene will remain at the forefront of everyone’s minds. Research from Shekel shows that 87% of US shoppers would now rather shop in stores with touchless self-checkout capabilities.

But it’s not just about the short-term impact of contracting Covid-19. According to Forbes, the global pandemic has caused people to think about ageing. In particular, how they can lead a healthy lifestyle into their old age.

Accelerated Online Buying

Customers will accelerate buying online and using home delivery. This was already happening, but the pandemic revealed to skeptics that it’s easy, it works and it makes their life easier. All businesses will need to have an online strategy or they’re going to get beaten by their competitors that embrace and execute an online sale and marketing strategy.

Community driven

Although the coronavirus crisis has been a time of extreme isolation, it has actually brought communities around the globe together. Just think back to those videos of Italians singing to their neighbours in the height of lockdown, or the weekly applause for carers adopted by countries worldwide.

Nationwide lockdowns have taught people to appreciate the value of those around them, leading to a more selfless way of thinking. Across the world, online community groups have sprung up offering support to neighbours, whether it be through food and medicine delivery services or through online social interaction. These groups are likely to stick around for some time, according to Forbes.

B2B Customers Gaining More Leverage

Business-to-business customers will continue to have more and more leverage with tech vendors from checking authentic reviews to managing the sales cycle on their timeline and even benefiting from group buying pricing. Buying is changing for B2B and it’s a blessing. I encourage customers to have more leverage and power as it will result in a better relationship, less buyer remorse and higher retention.

Flexible first

Of course, while online shopping is set to boom, there’s still the issue of consumers feeling confident in their purchases. After months of living through an ever-changing and, dare we say it, ‘uncertain’ situation, the way consumers make purchasing decisions has changed.

With talk of global recession and further lockdowns, consumers feel nervous about the future and their finances. As a result, they’re struggling to commit to their purchases, especially if there’s an element of risk involved. Research by Global Web Index reveals that 1 in 5 internet users across 20 markets will be looking for more flexible payments options in the coming months.

Increased Demand for Anonymity

Customers will demand more anonymity. Given continued data breaches combined with recent politicization of electronic and social media footprints of private citizens, a new trend will emerge where assurances of security will no longer suffice. Companies will need to accommodate customers who will simply refuse to provide any information beyond what is needed for a particular transaction.