Consumer today are more empowered, more demanding and more importantly better connected with each other. With the emergence of the Internet, the market has changed, for better or worse, that is up to you to decide.
All because of the internet and presence of several online review platforms like Top10BestPro and bestviva.net where customers can find information about the best products and also share their opinions and feedback with others. They can compare prices, find the best offers and coupons.
The smartphones have made all this possible as the internet and its wide range of possibilities is always just one touch away. The internet enabled smartphone has empowered the customer and allowed him to shop in countless ways. It has changed the mindset of the consumer. Such a scenario creates lots of opportunities to the retailers as well as they can now get directly in touch with the buyers and keep a tab on their buying habits.
The modern consumer can be described as having the following characteristics:
• 24/7 Consumer
The online market platforms can be globally accessed anytime anywhere all you need is a device with an internet connection. This has created a 24/7 consumer the shop too never closes. Retailers also have to assess the needs of the consumers throughout the day, and the requirements are incredibly diverse as consumers come from different time zones spanning full geographical location. Their expectations are different and high, and retailers have to go the extra mile to fulfill these expectations on each of the online platforms.
• Empowered Consumer
There is no shortage of information, and with various review sites and social media, the consumers can get whatever data and info they want. This has significantly decreased the bargaining power of retailers and now consumers can dictate the shopping terms. They possess the necessary means to explore alternative products and ignorant retailers can very quickly lose their customers and that too not just for the current purchase but also for the long term. Moreover, when consumers can post their reviews online, negative comments can drive away other existing customers and potential buyers. So, retailers have to be responsive to the consumer’s concerns both offline as well as online.
• Omnichannel Consumer
The consumer today has lots of channels to access and buy the products and interact with the retailers. For instance, he may obtain the company products via the company website or through an app exclusively related to the company. Then there are online platforms like Amazon where the products might be available. Similarly, not only buying, the consumer may also want to register a complaint or put in a service request, which again is possible through a multitude of channels like app, website, over the phone etc. the manufacturers should aim to provide a seamless shopping experience to the consumer across all these channels for hassle-free buying.
• Increased Content Consumption
As we mentioned, customers are more empowered due to the availability of more information. Consumers, before they buy the product are content consumers who are influenced by the content, they are subject to either on social media, customer review sites or the data on online market platforms. The material can be of any form, audio-visual, text or interactive content. Such content enriches and complement the buyer’s decision.
• Global Experience
As consumers are spread far and wide across the globe, a customer sitting in New York and a customer sitting in Melbourne might have the same needs, opinions, and tastes even though they separated by thousands of miles, just because they were exposed to the same kind of products and experiences on the internet. It is increasingly, therefore, to be careful in segmenting the consumers by any one criterion. The consumer today is a more complex being and it might not always be possible and correct to single out any one thing.