Consumers are the lifeblood of any business so knowing how they think and what they are likely to do at any particular time is critical to how businesses position themselves. Particularly at the start of a new year when businesses are crafting their strategy, zeroing in on current consumer trends can help to attract the maximum profits from customer-business interactions.
2016 saw some significant consumer trends coming to the fore. The increase in the use of the mobile phone for both purchases as well as receiving general product information, and the use of plastic in both online and offline purchases are significant; but what will 2017 bring? The following are four consumer trends to watch while marketing your enterprise in 2017:
1. Though most marketers tend to focus their online and social media marketing on Millennials (18-34 year olds), Generation X (35-50 year olds) and Baby Boomers (53-71 year olds) are emerging as strong contenders where online purchases are concerned. According to a 2015 BI Intelligence report, Boomers have adopted mobile commerce with one in every mobile shopper in the U.S. being over 55 years old. Importantly, this generation, while they tend to spend less time on social media, primarily use their devices to research products prior to purchase and very importantly, check their email which is the best way to reach them online!
2. These days, our children play a significant role in practically all household purchases. From the supermarket list to the appliances and smart gadgets that dot our homes, the influence of our children can be felt throughout. This is so because so much has changed with how we interact with the world. Back in the day, a visit to the library was necessary to complete school assignments; now with the click of a button, inside the comfort of our home, our children are able to complete assignments at their own leisure. Additionally, children are also staying at home longer; the purchases they influence today will be their comfort tomorrow.
3. Influencer marketing has continued to grow in significance particularly because it uses well-liked personalities to endorse and approve a product or brand. There is no testimonial more powerful than having a leading personality recommend your product to your target audience. These influencers through their celebrity, assist in establishing credibility for your product as well as increase trust between you and your customers.
4. Security is an important factor for all consumers. The increased use of debit and credit cards for purchases, both on and offline has magnified the threat of credit card fraud especially with the prevalence of these types of crimes. The financial sector always tried to stay ahead of the game where these types of threats are concerned; hence the chip card. Merchants should therefore invest in this type of technology to ensure that customers feel safe during transactions.
To continue reading, purchase Vol.8 #10, 2017 Issue.