Recent Trends in Consumer Demand Mobilisation of Consumption Consumers increasingly consume at home or onthe move.
there is a trend that consumption takes place not only where theconsumer wants but also when the consumer wants. These trends are facilitatedby new technologies such as internet and mobile phone services with 24 houraccess to sales platforms making it possible for consumers to make orderswhenever they find it convenient Globalisation Just as production has become increasinglyinternational, demand is also affected by globalisation trends. Consumers nowexpect products from all over the world to be delivered to their doorstep.Information and communication technologies have made cross-border trade easierand consumers in very different parts of the world now have access to verysimilar products. InnovationDigital and technological advances are enabling usto create in new ways–leading to new creative forms and helping us see a newappreciation of the digital as a thing of beauty.This use of science is no longer just for experts.
We are in the midstof a new form of industrial revolution where technological advances areenabling people to make the transition from users to creators. We’re seeing anew appreciation of the digital as a source of inspiration and the means tocreate are now in the hands of everyone. Coding has gone fully mainstream, andthe rise of 3D printing is hailing a new era for industry. Soon everyone willbe a manufacturer, able to create what they want, when they want it.
Mindfulness. In a world full of buzz and surfaceinteractions, people are seeking more depth and meaning. Leisure is becoming asmuch about self-development as pleasure-seeking, and there is a growing senseof earnestness, consideration and thoughtfulness. People are craving time awayfrom the stimulus of the internet, and are severing their connection totechnology. People are also becoming increasingly aware of the ethical impactof their everyday lives. They are encouraged to think about–and takeresponsibility for–the ethical status of the things they do, buy and support.
Super-Personalized Personalization has been taken out of the hands and tastes ofconsumers. Advances in technology mean that products are able to read consumersand give them what they want – sometimes without even being asked. Whilemass production is an important part of globalisation, an important countertrend is customization of products and services to individual needs and wishes.An example of this trend is the increasing importance of customized productsand servicesCustomer EngagementEngagement on the Social Web meanscustomers or stakeholders become participants rather than viewers. Theengagement process is, therefore, fundamental to successful social marketingand to the establishment of successful social business practices. Engagement ina social context implies that customers have taken a personal interest in whatyou are bringing to the marketSocial business, therefore, isabout equipping your entire organization to listen, engage, understand, andrespond directly through conversation and by extension in the design ofproducts and services in a manner that not only satisfi es customers but alsoencourages them to share their delight with others. If social media is thevehicle for success, social business is the interstate system on which it ridesinto your organizationAcross industries, the percentageof consumers saying they participate in at least one customer loyalty programhas increased since 2009 as has the percentage indicating such programspersuade them to stay with a provider. However, program adoption is primarilydriven by the desire to gain access to the “best deals,” indicating a sort ofshort term loyalty that fails to keep customers committed for the long haul.
Whileconsumers stated increased loyalty due to such programs, their actual behaviorsindicate they continue to leave providers at a high rate. Omni-channel AccessWidespread use ofmobile devices has also raised the need for organizations to have a 24/7 presenceon their social media pages to handle the complaints and queries of customers.Mobile devices are going to change the way organizations are encompassing theuser’s perceptions and feelings before, during and after their interaction. Themcommerce now outweighs the e-commerce traffic.
Clearly, shopping onsmartphones has already changed the game. Industry experts believe thatmcommerce will soon contribute as the major revenue provider. Therefore, ratherfocusing on different channels of customer service, organizations should focusmore on creating great user experience in the mobile-driven world