Trend One: We (the customer/consumer) are becoming wiser!
Firstly, Everyone’s an expert
Power has switched. Previously, shoppers relied on certain brand or information source to get what they wanted. Now companies must innovate, drive prices down, streamline and glitter their offerings to entice shoppers. Rather than be seduced by brands’ marketing, consumers look to each other for advice on what to buy and where, and how to get the best product for their money
Secondly, ‘The customer is always right’ has never been truer
As consumers continue to explore, discover and leverage the vast amount of resources, information, shops online, the amount they spend online, continues to increase. This customer consumes and acquires knowledge through reviews, trials and forums; their purchases are informed by their peers and Influencers.
I see two primary learnings and or take aways:
- Social Media has given new meaning to word of mouth
Increasingly, consumers are using twitter, whats app, facebook and instagram to share research, offer discount codes, swap secret deals and helpful hints. Instagram recently revealed that over 400 million users use the Stories function every day, with many Influencers now using it as their main platform. Every brand needs a presence on social media, and needs to leverage the ability to create and distribute content via these channels in an entertaining, adding value to your followers/consumers
- Consumers are seeking to trust and want a relationship with their chosen brands
This is a massive opportunity for brands, smart brands who have reliable product/service and can create a differentiator against their competitors; and the best way to do this is through narration – relevant content. Ultimately creating a memorable experience for your customers/consumers. Retail isn’t dying. The traditional consumer is, therefore it is up to the brands/retailers to change their habits.
Each of the trends will be revealed daily!