Beware: Your Customers Are Changing
Businesses have seen a dramatic shift in consumer preferences within a short time span. The best-rated marketing strategies of a few years back are no longer effective.
Why are these changes happening? New consumers and spenders are entering the market, bringing new expectations, shopping preferences and shopping habits. Businesses and marketing teams are shocked by the stark differences in spending habits of Millennials and older generations.
Are you ready for these new requirements?
These are five areas in which markets are experiencing significant changes.
1: ONLINE PRICE CHECKING
It’s something we all do… well, most of us. According to The Intelligence Group, 72% of Millennials aged 18-34 years old research and shop online before visiting a store. Millennials prefer to have their favourite store within reach. They have access to thousands and hundreds of products all around the globe, so they can find the product they are looking for at the right price. How can you attract them to your website and make them buy? It is essential to ensure that your website is easy-to-use and that all links, products, and specials are up-to-date. Consumers are more discouraged by dead-end or inaccessible links than by-products that aren’t available.
2: REDUCED AND FREE SHIPPING
A few years back, customers could get free shipping or reduced shipping. This special incentive has become an expectation since 2013 when more businesses offer free shipping. In an effort to lower the cost of their order, consumers expect to shop online for stores that offer free shipping. Your business will need to pay shipping costs if you offer free shipping. There are several ways that companies can lower shipping costs while still attracting customers.
3: ONLINE SHOPPING VS STORE SHOPPING
Statistics show that online shoppers were more prevalent in the peak quarter of the year (October to December)
This is more than the percentage of people who shop at brick-and-mortar shops. These numbers have been stable for five years, with online shopping steadily increasing. These numbers will only increase in the future, highlighting the importance of a professional, user-friendly and up-to-date website.
4: PHONE USERS VS PC USERS
For the first time, mobile phone purchases were more popular than PC purchases in 2015. Perhaps this is a result of the growing number of millennial buyers. However, many company websites don’t appeal directly to mobile users. The number of phone buyers is expected to rise, so your website design should be appealing to them first. This is the future of Internet shopping.
5: CHANGING CONSUMER HABITS
Ten years of the economic slowdown cannot be allowed to pass without having an impact on consumers. According to studies, people aged 18-29 are more cautious and careful about how they spend their money. They are more informed shoppers and do more research before making a purchase. Your product/services can be distinguished from other websites by clearly identifying what they are. Some companies also recommend that you import products from overseas because it can be more difficult for customers to compare your products/prices to other companies products.
Although it may seem extreme, marketing strategies used 15 to 10 years ago are now obsolete. Many businesses are slow to adapt to changing consumer habits. Your business’s ability to quickly adapt to these changes can help you rise above your competition and increase your potential.