In the twenty-first century, technological up-gradation has shaped the mindset of the modern-day consumer. There has been an upsurge in the demands of updated technology. And other goods and services that were not talked about before. For instance, the demand for online grocery stores and health apps, etc. Availability of all categories of products due to enhanced tech usage has heightened the demand side of society. To meet the unlimited demands, several companies have cushioned themselves via digitization. There has also been an increase in the multi-vendor website culture as it has allowed a revolution in digitization.
Because technology influences consumer behavior, most business executives are receiving challenges to exceed customer expectations. Consumer behavior appears to be more impacted by smartphones and tablets as a result of the advancement of information technology. Technology has empowered the user to an extent that he/she has authority over product owners.
A typical consumer nowadays expects a quick response and efficient delivery from all businesses. This has resulted in firms having enormous obstacles to keep up with consumer expectations. Everyone utilizes social media, cellphones, apps, and other gadgets to discover and connect with companies, thanks to the constantly rising digital revolution. The Covid-19 epidemic has expedited this trend, forcing individuals to live in an e-commerce environment since they are unable to leave their homes. E-purchases, online bill payment, online education, and hybrid work models are a few changes that have fastened the progressive pattern of society.
Role of Digital Marketing in Deciding Consumer Choices
Digital marketing can shape Consumer choices by brand . Experiences may be made more engaging and useful by incorporating a few key characteristics such as appropriate data, the role of AI, NLP, and brand building techniques. Companies now have a single perspective of each consumer and properly target them to increase the relevance and integrity of their messages.
AI & NLP
Complex and perplexing client journeys are being automated using artificial intelligence (AI) and natural language processing (NLP). The Amazon suggestion algorithm, for example, is in charge of putting things in front of buyers that they had no idea they wanted. Research shows that 90% of buyers utilize more than a single gadget to view products before making the purchase. Several US businesses are now shifting to online platforms to curb the needs of the modern-day buyer.
Digital Marketing & Technology
Consumer behavior is shaped through digital marketing encounters that are always contextual. Traditional communication, for example, may send a mailing to a whole database in bulk. Digital advertising campaigns can be triggered depending on interactions and affect customers on a one-to-one level.
Cellphones and Digital Presence
For individuals who wish to stay posted regarding the latest trends in the market, a smartphone is all that is needed. Establishing a mobile-friendly website and even an app store for business has helped several buyers turn into sellers. Any organization that has no online presence seems to have lesser sales than those that have a well-maintained social media platform. Also, a study reveals that 55% of users research online products before buying.
With a mobile phone in hand, a shopper in Walmart may easily browse product details and reviews and purchase the item that best meets their needs. Being available on the internet is now easier and helps keep customers and businesses updated about each other. Moreover, greater digital payment security has boosted internet shopping. People are becoming more comfortable using their cellphones to go window shopping plus reviews play a major role to assist on what to buy. Modern-day customers rely greatly on rankings and five-star reviews by co-buyers.
The significance of social networking websites and the services they provide has evolved throughout time. It has progressed from a simple socializing and leisure platform to a serious marketing and selling tool. Businesses of all sizes, from small to large, must keep an eye on these platforms and use them to build a better connection between their services and their customers. Study shows that consumers are 71% more inclined to purchase an item after hearing about it on social media. The Q&As tell things like what customers want and what they’re looking for, as well as a company and its competitor’s strengths and flaws. Post boosters and other algorithmic methods used on social media attract more buyers and represent demand transparently. This has allowed for a better understanding of consumer preferences and the wiping of unneeded goods off the shelves.
Augmented Reality & Technology
The number of augmented reality-enabled gadgets is growing in sync with the advancement of computer technology. The qualities of augmented reality include a blend of the actual world and the virtual world, allowing for the application of 3D objects and things that appear in the real world. Some examples include the Loreal makeup app, IKEA app. Disney coloring books etc. These apps are depictions of how AR has eased the user’s choices. Regarding what to buy or wear after checking how it looks like in the AR world. This has enabled heightened demand for the related products and robust revenues. The study reveals that consumers who see augmented realities as a social activity are 20% more inclined to buy the brand’s items. IKEA displays its interior products in the AR mode before selling them to the customers. This allows for a better shopping venture improving user experience.
Covid-19 as a Game-Changer of Technology
One of the major public consequences of the COVID-19 pandemic is the possible paralysis of health systems. And the economy, particularly in middle- and low-income countries. COVID-19 illness is a global issue that requires strong economic management and medical techniques to overcome. Advancements in technology, advocacy, and mobilization play a critical role in better understanding pandemic outbreaks.
Amidst the virus, the consumers have shifted from luxury spending to necessity buying kind of preferences. A study shows that China is on the verge of offering a robotics delivery system to keep people from direct contact. Even for product delivery services. Moreover, an increase in telehealth and medical facilities has gotten on a new venture. Due to online consultations and doc-patient relationships. Also, remote work has allowed for organizations and individuals to have less mobility and increased health expenditures. The trend of Mental Health App and other self-care apps has made the buyers more self-centered leading to more health awareness.
Although these consumer-centric models have made selling easier for companies the readiness of everything has made the consumers impatient. A buyer who seeks customer service for a size chart to buy a shirt may switch to another website if not responded in time. Similarly, influencers on social media have impacted the viewers’ choices to a great extent. Businesses now targeting online models to expand themselves. Therefore, we need strategic business models that promise consumer loyalty. And minimize the negative impact of tech on consumers if there may be any.