In the past decade, there has been a dramatic shift in the way consumers shop for products. With the advent of technology and social media, shoppers are now able to research products, compare prices, and read reviews before making a purchase. This has led to a more informed and empowered consumer, who is no longer reliant on traditional advertising and marketing techniques.
As a result of this shift, businesses must now adapt their marketing strategies to meet the needs of the tech-savvy and social media-savvy consumer. In order to succeed in today’s market, businesses must understand how to utilize technology and social media to their advantage.
The following article will explore how technology and social media are reshaping the way we shop for consumer products. It will discuss the advantages and disadvantages of this new shopping landscape, and offer insights on how businesses can adapt their marketing strategies to meet the needs of the modern consumer.
The Changing Landscape of Consumer Products
The changing landscape of consumer products is one that is constantly evolving. With new technologies and products being released all the time, it can be hard to keep up with the latest and greatest.
However, there are some general trends that are shaping the landscape of consumer products:
- One of the biggest trends is the move towards more sustainable and eco-friendly products. Consumers are becoming more aware of the impact their purchases have on the environment, and are looking for products that are made from sustainable materials and have minimal packaging.
- Another trend is the rise of digital products. More and more consumers are opting for digital versions of products instead of physical ones. This could be anything from e-books to streaming services to online courses.
- Finally, there is a trend towards personalization. Consumers want products that are tailored to their specific needs and preferences. This could be anything from custom-made clothing to personalized skincare products.
How Technology and Social Media are Reshaping the way we Shop?
There’s no doubt that technology and social media are reshaping the way we shop. For one thing, online retailers are now able to track our browsing habits and target us with ads for products we’re interested in. And social media platforms like Instagram and Pinterest have become major players in the e-commerce space, giving brands a new way to reach potential customers.
But that’s not all. Technology and social media are also changing the way we interact with brands and make purchase decisions. Thanks to platforms like Snapchat and Twitter, we now have direct access to the people behind the brands we love. And that’s giving us a new level of transparency that’s influencing the way we shop.
So, how exactly are technology and social media reshaping the way we shop? Here are three key ways:
1. Consumers shop more online.
There’s no doubt that the internet has made shopping more convenient. We can now shop from the comfort of our homes (or anywhere else with an internet connection), and we have access to a much wider range of products and brands than we ever did before.
According to a report from the U.S. Department of Commerce, online retail sales in the United States have grown by more than 10% every year since 2010. And it’s not just big retailers that are benefitting from this shift to online shopping. Small businesses are seeing a boom in online sales as well.
2. Consumers spend more time on our phones.
Our phones have become our go-to shopping tool. In fact, a recent study from eMarketer found that adults in the United States now spend more time on their phones than they do on their computers. And when it comes to shopping, we’re using our phones more and more.
According to a report from the National Retail Federation, 40% of Americans said they used their phones to make a purchase in 2017, and that number is only going to grow. Thanks to advances in mobile technology, we can now shop, compare prices, and make purchases all from our phones.
3. Social media is playing a bigger role in shopping habits.
Social media is playing an increasingly important role in the way we shop. Platforms like Instagram and Pinterest have become major players in the e-commerce space, giving brands a new way to reach potential customers. And thanks to platforms like Snapchat and Twitter, we now have direct access to the people behind the brands we love.
What’s more, social media is changing the way we make purchase decisions. A recent study from the University of Pennsylvania found that social media influencers have a major impact on the way we shop. In fact, the study found that social media influencers are twice as likely as our friends and family to influence our purchase decisions.
So, there’s no doubt that technology and social media are reshaping the way we shop. Thanks to the internet, we can now shop from anywhere, and thanks to social media, we’re more connected to the brands we love.
Major Trends for Evolving Consumer Products Market
There are numerous major trends in the changing landscape of consumer products. The most notable changes are happening in the area of product development and marketing. Consumer products companies are now focusing on developing products that are more unique and innovative, rather than simply copying what already exists.
Additionally, they are placing a greater emphasis on marketing their products in a way that resonates with consumers on an emotional level. These companies are also investing more heavily in research and development in order to stay ahead of the curve in an increasingly competitive market.
The following are a few noticeable trends:
- The rise of digital and online platforms: With the advent of digital technologies, consumers are increasingly interacting with brands and products through online platforms. This shift has led to the rise of new business models such as online retail and direct-to-consumer (DTC) brands.
- The growth of mobile commerce: Mobile commerce is growing in popularity as consumers use their smartphones and other mobile devices to research and purchase products. This trend is being driven by the increasing use of mobile devices, the growth of mobile payment options, and the expansion of mobile commerce platforms.
- The rise of social media: Social media platforms such as Facebook, Twitter, and Instagram have become key channels for marketing and promotion for many brands. Social media is also playing an increasingly important role in the discovery and purchase of products, as well as in post-purchase customer service.
- The growth of e-commerce: E-commerce is growing in popularity as consumers increasingly turn to the internet to research and purchase products. This trend is being driven by the convenience and ease of online shopping, the expansion of e-commerce platforms, and the growth of mobile commerce.
- The rise of experiential marketing: Experiential marketing is an increasingly important trend in the consumer product landscape. This type of marketing focuses on creating memorable experiences for consumers that engage their senses and emotions. Experiential marketing can be used to promote products, build brand awareness, and create loyalty among customers.
How Assuras can Help Implement these Trends?
Assuras is a global management consulting firm that helps organizations to follow major digital trends in the consumer products market. We provide our clients with research and insights on the latest digital technologies and trends, as well as guidance on how to adopt and implement these technologies in their businesses.
We also offer our clients a wide range of consulting services, such as market research, business process improvement, and change management.
Our team of experts has a deep understanding of the consumer products market and the latest digital technologies and trends. We can help you to identify the most relevant technologies and trends for your business, and to develop a digital strategy that will enable you to stay ahead of the competition. We can also help you to implement the latest technologies and trends in your organization, and to measure and optimize the performance of your digital initiatives.
How Social Commerce Is Reshaping Customer Experience?
Social commerce is the use of social media platforms to facilitate the buying and selling of products and services. It is a relatively new phenomenon, and is often seen as a way to bridge the gap between online and offline shopping.
There are a number of ways in which social commerce is reshaping customer experience:
- For one, it is making it easier for customers to find and purchase products and services that they are interested in. In addition, social commerce is also providing a more personalized and interactive shopping experience for customers.
- One of the most notable changes that social commerce is bringing about is the way businesses are interacting with customers. In the past, businesses would typically use mass marketing techniques to reach out to potential customers. However, with social media, businesses are now able to target specific demographics and even individual customers. This has resulted in a more personalized and interactive shopping experience for customers.
- Finally, social commerce is also giving rise to new business models that are changing the way businesses operate. One of the most notable examples of this is the rise of the sharing economy. The sharing economy is an economic model where individuals and businesses share resources and services with each other. This is resulting in a more efficient and sustainable way of doing business.
Evolving E-Commerce Trends
Personalization is one of the most important eCommerce trends for businesses to consider in 2019. By using data to personalize the shopper journey, businesses can create a more seamless and individualized experience for each customer. This, in turn, can lead to increased loyalty and conversions.
Mobile commerce, or mCommerce, is another big eCommerce trend businesses need to be aware of. With more and more shoppers using their mobile devices to purchase goods and services online, it’s important for businesses to optimize their online presence for mobile. This includes having a responsive website design and mobile-friendly checkout process.
Social commerce is a relatively new concept that’s becoming increasingly popular. It refers to the use of social media platforms, such as Facebook and Instagram, to drive sales and traffic to an online store. By leveraging the power of social media, businesses can reach a larger audience and boost their sales.
Augmented reality, or AR, is another cutting-edge technology that’s starting to be used more in eCommerce. AR allows businesses to create an interactive experience for shoppers by overlaying digital content on the real world. This can be used to provide product demonstrations or give shoppers a realistic preview of what a product would look like in their home.
Chatbots are computer programs that mimic human conversation. They’re commonly used to provide customer support and can be a valuable addition to any eCommerce business. Chatbots can help answer common questions, provide recommendations, and even upsell products.
Voice search is another eCommerce trend that businesses need to be aware of. With the popularity of voice-activated assistants, such as Amazon Alexa and Google Home, more and more people are using voice search to find products and services online. This means businesses need to optimize their website for voice search if they want to be found.
Blockchain is a distributed database that’s often used to secure financial transactions. However, it also has the potential to disrupt the eCommerce industry. Blockchain could be used to create a decentralized marketplace where buyers and sellers can connect and transact without the need for a third party. This could revolutionize the way eCommerce businesses operate.
Bottom Line
The way we shop is changing, thanks to technology and social media. We now have more choice and transparency than ever before, and can easily find the best deals on the products we want. We’re also more likely to share our shopping experiences with others online, which can influence their purchase decisions. In the end, consumer products companies need to keep up with these changes in order to stay relevant and successful.