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As technology takes over more and more of our lives, it is impossible to ignore its impact on consumer behavior. Consumers nowadays have access to unlimited amounts of information and products on the Internet. The use of social media apps and smartphones have transformed how people connect with each other and businesses.
To cater to these changes, different industries like Amazon, e-commerce sites, health care, and other digital technologies have also started changing how and when services are offered. As these technologies continue to advance, companies are gearing up to match consumer expectations to keep their brand loyalty intact. Let’s take a look at how consumer behavior is being affected as technology continues to spread throughout businesses.
1. Seamless Customer Experience
The digital revolution has moved e-commerce shopping to become the new norm. In order to deliver a seamless experience, companies should optimize their supply chains. According to the annual study of Walker Sands, consumer expectation for delivery, ordering, and shipping increased massively in the past three years. Moreover, expectations from customer service have also increased.
A study by American Express indicated that 50% of consumers cancelled a planned purchase because of inadequate customer service. Businesses have also shifted towards improving experience rather than increasing the number of shoppers.
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2. Endless Choices for Consumers
As a result of this influence, consumer expectations and choices are at an all-time high. Amazon and Netflix set the bar extremely high for consumers. Furthermore, customers subconsciously expect the same premium service from small businesses owners as well. This does change consumer behavior.
While this is an overwhelming thought, the market has equally evolved on the business owner side of things as well. Marketing strategies powered by artificial intelligence helps customers gather relevant data and fill in the market gaps. Consumer expectation will increase with the increase in technology. But, fortunately with the right tools businesses can provide consistent high quality products and services.
3. Online Payments
However, apart from customer service, one of the make or break factors of any online business is the payment methods offered and whether or not it is a smooth transaction. This expectation arises out of several different ways to pay. Increased security measures online have made consumers comfortable in paying via different electronic methods. This also changed consumer behavior in a positive way.
A report by Gartner also suggests that businesses are investing heavily in online payment systems and technology to cater to the demand. This demand is due to the busy lifestyle of consumers and the convenience that online shopping provides.
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4. Multiple Devices
Multiple devices permit multiple opportunities. Moreover, mobile devices account for 54.8% internet traffic globally and almost 80% of total digital minutes spent by consumers online. According to a report by Google, 90% of consumers use more than one device to access the same information online.
Furthermore, this is why businesses need to adopt an omni channel marketing strategy. This strategy engages the consumer on their preferred platform. Omni channel marketing has shown an over 30% increase in product views and 49% in purchases.
5. IoT, Big Data and Cloud Tech
Everything you interact with online is saved in some sort of cloud technology and used to personalize your online experience. For example, everything from Alexa, to wearable smart watches, to paying through your phone, is connected to the internet.
The chances of growth are phenomenal. Businesses are moving towards business analytics and data analytics to meet their business goals effectively. These technologies are helping businesses tack consumer behavior through the access to full scale data and algorithms.
Technology will not only keep on improving but it will keep giving consumers more choices and better experiences. Businesses need to prepare themselves to embrace and integrate digital age trends. Capitalizing these trends timely has produced millionaires.
Who knows your business could be the next one. Let us know some of the new age technology that has helped you understand your consumers and take your business to the next level.
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