Consumers are one of the vital aspects of expanding one’s business. Without them, you won’t get the income you need to grow your business. Also, consumers are the reason why companies keep on innovating so they can continue satisfying their needs. Those are the reasons why knowing your consumers’ behavior is always important. Also, knowing consumer trends can help a business adjust its strategies depending on its customers’ needs.
More and More Consumers Prefer to Buy Online
The pandemic has hugely affected how consumers do everything now. In fact, according to Statista, as of June 2020, global “eCommerce traffic stood at a record 22 billion monthly visits.”
Also, there is a high demand for groceries, clothing, and tech retail items.
For small businesses, this change levels the playing field because there’s no need to set up a business on any land. Thus no rent. Also, because it’s online, businesses now have a greater reach. Also, they are not limited by the location of their stores when it comes to getting customers.
More People Use Their Phone to do Online Shopping, Followed by PCs
The pandemic has limited how people do everything now because many have to stay home to work or avoid crowds in public places. Thus, digital devices have become the number one tool for individuals to do everything online.
According to Brizfeel, 49% of consumers use phones, while 43% use PC to shop online. This information can help businesses adjust how they market or do their online businesses to capture those numbers.
Consumers Would Share their Data In Exchange of Benefits
In a 2019 study, the Pew Research Center found out that 81% of Americans believe that the potential risks of companies collecting their data outweigh the benefits. However, according to a Genesys survey, more consumers are willing to trade their own personal data for financial rewards and benefits.
The Rise of Curbside Pickup
The pandemic has forced many businesses to be creative and adapt to the needs of their consumers, without compromising health and safety protocols. Aside from online shopping, the pandemic has also ushered in the rise of curbside pickups. In fact, according to CNBC, it surged 208% between April 1 to April 20, compared to last year.