Whether you sell burgers or luxury watches, ignoring minor tweaks in consumer behaviors may result in major setbacks for your brand.
Here are some examples of not so apparent changes in consumer behaviors over the past 6 months:
It is not the 80% that we know …
While online shopping is being adopted by an increasing number of consumers, we have mapped the following 4 common psychographic traits in online buyers irrespective of the category:
- They focus on short-term goals rather than long-term objectives
- They seek instant gratification from their shopping experience
- They have very little patience for bad service
- They take into account feedback of other online buyers
Here are 2 significant attitudinal changes resulting from these minor behavioral changes over the same period:
- 39% online shoppers say they have abandoned ecommerce sites or apps if they haven’t found what they were looking for in 3 clicks
- 43% online buyers say they prefer getting a store-like experience over a jazzy looking ecommerce portal or an app
What is in it for you?
In our discussions with around 450 brand executives over the past 6 months, 90% of them sounded clear about where the market is headed to. But while designing research questionnaire, we realized that most brand teams considered these subtle changes in consumer behaviors as auxiliary to their markets. Interestingly enough though, 6 brand executives said that our post-research findings (containing subtle changes in consumer behaviors) helped them have a fresh look. Consequently, they were able to redefine their value proposition. For 4 brands, that meant better utilization of NPD and advertising budgets while for the other 2, it meant meaningful alterations to segmentation.
At times, it is the 20% we don’t know that gets us.
