The realm of consumer preferences is constantly evolving. Consumers no longer look at just the quality and price to base their decisions on; they consider a matrix of factors. This has pushed businesses and corporations to study consumer behavior throughout all economic cycles. Be it during recessions, booms, or even unprecedented events such as a natural calamity or global pandemic.
Here are five factors consumers evaluate before purchasing a product.
1. The Need & Functionality
For many consumers today, the durability of the product matters the most. This extends to its functionality and needs as well. Both these features combined are the perfect duo that consumers are willing to pay for.
2. Sustainability Is the Way to Their Heart
With climate change reaching an almost irreversible level, consumers are now more inclined than ever to help preserve the environment. Thus, they seek to align themselves with business ventures that care for the environment. Transparency in business operations and sustainable practices are the first aspects consumers gauge while buying products. For them, altruism is a top priority these days, given the harsh realities of climate change that has manifested itself in every corner of the world.
3. Simplicity – Inside and Out
Products that are simple to use and comprehend, make it to the top of the list. In the fast-paced world, we live in today, consumers want to get a hold of products that require minimal effort to operate and can get the job done quickly and efficiently. This also extends to easy-to-pronounce names of products – so if you want to be unique, try to avoid using words that no one can pronounce or understand.
4. Reviews, Reviews & Reviews!
The power of social media comes into play here. Consumers often rely on reviews that they read online. In addition, they are more prone to gather recommendations and reviews from various sources before deciding. So, if you want your product to sell, ensure your reviews are branched out on different social media platforms and websites.
5. The True Value of the Product
The price of the product now rests on its true value. While consumers may not be well versed with the processes of product development, they can, however, mentally evaluate the value for money of products. Anything priced too high without having the true value is sure to be left on the grocery aisle.
Wrapping It Up
Consumers have become more aware and responsible. The access to information at the click of a button has allowed them to weigh their options carefully. So, making decisions and choosing products has taken on a new form today, one that is shadowed under the umbrella of sustainability. Moreover, with climate change on display today, using environmentally friendly products has become the new norm, forcing corporations to shift to newer models of designing, manufacturing, storing, and transporting products. Thus, putting into drive the struggle to build a better world for future generations.