Brands owe their success to their customers. Without their input and feedback, brands would be unable to identify and address customer needs and preferences, leading to a lack of customer engagement and, ultimately, business failure.
Nowadays, consumers prefer omnichannels for a better shopping experience. They shop online, offline, and through any platform that offers them value for their money. Buying a product or paying for a service is no longer just about money. Other factors contributing to a brand’s success are its availability, the number of options available, and how fast its service is.
Consumers have now learned the art of splurging on established brands and experimenting with new, smaller ones to find something of quality. This buying decision focuses on “and” not “or.”
Selective Splurging and Looking for Better Options
Consumer buying habits are different worldwide. According to a survey, 84% of Europeans see all branded products the same with one thing in common – quality. On the other hand, consumers in China are more value-conscious. They seek out promotions and discounts aggressively.
The Omnichannel Shopping Experience – Online and In-Store
Consumers use around three channels on their purchase journey. Brands need to retain omnichannel consumers because they are 1.25 times more valuable than single-channel users.
Consumers begin product research on a brand’s official website, accessing detailed information, specifications, and reviews. After researching, a consumer may choose to make a purchase online, benefiting from the convenience of home delivery and a secure online transaction process.
Some consumers prefer the tactile experience of shopping in physical stores, where they can see, touch, and try products before deciding. Finally, when on the go, retailers’ mobile apps provide a formal platform for consumers to access exclusive deals, loyalty programs, and a more personalized shopping experience.
Affordability and Sustainability
Sustainability has become a buzzword in various industries, from fashion to food, as consumers increasingly consider the long-term effects of their purchasing decisions on the planet. Concerns about climate change, pollution, and the depletion of natural resources drive this shift in mindset.
84% of consumers say sustainability matters a lot when purchasing a product, but 50% say they would think twice before paying a premium for a sustainable product, especially during economic uncertainty. This is why affordability remains a critical factor in purchasing decisions.
Responding with an “And” – Manage Uncertainties and Grow
Expanding a business into new categories and geographies can be a strategic move to tap into new markets, increase revenue streams, and stay ahead of competitors. To grow your business, you must expand operations and manage uncertainty by exploring potential opportunities.
This could involve identifying unmet needs in the market, gaps in the competition, or trends that align with your business strengths.
Expanding your business should not cost personalization. Personalization allows businesses to create a more engaging and relevant customer experience. Companies can tailor their offerings by understanding individual preferences, behaviors, and needs, making interactions more meaningful. This leads to higher customer satisfaction and fosters a positive perception of the brand.