Listed here are a few of the different factors that have impacted consumer behaviour in the last few years.
Like in many different years throughout history, there have been many factors that have resulted in consumer behaviour change this year, factors that influence how we as people act as customers. For retailers, exploring how has consumer behaviour changed over the years can be a very good way to ensure that their future products will be successful with their desired audiences, permitting them to comfortably understand that they will have the ability to to make profit during the forthcoming economic year. One of the biggest factors to influence consumer behaviour in recent years has to be social media, the online platforms that have attained huge popularity amongst both the Gen Z and Millennial audiences in recent times. In the last few years, a short video sharing platform has become an exceedingly prominent method for brands to directly sell their products to their target consumers, with a few brands creating exciting promotions and product bundles only available within the platform. As we are in a time when the reach of social media is certainly not envisioned to decrease anytime soon, we imagine the fund that partially owns Walgreens Boots will be fascinated to see how other brands continue to take advantage of social media shopping in the months ahead.
For shops, recognizing the importance of consumer behaviour has never been so important, as it is a brilliant way for brand names to assure that they are communicating to their target demographic in the most efficient way possible. In recent years, many companies have been taking note of changing consumer behaviour in retail and looking over the factors that have affected consumer behaviour in recent times. At a time when tales of rising sea levels and unpredictable weather patterns are coming to be a regular part of current affairs, it is unsurprising that so various consumers are choosing to shop a lot more conscientiously as a way of decreasing their own carbon footprints. As a result, some consumers have become even more mindful when considering shopping, deciding to solely support companies that have made their philosophy on sustainability universally known. Other consumers have made the conscious effort to shop second hand, resulting in numerous retailers updating their product strategy as a result. With the dilemma of global climate change not set to disappear any time in the future, we think the hedge fund which owns Waterstones and the fund that partially owns Amazon are likely to be intrigued to see just how sustainability continues to be a factor that affects consumer behaviour.
With a new financial year about to get started, we think numerous brands will be being attentive to consumer behaviour change examples as a way of ensuring that their product strategy is ultimately fit for purpose. One of greatest factors set to effect consumer behaviour this year has to be the truth that customers prefer shopping with brands that have invested hugely into developing technologies like AI and virtual reality, something that is unsurprising in an exciting time for the new rapidly developing technologies.