In our world today, the rate at which consumer expenditure is growing is becoming unprecedented. Innovations in technology and design of financial models are the driving force in consumerism, and it has impacted globally. The change of consumer behavior, likes and dislikes, coupled with the advancement in mobile technology which they use extensively are all a disrupting factor to all businesses globally.
About five years ago, technological innovations became trendy in both the travel and entertainment industry. It was evident when smartphones grew to become the attraction of all customers.
1. Focusing on a new consumer segment or Building business with the strength of millennials
Young consumer groups or millennials as people know it is at the brink of changing the nature of consumer trends and shopping journeys. Today, millennials are a part of a talented target group for most brands who operate in different consumer sections such as footwear, beverages, apparel, electronics and so forth, and then lastly the Fast Moving Consumer Goods (FMCG).
2. Social media plays a significant role in building connects and changing consumer preferences in India.
The importance of social commerce has increased significantly in our world of connected consumers. User-generated advertorial content is now made up of ratings done by consumers, reviews, user experiences, recommendations, stories shared online, pictures and videos made by consumers and posted on social media platforms, etc.
The contents go a long way off either promoting or demoting the brand, service or product it talks about best automation tools nowadays. It usually takes effect on a particular group of people, that is, people that these contents are accessible to.
Social commerce is not limited to driving sales on the social network alone. But it also involves other types including group buying (it entails offering products and services at lower rates if a significant number of buyers willingly purchase), peer-to-peer sales platforms (it involves community-based marketplaces). There is also the user-selected shopping (it entails the creation and sharing of a list of products and services by users for other people to shop), participatory commerce (which involves consumers making decisions along the chain of product value by funding, casting votes, making collaborative designs), and many more.
3. The “Conscious Customer” acts as a win-win for the Health & Wellness brands
Consumers today, are more concerned about the quality of ingredients used as they consider hygiene an essential role in choosing the products they use and also their pattern of consumption.
Most recently, brands are turning towards using better and healthier substitutes for food products. It is a shift that they are aware of, as it enables them to offer better variants to their customers as they become more and more conscious of the type of food they eat, their eating habits, the constituents of the ingredients they use, and most importantly, the nutritional value they stand to gain from the food products.
The kind of lifestyle adopted by consumers (primarily sedentary), the increase in working population, an increase in the level of disposable income has become a significant factor gearing the change in consumer habits of consumption.
Furthermore, an increase in health-related issues have also become an additional factor that encourages consumers to be conscious health and fitness-wise, and the result is a continuous shift in the value of companies.
4. Rural India emerged as the next big target for business growth
Consumer companies have always sort to increase their focus on the enhancement of their presence, and they’re penetrating of the non-urban and rural settlements and cities in a bid to provide means of increasing growth rate. Some essential factors, such as the increase in the aspirational quotient and network accessibility, pressure in social media all contribute to making the hinterland of India a right place for active consumer business.
5. A balance between short-term activation and long term brand building
The continuous change in the consumption trends of consumers is likely resulting in a vigorous test for superiority amongst brands which has, as a result, increased business opportunities. It has also led to an increase in the interaction between brands and new technology, modern day consumers who are more educated and health conscious.