In today’s increasingly consumerist world people are continuously spoiled for choice. We have everything we require at our fingertips and are becoming more and more savvy, adopting new behaviours in an ever changing landscape at rapid pace. This is impacting marketers, how they react and adapt, and most importantly, how they communicate with their audiences.
Since the pandemic two things have impacted our ability to purchase goods and services; access, as well as supply, and affordability. With limited physical access to goods and services consumers moved online in a big way, which created more opportunities for brands to engage with their audiences directly and understand them, utilising marketing and data analytics.
And although businesses and physical shops have long since reopened, the online space has maintained a whole new cohort of buyers. Here we outline 3 ways the consumer landscape is changing so brands can evaluate what they should be doing next.
- Online Purchases Are On The Up
In 2021, global retail e-commerce sales amounted to approximately $4.9 trillion. This is expected to grow by 50% over the next four years, reaching around $7.4 trillion by 2025. So if your retail brand is not already online, now seems to be the time to do it.
2. Consumer Tastes And Values Are Shifting
Consumer tastes are shifting – people are becoming significantly more health aware and conscious of issues like sustainability. Recently the Office for National Statistics in the UK made changes to the Consumer Prices Index basket, which is used to calculate inflation. They removed doughnuts, men’s suits and coal, and added meat-free sausages, canned pulses and sports bras amongst other items, showing just how much consumer behaviour is changing, and demonstrating a shift towards a more informal, healthier lifestyle.
3. Changes in Consumer Spending
Naturally there are also changes taking place in consumer spending behaviour. And understanding what, where and who, has become ever more important to marketers, as spending patterns, and how customers access products continue to evolve.
Inflation is also a reality. The UK registered a rate of inflation of 10.1% in July, the first time we have seen a double-digit annual increase in more than 40 years. As a result, rising food prices and energy costs are impacting consumer spending.
Companies are looking to develop marketing strategies and campaigns to overcome that – meeting their customer’s broader expectations and analysing product offerings to reduce impact on their sales.
For a brand these rapidly developing shifts in the consumer landscape means agility and forward thinking is required. Most importantly getting to know your customer and connecting with your audience through your communication, offerings and campaigns has never been more vital.
We develop brands and strategies to help keep your business relevant in this ever changing world, so you not only get noticed, but engage with your audience for long term, sustained rewards.
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