There’s no secret that baby boomers are slowly being excluded from market researches related to consumer’s behavior and are being replaced by millennials and generation Z. These two generations are completely re-shaping consumerism theories and despite all the negative traits they are always accused of, they know exactly what they want and are loyal to brands that care about them. This means that both marketers and business owners are plunging into uncharted waters to find ways to leverage the data in order to improve business performance.
Here are some characteristics of the new consumer:
They have the knowledge at the tip of their fingers. The democratization of data has given consumers the power to research all kind of products/services in order to make an informed decision. Whether they’re shopping for a toothpaste or a new car, they are determined to put in the time to find whatever matches their needs the best. They want to read reviews, watch videos, find coupons, contact manufacturers, visit stores and trust their favorite influencers. So beware, if your brand does not appear on all the marketing funnels it might not even get on the list.
They expect every digital experience to be personalized for them even if they’re not clear in what they want or even before they know what they’re looking for. Searches like “I want”, “for me”, “near me” have grown considerably in the past years and it’s not going to stop here. This is where data analysis and machine learning play an important role in being able to “read” your clients mind.
Is it here yet? Retailers like Amazon have predicted this, but what about the rest of us? The new consumer has an extremely busy schedule. They work full time, build startups, have a social life, workout, get involved in humanitarian projects, raise children and the list never really ends. Despite all these, they’re always connected. Multitasking has become the norm and users expect to be able to shop fast, efficient and cheap regardless of the device and situation they find themselves in. If a business is not capable of delivering that experience, then they will not shy from going to the competition and never come back.