Mobile connectivity and social media have in many ways empowered the modern consumer as they are able to compare price and look at product reviews in real-time only seconds before an in-store purchase. From this you may conclude that price is the most important factor, but that's simply not true. Here are the four key factors that we at Thinque believe influence today's modern consumer:
Today’s consumers have access to more information than ever before, but the downside is that they feel overwhelmed by all of this content and occasionally confusing marketing messages. Consumers will reward brands that curate content, streamline and simplify the purchase journey – seamlessly. Today's information overload creates a need for curated content. A brand that's successfully manages to curate content is the menswear online store Mr Porter who continuously publish educational, inspirational and fascinating content on their website.
Consumers expect to find information about the product and services they are looking for. There is a growing culture of impatience particularly among young consumers who have gotten used to same-day delivery services and smartphone apps that eliminate the wait for food (Instacart), a cab (Uber) or a table at a restaurant (OpenTable). Amazon's investments in drone-delivery could be seen as a response towards this demand.
The demand for transparency has changed the food industry for good and it’s also starting to change the fashion industry. The fashion label Honest By is a great example of a pioneering brand that focuses on transparency and traceability. In fact, they are 100% transparent about how their garments are made and by who. And on their website, you can even find out how much everyone along the supply chain earns.
Image from Honest by
We as humans are more inclined to digest content, advice or suggestions if we perceive it to be relevant. Personalised offers trigger our selective attention and help us engage with the content. Netflix is a great example of a company who uses analytics to create personalised content and predict what you might be interested in. Check out this blog post for further reading on how Netflix turn information and data into actionable insights - Future Trendspots: Futurist Perspective on Big Data.
All businesses regardless of which industry they belong to should take these key factors into consideration and invest in the know-how and the technology that will help them create seamless experiences and transformations that turn their customers into loyal fans.
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