As we enter a new world of global retail, many businesses are finding it hard to keep up with the constantly changing consumer behaviors to win in their respective industries. Market conditions have become impossible to predict, and a possible recession is looming, so people are looking to buy only the most necessary goods. Additionally, technology makes consumers spend less time in-store and more shopping online, leading to a more hybrid lifestyle while the expectation for customer service is higher than ever.
Since consumers are no longer bound by traditional norms, retailers should also explore new options to interact and sell. To remain competitive, keep reading to find the best insights on consumer behavior changes and come up with the best strategy to adapt to the market.
Insights on consumer behavior changes for retailers
For starters, you should know that consumers nowadays are tech-savvy, highly informed, and impatient. They want products and services that can meet their needs in an instant, no matter where and when. And while a customer may have met you in no more than 3 channels back in the day, those days are long gone. This leads us to the first insight.
1. Consumers are starting to purchase through social media more
Social media is rising to be the future of retailers when social shopping is gaining popularity across all age groups. Influencers and live sessions are impacting more buying decisions, while customers look to receive customer service through direct messages on these platforms.
According to Hubspot’s report on The State of Consumer Trends in 2024, 41% of consumers said that they discovered a product on social media in the past 3 months. TikTok Shop, Instagram Shop, and Facebook Marketplace have all been too familiar.
This consumer behavior shift is astounding. Social media has more power than ever to impact buying decisions by creating content that builds interest and trust among viewers. On top of that, 21% of consumers reported having bought a product based on recommendations by influencers (we will get to that later). This consumer behavior shift reflects how social content that resonates with buyers’ lifestyles can lead to faster buying decisions.
2. Flexible payment options are a must-have
A good example of consumer behaviors adapting to the global situation is the new contactless and digital payment options. The global pandemic COVID-19 accelerated this shift, with more customers opting for touchless payments. Mobile wallets, QR code payments, Apple Pay, Google Pay, and cryptocurrency are gaining favors thanks to their convenience, speed, and security.
This shift leads to a big challenge for retailers to offer flexible payment options while managing all transactions on many channels. Consumers now expect payments to be seamlessly integrated with the buying experience, whether offline or online.
Retailers should adapt by offering reliable payment options and integrating a reliable POS system to manage transactions across multiple channels, keep track of inventory effectively, and view real-time data analytics. Combining POS with payment solutions like Stripe, Tyro, Global Payments,… helps further centralize the payment management operation, leading to a more agile organization.
3. A customer can have a shopping journey on multiple channels
Consumer behaviors change non-linearly because their shopping experience can also have many directions. For example, a buyer may research their product on Google, only to turn to Instagram to view influencer reviews, then go to the retailer’s website to place the order and pick up the item at the store nearest to them.
Customers also interchangeably use many devices altogether, such as smartphones, PCs, and tablets just to place one order. In the future, they may even browse products through smart TVs, cars, and home appliances.
The tricky part is that your buyers expect a seamless shopping experience, whether in a store, DM-ing for the price, browsing the website, or calling for customer support. On top of that, the brand experience needs to be consistent as buyers jump from one channel to the next.
4. Consumers keep looking to shop consciously
Along with being a consistent brand, you need to show that your business cares about the same political stands and social progress as the customers. Some of the most common concerns for modern consumers are LGBTQ+ rights, racial justice, and climate change.
Conscious consumers want to support a company that brings a good impact to the world around them. According to research, 61% of U.S. adults say that brands should do more regarding social issues.
Based on this change in customer behavior, retailers have much to gain when implementing socially responsible campaigns such as donations or support through social media. The next customer purchase may happen because you showed your business’ good side.
5. Influencers are still relevant, but maybe in a new way
A large number of consumers are swiping their cards based on influencer recommendations. This is especially true if they really love, trust, or have followed the influencers for a long time.
With new content types, such as live sessions or virtual reality shows, influencers have the chance to interact with consumers closer than ever, even in the digital world. Gone are the days when you only book a KOL ( Key opinion leader) to have an image post of your product. Now, they can use, test, and give recommendations in real time to increase the trust in the products.
The HubSpot report said that 36% of millennials confirmed to have bought products based on recommendations by influencers. Gen Z is next to follow, but they have a higher expectation for the KOLs to be truthful in reviewing a product or service.
6. Concern about privacy is rising
Data privacy has now become a human right, especially when AI is crawling data from all over the internet. While legalization and tech are improving our data security, retailers should also show their stance on protecting customer information.
Transparency, security, and ownership are the keywords here to understand this consumer behavior change. Consumers want to be in control of what happens to the data they provide – what is collected, how it’s used, and with which party it is shared.
7. Visual is the key to any buying decision
Consumers crave visually appealing content, as they stream videos more than ever, and consider good images to be a major trusting factor of any brand. However, young consumers are more impressed with authenticity and relatable elements than over-polished visuals. Retailers should focus on creating visual content that resonates with the audience’s interests and feels genuine.
The right approach to this consumer behavior change would be understanding your type of customers. What they are watching, how they are interacting, and why they like what they see.
A professional visual content service like Splento will help you quickly adapt the marketing and product presentation strategies to the liking of customers. Also, the best experts can give advice on changing trends and consumer preferences so that your content stays relevant even after a while.
How to keep up with ever-changing customer behaviors?
As consumer behaviors continue to shift and evolve, especially with an emphasis on visual content and seamless shopping experiences, retailers need to adapt their strategies quickly.
The photo and video specialists at Splento have unrivaled expertise and experience in finding the right visual solution to suit each retailer. To help fuel growth and ensure adaptability when consumer behaviors shift eventually, contact us to arrange a quick consultation.
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