Five Powerful Consumer Trends We Should Be Paying Attention To
More than ever before, consumers have come to exert their power to demand an experience that resonates with them beyond just a product or service from brands, through their consumption behaviour and insight. Therefore, it is critical that businesses and organisations must deliberately consider some of these consumer trends that inform the experience they want from brands and ultimately determines the performance of a brand in the market.
Here are 5 powerful consumer trends we should pay attention to.
1. Tailor-made and customised services.
It’s not longer strange that consumers do not want a one size fit all service or product from brands any longer. As much as possible, be deliberate about creating your service or product from the unique needs of your consumers. In most service industry, the only brands that scale are those that create customised service for every customer. One of the reasons is that consumer behaviour has gone beyond just paying for your offer; they want to have an experience.
2. Glocal: meaning proudly local, going global.
This basically means that consumers want to have a local brand but with a delivery of global standard. This is one of the reasons millennials and the digital natives are eager to associate with brands that have African root and global quality. In the fashion industry for example, people wants to wear designs made from native fabrics. It evokes a sense of pride and identity. Most restaurant especially those in high brow areas of town and in the disapora have come to understand this trend in their delicacy, prompting them to include recipe from the country sides and villages in their menu. Most people in the disapora missed home and the only way they still connect is through local brands going global.
3. Increase concern for personal data protection.
While a lot of consumers are embracing digital alternative to their consumption patterns, they are also wary of the implications of data theft. Thus, brands must continue to assure consumers through your messaging and communication of data protection to endear trust from them. This is because there have been countless stories of consumers losing money and other valuables through their data that got into the wrong hand.
4. Gravitates towards more socially conscious brands.
This has become huge for consumers across the globe, that if you do not show empathy towards a cause they are fighting for, regardless of how great your brand is, they will rather boycott it. A good example is the Black Lives Matter in America, and the #EndSARS movement in Nigeria, protesters were very keen on calling out any brand that looked away in their moments of distress and will do everything possible to avoid patronising such brands. Therefore, as a brand, you must consider this concern while at the same time be careful not to draw the wrath of the opposition to whatever cause they are fighting for, example of the opposite side can be the government of the day.
5. Leveraging technology.
This sounds cliche, but can not be overemphasized. You must continue to leverage new tech solutions to provide value for your customers. They have tasted the sweetness of technology and cannot go back anymore, thus, any brand that must continue to excel must not only respond to advancement in technology but also lead the change.