CB/U1 Topic 4 Consumer behavior effected by Technological Changes
Consumer behaviour as we all know is influenced by varied factors. But in recent years, the market has seen a tremendous shift in the consumer behaviour. It has become more complex and the reason for the same can be attributed to technological advancement.
Thanks to the advent of the internet, the consumer behaviour seems to be more influenced by social networking and media sites, search engines and even personalised blogs. As a result of the technological impact influencing consumer behaviour, most company leadership face extreme hurdles as they find themselves ill-equipped to adapt to the fast technological changes.
The majority of consumers today are well informed and active online. With the world becoming a big global community due to technological advancement fuelling connectivity, it has become the need of the hour for companies to engage consumers at the place where they are and to meet their needs at the same place. For this reason, companies need to adopt the latest technologies so as to engage their active and informed consumers on the platform they are available such as Instagram or twitter.
Fulfil Consumer Expectations
Gone are the days when companies dictated the time they were open and consumers had to either to buy the available product or forego it, if not available. With the modern technological revolution of smart phones and eCommerce, consumers can go for the product they want at any given time. Today’s consumers have set higher standards of expectations and not acceptance, pertaining to customer service.
The modern consumer is fully aware of his or her purchasing power and will exercise it whenever they are dissatisfied with a product or service. For instance, if a consumer wants a specific product at a specific time and you fail to deliver it, he might opt to visit other online suppliers who are ready to meet his or her need. In the same way, a little disapproval of your product or service online by a dissatisfied customer is enough to trigger similar responses from other consumers who were till now satisfied with your services or products.
Opt for Newer and Latest communication Channels
The traditional approach of providing information to consumers was done through emails and phone calls. Though these communication channels had its own hurdles and challenges, it was more in favour of the company as the company could decide which information to give out and when.
But the modern social media platforms with live chat options makes it mandatory for a company to answer the consumer queries immediately as not doing so would severely affect the brand image of the company as millions of other consumers also have easy access to the same . Winning over consumers is not easy; it requires having strategies in place along with adoption of the latest technologies. Only those companies who realise this can hope to generate leads.