| If a recent Deloitte report is to be believed, various technological and economic forces along with significant demographic challenges are slated to bring unique changes in consumer behavior. If you own a business, it pays to know certain aspects, which the report has brought to the forefront.
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To begin with, the declining fertility rate in various Middle East countries and the improving life expectancy levels has resulted in an imbalance of age distribution. This has affected the labor force adversely as the old aged people (over 64 years) have become dependent on working people (who are aged between 15 and 64 years). This has caused the national consumption power to take a beating.
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The report also spells an affinity towards export-driven growth as compared to growth that was driven by excessive consumer spending and heavy borrowing. So, the entire system of global economy is set to change based on how the retailers and popular brands strategize to plan and obtain growth.
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Ways to attract and engage consumers are also going to change a lot as it’s no longer about just marketing and communicating. Since consumers can now use the power of the internet to get information at their fingertips, compare products/services and their prices, and even make purchases at anytime and from anywhere, it pays to connect with them.
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Various social media platforms have become the new tool that many businesspeople use for customer engagement in the present era and it’s slated to catch the fancy of many more people who are yet to use the same. Mobile communication is another aspect that’s set to play an important role for letting people access information as and when they wish to.
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Lastly, the report stresses on the trust factor. People will depend on peer recommendations much more than company information. What’s more, customer loyalty will be driven by various social networks and is likely to be more short-term as compared to the earlier times. So, take all these factors into consideration when you are formulating your business strategies for the future. |
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