Unravelling the Psyche of the Digital Consumer: How Technology Shapes Buying
The digital consumer is an intricate puzzle for marketers and businesses. For one, the modern, hyper-connected consumer is aided by technology and influenced by sweeping changes in the eCommerce industry. Transactions take place differently now. Thus businesses increasingly need to understand digital consumer psyche to predict and interpret changes that ensure the success of their endeavor. From how they research products to the channels they use to shop or the way they pay for their shopping – the process has undergone a sea-change.
Building a successful eCommerce platform means to use technology optimally and comprehend its influence on consumers. Here are a few ways in which technology has transformed consumer behavior and will continue to do so:
- Pre-shopping research: The online-savvy consumer may sometimes be impulsive and influenced by flash sales or discounts, but most shopping is well-researched and thoroughly vetted. A recent study from Moz.com shows that 67% of respondents quoted online reviews to be “fairly, very or absolutely important” to their decisions. Consumers spend a great deal of time comparing prices online, reading the features, benefits, pros and cons and above all product reviews on various channels. This is a wake-up call for companies who don’t take their online reviews seriously. Buyers now have instant access to Facebook, Yelp or Google reviews and also numerous shopping websites where their feedback can influence other shoppers.
Consumers also research video channels. Product comparison and expert review videos on social channels like YouTube play a vital role in decision making.
- Social consumer: Research says that 28% of all online activity is spent on social networking channels. Peer group impact on shopping is quite high with social media like Instagram, Facebook, Snapchat often being the primary marketing vehicle for webstores who understand this well. Social intelligence shapes and powers their decisions. Keeping up with the friends and their latest acquisition is what drives many shoppers to buy. What does this behavior mean for sellers? They need to have a social strategy and integrated approach across channels.
- Mobility: The modern shopper and her smartphone are inseparable. Mobile phones and devices are now becoming the primary means of research, review, and posting. Customers who purchase across multiple channels have a 30 percent higher lifetime value than single channel shoppers. This means that online shopping needs to have a mobile-first strategy with not just a responsive website or mCommerce store but a robust omni-channel experience. Because now the consumer expects ease of convenience and one-touch access to their needs. They want shopping websites to load faster on devices even with poor connectivity. With these high expectations, your digital marketing strategy needs to be optimized for the mobile consumer, who accesses your information and browses on-the-go. Mobile apps are a great way to target that consumer-base.
- Personalization: What separates your business from the hundreds of stores and channels online? It is the unique service, personalized experience and user journey that can make the shopping effortless, fun and even memorable for the shopper. Consumers have begun to hope for more than just the basics when it comes to online shopping. They have been pampered by rich virtualization of products online, with impressive look-books and 360-degree photographs of merchandise. There are several ways to augment the user’s shopping expedition and one of them is real-time shopping assistance. Webstores can now be equipped with chatbots, co-browsing, video & content sharing to answer user queries and aid their decision process.
Predicting and interpreting technology’s impact on consumer behavior is one of the lynchpins of success for businesses. Your eCommerce venture is no longer just a pretty storefront to sell your wares but the result of strategic design and development that hooks the modern consumer who feels entitled to a rich experience. Magento eCommerce development & design offers advanced options, multiple extensions and industry-specific customization to deliver an intelligent and sophisticated shopping solution. Have you conducted market research to analyze and understand your target audience expectations better? Please share your feedback in the comments below.
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