How Technology is Changing Consumer Behavior

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How Technology is Changing Consumer Behavior

Digital transformation has made e-commerce and online shopping become the norm/ Photo By dolgachov via 123RF

 

Marc Andreessen, a venture capitalist, claimed that software is slowly dominating the world. You do not have to go very far to prove that. Everywhere you look there are smartphones, tablets, and other gadgets that are installed with different social networking apps. This has changed the way people communicate and keep in touch with family and friends. Online shopping platforms have changed the shopping industry a lot. Healthcare and digital technology have changed how consumers are choosing service providers.

Changes today are very slow. You need to keep up with the trends to avoid disappointing customers and to be ahead of the other competitors. What are the different technologies that affect consumer behavior and how can they affect the business sector?

Smart devices make things convenient and offer peace of mind

Tech companies are more than eager to show off their latest innovation. From smart fridges to voice-activated trash bins, they promise to create a smart home. The connected device market is already ready but how do companies stand out? According to Carley Knobloch, a technical consultant at HGTV Smart Home, companies must pay attention to what customers need.

“Consumers are voting again and again [through their purchases] for devices that offer peace of mind and anticipate their needs,” Knobloch explained.

Wearables shape lifestyle

Wearable gadgets let many consumers track their own health information such as activities and diet. For some, wearable tech is the first step in eating better, lowering stress, and practicing a healthier lifestyle.

The market for wearable gadgets is still growing and experts believe that this will soon improve with smartwatches taking the market.

Wearable techs have affected even those that are not in the tech business. Reenita Das, SVP of health care and life sciences from Frost & Sullivan, said that more companies will provide wearables to employees in order to reduce insurance premiums. Some companies even use the data from wearables to motivate and provide incentives for meeting health goals.

Das said, “wellbeing programs will become a central, critical business imperative, necessary for optimizing not just the productivity and performance of employees, but also for managing the bottom line.”

Improving consumer experience

Digital transformation has made e-commerce and online shopping become the norm. Companies have to learn how to optimize the supply chain in order to provide a seamless experience to shoppers.

Personalization is a common trend today and consumers expect a good shopping experience/ Photo By Pop Nukoonrat via 123RF

 

Consumers' expectations from different e-commerce platforms have increased in the past three years. They prefer better and faster shipping and delivery. Consumers expect that companies will offer one-day shipping and free returns and exchanges.

Today, the priority of online shops no longer lies in increasing the number of customers but in improving the overall shopping experience. To gain a competitive edge, there are many retailers who are spending more on supply-chain technologies.

Cart abandonment is a very common reason for losing a sale because this means that despite the marketing efforts, the customer changed his or her mind and decided not to buy.

Ad blockers

Ad blockers are software that lets consumers filter ads. This can be a big challenge for the media industry. However, according to studies, the use of ad blockers have decreased. Companies need to get closer to their target audience so that they can optimize their content.

Personalization

Consumers want stuff and they want it right away. That is why a personalized service to consumers can go a long way. Personalization is a common trend today and consumers expect a good shopping experience.

The e-commerce world has improved a lot during the past years. Technological developments have a huge impact on online shopping. It has shaped the way consumers shop today. Consumer behavior has changed a lot in the past decade. Today, there are ways to connect with brands and consumers have the power to choose the lowest prices.

Customer support

Modern shoppers are now particular with being able to get in touch with a company and they expect an immediate response. Just as shoppers want something and they want it now, they also prefer a fast response to their inquiries.

Fast checkout process

By making sure that the checkout process is smooth and easy, there will be lesser cases of cart abandonment. By offering faster and more convenient ways to pay, consumers will tend to go through the checkout process.

Customers can get what they need in a short period of time because of today's technology. Tech has made e-commerce faster than ever. Consumers can track their orders, filter, and arrange prices to get the best offer, and many more.

There is more room for improvement in the future. Many e-commerce companies have invested in various technologies and it has helped them a lot in getting ahead of the competition and increasing their revenue.

Easy checkout solutions such as Apple Pay, Android Pay, offering a one-page checkout, offering various range of payment options, and offering to save card details can hasten the process and reduce cart abandonment.

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