With technological advancements, the market has seen an enormous shift in consumer behavior. Now, most of the companies face a constant challenge to meet the buyer’s expectations.
Consumer Buying Behavior refers to the actions taken by consumers before buying a product or service. It can be simply stated as the way a consumer or the buyer behaves pre their process of buying. In the mid 20th century businesses used to communicate their products to the consumers via. Calls and Emails.
Shift from Traditional to Modern Methods
But today we can see a huge development of new technologies into our lives. We have so many apps that are prestigiously made by App Development Companies. These apps have tremendously changed our behavior and especially our mindset for buying a product. While just sitting at home, we can have a look at all the varieties we have in store as well as all over the world. Consumers today have access to all markets which has increased the competition in the market at a fast pace. Consumers are ruling the market today. Consumers are the king of the market now.
The buying behavior of Indian consumers, states that the Indian consumer today is more educated. The fact that a majority of the audience is a youth has changed all the aspects of being a consumer. Now, there is a good amount of research done before buying a product. Today, the consumers are well-versed with the information about the market, sellers, and the products they are offering. They are well-educated in the varieties they have in hand.
Consumer behavior is impacted by many things, including environmental and marketing factors, personal and psychological factors, family, and culture. Now both the consumers and the sellers have become more vigilant as to how to get more customers because of the high competition. Businesses try to find out trends so they can reach the people most likely to buy their products in the most cost-effective way possible. Businesses often try to influence a consumer’s behavior with things they can control such as the layout of a store, music, grouping, and availability of products, pricing, and advertising. While some influences may be temporary and others are long-lasting, different factors can affect how buyers behave—whether they influence you to make a purchase, buy additional products, or buy nothing at all.
With technological advancements, the market has seen an enormous shift in consumer behavior. As a consequence of the technological impact influencing consumer behavior, most companies face a constant challenge to meet buyer’s expectations. Because of the advent of information technology, consumer behavior seems to be more influenced by internet-enabled smartphones and tablets. Technology has literally put the power in the consumer’s basket.
Today, by just searching on the internet they get thousands of results and options to choose from. Consumers have become aware of the fact that there is a huge market outside their door that is accessible by just sitting at home.
Social Media as a Weapon to Both
Since today’s consumers are youth, they are more active on social media. This has served as an advantage to both; the buyers and the sellers. Youths easily get influenced by their peers or by the people they admire. Social media is a platform that has helped consumers to get various reviews about the products. Hence, the consumers have thousands of people sharing their experience with the product. It truly helps them to analyze, simplify and decide among the choices. Businesses are connecting with various celebrities and trending influencers because there are thousands of people adoring them and following them. So, social media has become a great weapon for consumers as it is serving them with the assistance they need.
On the other hand, it has become helpful for the sellers also. They are using social media as a great tool for marketing and advertising. They have been able to reach a mass audience and the most important factor is that they are able to target their desired group of consumers in one go.
A coin has two sides similarly social media has proved to be advantageous as well as a matter of stress at some point. Today, a typical customer expects a prompt response and fast service from any business. To keep up with consumer expectations, all businesses are facing huge challenges. They have to prove themselves unique and different from other sellers in order to get a customer. Customers sometimes become so loud at immediate responses that they are not willing to adjust a bit if something is wrong. They use social media as a platform to express their experience and use harsh comments on the brands. This causes a huge toll on the brand’s reputations and its other customers.
Consumers Behavior at the Time of Covid-19 Pandemic
Covid-19 pandemic has shifted almost everything to the virtual world. E-Commerce has significantly immersed due to the lockdown. When people were not able to move out of their homes, they sailed on the boat of E-Commerce. E-Commerce has become a new normal now. People have become comfortable shopping online. With just an internet connection and few clicks, they are able to order things at home through various mobile apps. They don’t have to waste their precious time and heavy expenses of transportation. With this, they have thousands of choices and a variety of E-Stores to choose from. They can compare prices at different places. Also, they can compare who is giving them more discounts, and offers. They can check who is giving them better quality and after-sales services. After the whole R&D, if they are satisfied they can process further for the transaction and place an order. E-Commerce has bought a vital change into every consumer’s life. They can reach worldwide brands and can purchase whatever they want.
The development of New Technology and the mobile web has affected consumer’s behavior drastically.
The internet is increasingly playing a pervasive factor in India’s commerce, and its influence is bound to expand both urban and rural consumers affecting their online rural shopping behavior. Consumers from remote areas or rural areas had to face a lot of problems when it comes to shopping. They did not have many choices to choose from. The introduction of these technologies and the internet has helped them to step out of their arena. They can now purchase anything from anywhere they want. They also now have the opportunity to select from the variety of choices, which earlier they didn’t have. It completely changed their way of buying things.
Their market size has expanded and so are their choices. They have become selective and particular about what they want. Even it’s difficult to convince them to change their product or shift to a new brand.
But, this is true that technology has given access to these rural or remote people. Technology is a boon for them.
They are very much happy with this development.
The development of new technologies like mobile and web search has given a new platform to all the buyers. Covid-19 has helped the virtual world be the new normal. At the time of the pandemic, everything was preferred “online” and this “online” had changed almost everyone’s mindset. Illiterate or old people never trusted the virtual world. Nor, they used to believe in web searches. But Covid taught them and helped them build trust and enter the new world.
It has changed their way of purchasing things. As a coin has two sides, the same way the introduction of technology has impacted the lives of people in both positive and negative ways.
People now have wider options to choose from. They can now do better research on what is good and what is bad for them. They have a very strong weapon called social media where they can find live reviews from the people they look up to. Buyers now want to be more confident and sure about what they are buying. For people living in villages, it has helped them raise their standards. It has given them access to the global market while just being at home. Now, they have raised their standard of living. They are now equally participating in the current fashion and trends.
On the other hand, it has taken away business from few. It is because people now have access to all the big brands, hence they are now only looking for the best and something which is unique for them. Hence, it has increased so much competition in the market.
But both sides have their importance. What is more important is that the consumers should be vigilant and aware of what is happening around them and technology is doing its job very nicely.