How will your business respond to consumers’ new attitude?
By Rieva Lesonsky
As we approach 2017 it’s important to understand how much consumer behavior has changed in the past few years. Business of Fashion (BoF) notes in its newsletter that while in the past a retailer’s responsibility was to offer the best products at competitive prices, that’s changed, particularly in Europe and the United States.
Research firm Euromonitor coined the term “new consumerism” to describe the new attitude, which is mostly about how consumers have “reassessed their priorities” and replaced conspicuous consumption with conscious consumption.
BoF believes there are “10 factors that define new consumerism,” including:
Transparency about business practices, which, according to the founder of Reformation, is “now more of an expectation than an option.”
Authenticity, which means making and selling products that are consistent with your company culture.
Sustainability. Consumers are increasingly environmentally concerned and want to do business with companies that are similarly minded.
Tech savvy. BoF says “rapid developments in technology have raised consumers’ expectations online. A shopper now demands a high level of service, speed and a unique experience with just one swipe of a finger.”
Competitive pricing. All those deals and discounts from the era of the Great Recession have changed the way consumers think about value. They simply expect lower prices today and want to get more for their money.
Efficiency. No one has time anymore and as a result reports Euromonitor, “Buying time is increasingly an option” for consumers. If you can save shoppers time, you’re more apt to win their loyalty.
Customer experience. The rise of e- and m-commerce means you have to try harder to lure consumers into your brick-and-mortar stores. That often means staging events or creating unique customer experiences, which should be memorable and personalized.
To learn more about these and other factors, check out the BoF newsletter here. And note that while these factors were specifically targeted to retailers, they can also be applied to most types of businesses.