Is technology changing the way consumers now make purchases?
With the advancement of technology, consumers now have more options for what they can buy and how they may buy it. Digital technology is used by people for a variety of purposes, including entertainment, keeping in touch with friends and family, staying informed, and making purchases.
The following is an example of how technology has impacted society:
More than half of the world's population now has access to the internet, a global figure that has surpassed 4 billion people.
Because the average person now spends 6 hours a day online, Internet speed is improving and becoming more widely available.
Smart phones and data subscriptions are becoming more affordable, which is contributing to the rise in their use.
2/3 population now has access to a mobile device.
Use of Social Media
Social media has evolved from a way to keep in touch with friends to a vital information resource. A million new people join social media every day, or one every eleventh of a second. Every month, more than 3 billion people around the world utilise social media.
People conduct online research for a variety of reasons, including the following:
Look up specifics on the item using a search engine.
Check out what other people have to say about it.
Investigate and contrast costs.
Look for discounts and special offers.
Consumption of video content
A video would be prefered by four times as many clients as a written description.
50 percent of internet users watch videos about a product or service before going to a shop to buy it.
Every day, Facebook users view 100 million hours of video, with two-thirds of them preferring clips under 60 seconds.
There are almost a billion people that use YouTube every month.
Purchasing habits while making purchases on the internet
Is rising everywhere.
Both sexes go shopping, but males spend more per transaction overall than women do.
The availability of more shipping and delivery choices has lowered the barrier to purchasing large items.
The number of people doing their shopping over state lines is increasing.
"Today’s consumer no longer goes shopping, but is shopping"
Willy Kruh, KPMG International
Consumers' buying habits are being altered by new technology.
Technology is being used by customers to conduct research, look over options, and make purchases.
While shopping instore, customers are using their mobile devices.
Purchase decisions are being influenced by online customer reviews.
Check to see if your company is keeping up with the times.