Staying relevant with the customers’ needs and preferences is key to any business’ success. While a brand’s identity may remain evergreen, consumer behaviors act as the compass to gauge what to put out there and how to best capture their interests.
Ninja Van will help you explore the significance of consumer behavior trends, and their influence on your business strategies. We’ll also dive into 10 key trends and effective strategies you can use.
Also read: What You Need to Know About the Filipino Online Buying Behavior
What is a consumer behavior trend?
Consumer behavior trends are the changing preferences, attitudes, and purchasing patterns of individuals in the market. These trends reflect societal and economic changes, technological advancements and cultural shifts.
Businesses that make an effort to learn and understand consumer buying behavior find it easier to anticipate the market’s needs and adapt their strategies.
How do trends influence consumer behavior?
These trends influence a customer’s purchasing decisions and consumption habits. They leverage herd mentality and the “budol” culture that’s extremely rampant due to the rise of social media, content creators and key opinion leaders.
Customers usually seek out products and services that align with their values, lifestyles and aspirations. These are mirrored in the way they purchase and engage in the market.
How consumer trends affect a business
Businesses are built to support consumer needs. Brands that continue to thrive stay attuned to consumer preferences, behaviors and trends, and innovate their services and products in sync with these.
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10 Consumer Behavior Trends to Watch Out for in 2024
1. E-commerce reigns supreme
Customers still gravitate toward online shopping. This doesn’t only include e-commerce platforms but also flows through social media. Social commerce will likely prosper due to the easy and convenient buying process.
2. Contactless payment solutions
Customers prefer convenient payment options, especially cashless methods, such as cards or e-wallets.
During the pandemic, the use of these methods increased to ensure safety, but in the post-pandemic landscape, many customers have seen its convenience, thus making that shift more apparent.
3. Influencers as key opinion leaders
Many customers now turn to content creators to provide product insights and endorsements. This says a lot about the ongoing budol culture in the Philippines.
Here are some tips on How to Find the Right Influencers and Collaborators.
4. Community engagement events
After the pandemic restrictions were lifted, people again realized the value of gathering in face-to-face events. This is why brands take advantage of fairs, community events or weekend markets to reach out and come face to face with their target audiences.
5. The more personal, the better
Customers now find value in customized experiences. They prefer being able to tailor-fit their products or experiences to their preferences. Having this freedom gives customers the liberty to make choices on what they consume.
6. Focus on sustainability
More customers demand accountability from the brands they patronize. Customers who can afford sustainable and more environmentally friendly products would choose these brands despite entailing more costs on their part.
Employ some green marketing strategies to help you capture this market segment.
7. Prioritize well-being
In connection with environmentally friendly brands, many customers shine a light on products and brands that champion well-being, especially mental health. Aside from this, Filipinos now place greater emphasis on health and wellness, leading to an increased demand for organic, natural, and functional food products.
8. The rise of localism
Since more and more small businesses are rising and catering to more niche markets, many Filipinos now choose to support smaller businesses instead of big corporations.
Ecommerce has helped level the playing field between new and big brands. You, too, can leverage and profit from this new consumer purchase behavior with the right strategies.
9. Everything about smartphones
Taking advantage of the conveniences that smartphones provide, customers now consume all kinds of information with a few taps on their devices. This applies to shops, marketplaces and websites.
Make sure your ecommerce website has a mobile-friendly design for easier navigation and better customer experience.
10. They see authenticity
Customers are now more discerning than ever. They can easily spot if a brand is authentic with its identity, its claims and its marketing efforts.
People thrive on a more personal and truthful approach despite doing transactions remotely instead of in physical stores.
Keep up with your customers’ changing behavior
As many trends come and go, so do consumer behavior trends. At the end of the day, it’s about being adaptable to change but staying true to your brand’s image and values.
Pay attention to what your customers are saying. Understanding consumer behavior trends enables you to tailor your products, services and marketing efforts to meet their evolving needs and desires.
This proactive approach not only enhances customer satisfaction but also fosters brand loyalty and longevity. Moreover, keeping pace with consumer behavior trends allows your to identify emerging opportunities and anticipate potential challenges, mitigating some risks and maximizing your profitability.
More helpful insights for your online business:
Who are the Pinoy E-Shopaholics and How to Win Them?
What Do Shoppers Love About Live Selling?
