Have you ever tried to notice- what is/are the key drivers that force the customers to became a “buyer or a repeat buyer”.
If your answer is -amazing products & service, then you really need to re-look again.
As per the industry research reports, its all about “great experience”. For reference, a few stats mentioned here from Ernst & Young Pvt Ltd. As per the report, if customers have a great retail experience, 88% of the consumers have intentions to recommend the same to others where as 90% & 71% higher purchase intentions in online & offline retail channels respectively. Important and interesting thing about consumer behavior (CDJ & CPJ) is that everyone arrives at decisions in their own unique way. But it’s not so unique that it can’t be studied and predicted. Consumer behavior is the process. When a consumer embarks on the buying journey, they exhibit certain behaviors. They think, feel and act.
After covid-19, technological advancement & easy to use, consumers behavior is something which is quite interesting for the brands to understand & stay ahead from their competitors. There is plenty of data to suggest that consumers are shifting their focus from acquiring “stuff” to acquiring life experiences. 4 key aspects of the “New Customers-Patterns & Persona”, listed below:
Change is Real 
Consumer intention & buying behavior is something which is changes on daily basis. Whatever research we are doing today, it might be not relevant tomorrow. But the thing which will remain common is –customer’s satisfaction and customers are looking for basic things only- quality product, good buying experience & good service-post sales. “The basic thing we are seeing is a desperate quest for the normal,” said Radha Subramanyam, president and chief research and analytics officer at CBS.
Starved for Experience
Customers preference is “experience led-consumer journey”. Consumers are looking for more human interaction. The desire for human interaction among consumers has increased. More emphasis is being placed on that. Need to ensure, customer feels appreciated, valued and that they matter.
Behavioural psychology
The role of behavioral psychology is very important in shaping consumer decision-making. As human beings, our choices and actions are heavily influenced by our psychology. Theory of Planned Behavior (attitude, Subjective Norms & Perceived Behavioural Control), playing an important role to understand the behavioral psychology.
Word of mouth
Words has power. Consumers are highly influenced by the opinions of others. Due to the technological advancement, at present, consumers are reading the online reviews (e-wom), watching tech videos before making the final purchase decision.
In Sum, For brands, its very important to understand the current needs, desire, likes/dislikes of their customers. Needs to create a “customer journey map”, and these maps disclose improvements that need to do on various retail touchpoints. Based upon the insights from customer journey map, need to identify the short & long term improvement action plan which required quarterly mapping as well for the close monitoring & execution.
“Thanks for visiting! If you’d like to discuss anything further, feel free to shoot me an email at retailkuldeep@gmail.com.
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