KUALA LUMPUR, Aug 29 (Bernama) -- New research has identified a new consumer type -- the Empowered Consumer, armed with technology -- who will change the future of the global retail landscape.
Empowered Consumers reads and writes product or service reviews, compares prices online and interacts with companies via social media.
According to Euromonitor International, a global market research company, 26 per cent of consumers worldwide are Empowered Consumers with 52 per cent of them below 35 years old.
The company said in a statement that the consumers young age indicates that their behaviors will continue as they age and will influence their children, the next generation of consumers.
Head of retailing at Euromonitor International, Michelle Grant said: “Convenience is important in Empowered Consumers’ shopping experience. They prefer internet-enabled devices to make their purchase, as 74 per cent of them make their purchases through smartphones versus 44 per cent of non-Empowered Consumers.
She said they enjoy the ability to save time and order at anytime from anywhere. They also expect the same shopping experience in whichever way they choose to purchase, thus retailers must embrace omnichannel retailing to meet these needs.
The Empowered Consumers are five times more likely to write a product or service review than the non-Empowered Consumers -- companies that cannot meet the their expectations may suffer consequences even after purchase completion.
“Brands and retailers no longer control the information available about their products. Empowered Consumers can be your best customers and brand ambassadors, or they can be your worst nightmare, spreading negativity about your company,” Grant added.
The London-based Euromonitor International has presented a new analysis, “Retail in the Age of the Empowered Consumer,” at the Latam Retail Show -- the leading retail event in Latin America. More details on https://www.euromonitor.com/
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