5 Consumer Habits In 2023 And How You Can Capitalize
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By PAGE Editor
With the rapid advancement in technology, changes in social norms, and global events, consumer behavior continuously evolves simultaneously. In fact, you could say that's consumer behavior that's changing everything around us.
As we navigate through 2023, five significant trends have emerged that can provide invaluable insight for businesses. Understanding these shifts can unlock capitalization opportunities, helping your business grow and flourish.
The Reign Of Sustainability
One of the most dominant trends in 2023 is consumers' increasing concern for sustainability. 78% of consumers now think a brand's sustainability effort and individual focus are crucial when deciding what brand to shop with. People are more conscious than ever about the environment and the impact of their purchases on it. People are, in fact, so worried there's now a called eco-anxiety. As a result, there's a marked preference for companies that prioritize eco-friendly practices, ethical supply chains, and sustainable products.
How to Capitalise: Highlight your company's sustainability efforts, from sourcing and manufacturing to packaging and shipping. If you're not currently incorporating sustainable practices, now is the time to start. Partner with eco-friendly suppliers, reduce waste, and consider launching products made from recycled materials.
The Rise Of Virtual Experiences
The pandemic accelerated the digital transformation, and consumers have now fully embraced virtual experiences. From online shopping and digital entertainment to remote work and virtual events, consumers are increasingly living their lives online.
Interestingly, an area of the web driving consumers towards virtual experiences isn't on the current version of the internet - it's the metaverse. 70% of people who took a trip to a store on the metaverse made a purchase in 2022, but it's not something that everyone is aware of or has the energy to commit to. There's a need for crypto wallets and coins to get started.
How To Capitalise: Develop a robust digital presence. Ensure your website is easy to navigate, mobile-friendly, and provides an engaging user experience. Invest in virtual reality (VR) or augmented reality (AR) technologies to offer immersive experiences, virtual tours, or product demonstrations. Take inspiration from instant-play casinos that incorporate all of the above to create an immersive gaming experience.
Personalization Is Key
In 2023, personalization is not a luxury but a necessity. According to recent studies, 68% of consumers want companies to understand their unique needs and expectations, and 52% expect each offer to be personalized. Consumers are looking for tailored experiences that match their unique preferences and needs. They want brands to understand them, anticipate their requirements, and offer personalized recommendations.
How to Capitalise: Leverage data to understand your customers better. Use analytics to segment your audience, predict their behavior, and deliver personalized content and recommendations. Consider incorporating AI and machine learning technologies to enhance your personalization efforts. In fact, AI is one of the best technologies on the market that'll allow brands to hone in on personalization thanks to its massive data collection and processing abilities.
The Demand for Transparency
Consumers are becoming more discerning and demand transparency from brands they patronize. They want to know where their products come from, who makes them, and how companies are making them. This trend is driven by a growing desire for ethical consumption and a general mistrust of corporations.
How to Capitalise: Be transparent about your business practices. Share information about your supply chain, manufacturing processes, and company values. Embrace authenticity and honesty, and don't shy away from discussing challenges or failures.
The Power of Social Shopping
Social media has transformed from a communication platform to a powerful commerce tool. Consumers are increasingly discovering products, reading reviews, and making purchases directly on these platforms. Social shopping has become an integral part of the consumer journey in 2023, so much so that Statista predicts it'll be a sector of the consumer industry worth 2.9 trillion dollars by 2026. TikTok is perhaps one of the leading platforms for this, with TikTok shops becoming a phenomenon.
How to Capitalise: Harness the power of social media for your business. Make your products shoppable on platforms like Instagram and Facebook. Invest in influencer marketing, create engaging content, and interact with your audience on social media. Tons of social media marketing services are available that will create unique campaigns to drive consumers to social shopping platforms.
Understanding and adapting to these five consumer habits can give your business a competitive edge in 2023. Embrace sustainability, offer virtual experiences, personalize your marketing, be transparent, and leverage social media for commerce. By doing so, you'll not only meet your consumers' expectations but exceed them, fostering brand loyalty and driving business growth.
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