10 Consumer Behaviour Trends 2020
10 Oct 2019
We live in a Global Village! Some say that the digital age means sharing information has never been easier and that information is more accessible, and it’s never been easier to generate brand and product awareness.
I beg to differ. And here’s why.
Digital ad spend in 2021 is predicted to reach $375B in 2021– now that’s a lot of money in anyone’s language, but predicting consumer behaviour is a little harder but I believe it’s more important in this ubiquitous online world. One thing is certain, consumer habits, attitudes, behaviours and trends are always evolving.
If Facebook were a country it would be the third largest in the world. In fact fifty percent of mobile internet traffic belongs to Facebook with YouTube the second largest search engine in the world. But this popularity isn’t about technology it’s about connection. Consumers are human, they have an innate drive to live and belong to groups, to work together for common goals, to compromise, to extend favours, they care about what others think and they want to bond with others, more often around common beliefs or values, these digital technologies facilitate this social connection. We can interact more often, on a bigger scale and we can do it faster.
With the advent of digital, consumer expectations and demands have changed. Forever.
So let’s look forward and identify 2020 behaviour.
Consumers will become more value conscious and that means brands will need to obtain growth through market share gains, rather than simply latching onto growing markets. They’ll hunt for better value, and will also expect their values to be embedded in what they buy.
They will always be ‘on’ and expect instant knowledge, information and gratification.
Remember that trust will continue to be the golden currency going forward. The various global scandals, like the collapse of the housing market, recalls in the food and automobile industries, environmental disasters, fiscal disruptions, will mean that consumers will trust their peer recommendations above all others. Genuine and authentic brands will benefit.
Transparency and quality of service will be the big winners.
The younger generation will be more fluid with brands, they will be influenced more by their own close networks and even those they don’t know but are connected to online. Brands that stumble could risk losing loyalty and brand equity overnight.
Consumers won’t just be brand advocates or critics they will expect to have some input into product development, new services, in fact twenty five per cent of search results for the world’s top 20 brands are linked to user generated content!
Consumers will continue to create content for your brand, taking photos, sharing, tagging, writing and videoing.
Online communities will continue to be developed around shared values and interests, so conversations about your brand will occur within these eco-networks, not just between you and your consumer, but with one another.
Engaging using a one-way push communication is antiquated, you’ll need to shift from simply broadcasting and selling to listening, servicing, collaborating.
Community management of your social channels will be critical to your online success.
Good brand management, improved customer experience, responding, acknowledging and deep diving into your online brand conversations will set you apart.