Technology’s Influence on Consumer Behavior and Market Trends
The world is continuously evolving to adapt to new changes. The use and acceptance of goods and services is dynamically shifting according to consumers’ personal or group preference, advancement in technology, and popularity in the market. Technology is one of the leading factors that influence the habits of purchasers. For companies to emerge successful in an increasingly competitive market there is a pertinent need to educate clients about products and services by giving an in-depth understanding of the products to the consumers by applying effective marketing strategies. Technology offers and improves market visibility and access, and a widely trending market activity is online shopping of goods and services. Consumers can now order for items from all corners of the globe at the comfort of their homes expecting quality services. This market trend has been accelerated due to the convenience, efficiency, affordability, and ease of doing business through mobile technologies. The Covid-19 pandemic has pushed businesses to adapt to the new norm of managing everyday affairs effectively while observing health protocols. Brands have had to find technological ways to acquire, activate, and retain their customers in order to maintain their competitive advantages. Data Analytics, partnerships through API Integrations, and online customer loyalty programs have all come into play. Online platforms have enabled referral programs; when a satisfied client approves of the product, this goes viral on social media creating a positive impact on the organization. Consumers’ acceptance, behavior as well as market trends have a great impact on the success of a product or service. Companies are therefore required to adapt technology for sufficient industry knowledge and market share gain.
Category: Business, Technology