At present, consumers have much greater ethical and environmental requirements. Continue reading to find out more.
The age of social networks has changed much about the way in which we go shopping, eat, and consume information. In fact, social media affects our lives and decision-making in more methods than one. Possibly one of the most obvious implications is how our shopping routines have altered and the way we perceive brands due to the lens of social media. Today, lots of people make their shopping choices based upon content they have actually seen from a social media account they trust. This is why brand names invest substantial amounts into social media marketing because they know that it is a powerful tool that can help them create considerable sales. Social media influencers play a central role in this equation as they assist move people's understanding and viewpoints thanks to the huge followings they enjoy. This has turned into one of the most studied macro consumer trends, something that the fund with shares in General Mills will know.
Maybe among the most popular trends in consumer behaviour that continues to get momentum is consumers demanding more convenient options. While this holds true across the board, here this trend is most impactful in the e-commerce domain. Today, consumers favour e-commerce sites and apps that include a superior user experience, from fast and fluid navigation to customer-centric features. Consumers understand that are spoilt for choice when it concerns online shopping, which is why brands invest a great deal of time, effort, and money into making their platforms the most attractive to consumers. For instance, the provision of a large range of payment options is among the key consumer behaviour trends these days. Not just is this more convenient to clients, but it also practical to businesses that are most likely to guarantee a sale by offering different payment methods. This is something that the US shareholder of Pernod Ricard is most likely to validate.
While customers will always favour higher quality items at competitive prices, there are other factors to consider that are taking priority at present. For instance, ethical and ecological practices are seen as non-negotiables by most customers who wish to purchase from brands which share their values. The last few years have actually seen more companies focus on sustainability and eco-friendly practices, and this came as a direct response to consumer demands and pressures from regulators. Today, guaranteeing that companies are doing business sustainably and morally is one of the most important consumer trends around the globe. This has been made much easier given that many companies are now required to report their ecological impact and significant details about their operational processes. This is why supporting local businesses is gaining a lot of momentum as these brands tend to be less harmful to the environment. This is something that the activist investor of Whirlpool is likely familiar with.