How Has Consumer Spending Changed And How Can Your Business Adapt?
As a business owner, you have to adapt to consumer behavior constantly. If you don’t, your sales and profit can take a serious hit. Shopping is now wholly different from what it was a few years back, And that’s mainly due to everything turning digital.
Technology has changed the way businesses run and the way consumers spend. For instance, the global pandemic accelerated online spending, and businesses had to quickly adapt to a new reality. As consumer habits consistently change, your strategies, marketing, and everything in-between must also change.
Luckily, you can do something about it.
Provide a Seamless Shopping Experience
Customers have high expectations even with online stores. They expect to have a similar experience as if they were shopping in a physical store. They want detailed product descriptions, an easy checkout process, a site that loads quickly, and so on.
Make sure your website isn’t crowded with pop-ups and buttons that will take them somewhere else. You want to eliminate everything that will potentially stop them from buying. Does your page load properly? What are your visuals like? Not only does this help you and your customer have a seamless shopping experience, but it also helps you rank higher in search engines.
Put it this way, the better the experience you provide your customer, the more Google, and other search engines will like you.
Create Multiple Channel Streams
Long gone are the days where social media was about posting pictures of eating out at your favorite spot. In fact, it’s now one of the most powerful tools marketers and merchants can use. Thanks to the guys at the top, they’re making it even easier for you to create a great shoppable experience for your customers. For instance, Instagram has implemented a swipe-up feature where customers can easily buy a product they like.
Being present across multiple social platforms comes with many benefits, but the main ones are:
- The more visible you are, the easier it is to find you, the more likely customers will buy from you.
- Being active on various social media channels makes you look a lot more legit.
- It’s the perfect opportunity to create engagement with your customers. You’ll be surprised how many merchant owners overlook this. Creating engagement helps you to build trust with your customers before they even make a payment. And guess what? Loyal customers turn into long-term ones.
Offer More Payment Methods
Did you know that offering more payment methods actually increases your conversion rates? It’s fair to say that the global pandemic drastically changed consumer behavior; however, it didn’t stop them from buying what they needed. Take Gen Zers, they are quickly becoming the largest consumer group in history, and they’re not into credit cards so much. But what they are into is Buy Now Pay Later, BNPL. And that doesn’t go for Gen Zers only. Most customers now actively look for this option.
Consumer financing (BNPL) from ChargeAfter.com allows customers to buy goods that they want at an affordable rate. They get the goods they want at a price they can afford and you get the sales. It’s also a great opportunity to create special offers, incentives, and upsells.
Dig into your customer data, see what methods of payment they prefer, and provide them with all.
Look For Growth Opportunities
Being a business owner or an online merchant is a never-ending job. You have to adapt to Google constantly and its algorithms and social media and their algorithms, all while trying to run your daily operations. But you also have to keep up with customers’ demands.
It’s not an easy task, but there are things that you can do to stay ahead, and that’s why you should constantly look for growth opportunities. Ask yourself a few questions like:
- What social media platforms are working for you?
- Are you up-to-date with all the digital technology?
- How can you expand your customer niche?
- Can you reallocate your capital?
Answering questions like these will help you understand your customers better and implement better strategies that will help you grow.
The Bottom Line
To grow consistently, understanding your customers’ behavior is a must. But the trick is to stay ahead. Make the necessary adjustments, offer BNPL, Make the most of the digital technology, keep the human touch, and stay on the lookout for growth opportunities.