4 Major Market Shifts That Affect Your Customer Preferences
Consumer behaviors are changing almost as fast as technology. These four main market shifts explain what customers want and why.
By JOHNNY ROSA
One of the hottest buzzwords in customer experience right now is “digital.” There’s a good reason. Technology has blended into almost every aspect of our lives, and the digital revolution has completely transformed the way consumers interact with businesses and purchase products and services. With so much change, it’s easy to lose sight of what really matters.
The following four market shifts highlight the most important business consequences of recent changes to consumer behaviors: customers today want simplicity, speed, and mobility.
“Technology has blended into almost every aspect of our lives, and the digital revolution has completely transformed the way consumers interact with businesses and purchase products.”
1) The On-Demand Economy
42% of US adults
2) The Subscription Economy
more than 100%
3) Mobile Phone Adoption
rose to 82%
4) Cord Cutting
33 Million US adults
The digital transformation our society has experienced over the past decade has created a consumer culture that prioritizes simplicity, speed, and mobility
The On-Demand Economy highlights customers preferring fast service over tradition. Consumers are flocking to companies providing whatever they want whenever and wherever they are. The rise of the Subscription Economy means recurring revenue for businesses, but a new level of personalization for consumers. Customers subscribe to the products and services they want, and are simple to use. Mobile phones have become a cornerstone of our daily lives. The ability to access so many parts of our lives — friends, finances, and more — from anywhere is a flexibility and mobility every consumer can buy into. That freedom mirrors what we see in a wave of cord-cutting consumers seeking the ability to watch what they want whenever they want, without waiting for a specific channel to carry it.
Companies that understand their customers will focus on these important shifts as more and more consumers buy in to the digital revolution.
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4 Major Market Shifts That Affect Your Customer Preferences
Consumer behaviors are changing almost as fast as technology. These four main market shifts explain what customers want and why.
By JOHNNY ROSA
One of the hottest buzzwords in customer experience right now is “digital.” There’s a good reason. Technology has blended into almost every aspect of our lives, and the digital revolution has completely transformed the way consumers interact with businesses and purchase products and services. With so much change, it’s easy to lose sight of what really matters.
The following four market shifts highlight the most important business consequences of recent changes to consumer behaviors: customers today want simplicity, speed, and mobility.
“Technology has blended into almost every aspect of our lives, and the digital revolution has completely transformed the way consumers interact with businesses and purchase products.”
1) The On-Demand Economy
42% of US adults
2) The Subscription Economy
more than 100%
3) Mobile Phone Adoption
rose to 82%
4) Cord Cutting
33 Million US adults
The digital transformation our society has experienced over the past decade has created a consumer culture that prioritizes simplicity, speed, and mobility
The On-Demand Economy highlights customers preferring fast service over tradition. Consumers are flocking to companies providing whatever they want whenever and wherever they are. The rise of the Subscription Economy means recurring revenue for businesses, but a new level of personalization for consumers. Customers subscribe to the products and services they want, and are simple to use. Mobile phones have become a cornerstone of our daily lives. The ability to access so many parts of our lives — friends, finances, and more — from anywhere is a flexibility and mobility every consumer can buy into. That freedom mirrors what we see in a wave of cord-cutting consumers seeking the ability to watch what they want whenever they want, without waiting for a specific channel to carry it.
Companies that understand their customers will focus on these important shifts as more and more consumers buy in to the digital revolution.
