Digital technology is now the most popular the way customers interact with businesses, both on- and offline. Contextual relevance, constant connectivity, and easy access to information have made shopping the buying process an interactive experience.
Today more than ever, businesses are choosing to embrace the technological revolution using digital platforms to grow their brands. Here are the top ways in which digital is changing the way we shop.
1. Constant Connectivity
In the past, customers had to rely on the knowledge of a company’s salesperson to find the right product for their needs. Today’s consumers are accustomed to using digital technology to research products, compare prices, and widen their access to businesses around the world.
Online opinions and reviews, along with social media, have made digital word-of-mouth advertising a force to be reckoned with. With the balance of power shifted to consumers, business owners and marketers need to find more effective ways of standing out in an increasingly competitive and borderless market.
2. Personalized, Relevant Marketing
Search engines and GPS technology allow brands to more effectively market their business to their target audience. Today’s business owners can use digital technology to learn their customers needs and preferences and deliver timely, relevant suggestions that turn customer interest into sales opportunities.
Context-based marketing tools give retailers access to more customer information than ever before: how and when they shop, what kind of products they’re searching for, and what kind of deals they’re attracted to. Today’s savvy business owner or marketer knows how to leverage this information and respond to their customers with relevant content and advertising.
3. Mobile Payment Systems
Gone is the need for cash, debit/bank cards, or even credit cards. Online payment systems like PayPal, Google Wallet, Bitcoin and others have made paying on the go as simple as, well…pressing a button. Soon physical wallets are going to be a thing of the past.
In today’s digital world you can skip the line at the bank when transferring money to other parts of the world, and you can even order your groceries from the comfort of your pj’s at home. Customers are growing increasingly confident with online payment systems, and businesses who offer mobile options are the ones getting the sales.
4. Crowdfunding
A recent study by the University of Toronto’s Rotman School of Management showed that people raising funds for a product or project have the greatest chance of succeeding through an online crowdfunding platform. The study also found that many pre-buyers are willing to pay a premium on a project they want to see succeed, especially if they believe other pre-buyers won’t pay as much.
Crowdfunding has changed the way consumers buy by getting them invested in the creation of an idea, item, or project. Consumers have access to a wider variety of options for products than ever before, and are able to feel like they are a part of the product creation movement rather than just a customer.
5. Real-time Customer Support
Customers no longer have to wait until the following business day to receive customer service or support. More and more businesses are providing round-the clock support to their customers. In many ways, the digital revolution has forced businesses to be more accessible, accountable and transparent to their customers. Because if they’re not, a social media outbreak is just a few clicks away.
As the lines blur even further between online and offline consumerism, smart businesses will need to know how to make the most of new technology. Those companies that survive the evolving digital landscape will be the ones who are best at giving their customers exactly what they need, when they need it, on the channels they are active on, which we now know are mostly digital channels.
If you want to learn more about how to reach your audience with the right message at the right time through the right channels, please feel free to reach out to me at [email protected]. I’ll be more than happy to chat.