I still remember those days when my parents had to scream ‘taxiii’ on the top of their lungs to catch one. Nowadays, a cab is only a click of a button away. No one could have imagined that finding a cab or buying products could get this comfortable. However, the world has changed all thanks to technological developments. Technology, is the primary reason we have seen changing consumer market trends globally, but is it right?
According to a consumer market survey, forecasting by Capgemini and The Consumer market trends are in Goods Forum (CGF), the industry should not consider the supply chain a linear journey. Gone are those days when products and information were passed from one agent to another. Now the manufactures should utilize various marketing and communication channels to create a network around consumers.
The forecast further states,
“Consumer behavior has changed forever. The path to purchase is no longer linear and could involve social media, an app, web-based research, an in-store visit, and online purchase in any order. Consumers now have the means to share their concerns and opinions with a larger audience than ever, through a growing array of social and digital channels.”
This change in consumer’s mindsets has been noticed for many years. When the first e-commerce website was launched, no one expected that it would turn out to be the most reliable shopping option. Getting your goods delivered with the click of a button was beyond our imaginations. However, now that it’s done businesses that have learned to adopt this change are surviving and doing pretty good. Although, those businesses that either is too small to take such steps or are egoistic to continue with their traditional methods are losing big time. Don’t believe me? Take a look at what has become of our favorite toy store, Toys “R” Us. They simply couldn’t catch up with online giants like Amazon and Alibaba, and eventually had to close down over 700 of their stores in both the UK and the USA.
Local businesses also lost the monopoly they had of supplying products to their particular region. Now with online stores, an American customer can order a Chinese product from China and get it delivered within a few days. We are always short of time, as no one knows what new inventions will hit the industry tomorrow and change how business is being done. Only those companies that take certain steps to grasp current opportunities will live to see the daylight when further changes arrive.
In this fast-paced market, retailers are the ones standing on the losing side. All their investment in creating fancy and appealing outlets is going to waste. Most e-commerce businesses focus on outsourcing almost every aspect of the business. From product deliveries to customer support, all is being done by third parties. Still, they are managing to earn high returns.
From groceries, like fruits and vegetables, to ordering a cab or specific products, all is being done either through a Hong Kong B2B Marketplace or an app. In addition, customer support is also provided on both platforms to make sure consumers receive a worthwhile experience. Consumers are the kings of the market, and our job as business owners is to provide them with the best. Therefore, if you are left behind in this race, start working on going online and marketing your products through social media channels. The chances are that you wouldn’t end up having your name on the list of businesses that closed down their operations this year.