ASSIGNMENT 2
SCRIPT NOTES
Access to the Internet
Over the last twenty years there has been a huge growth rate in the amount of people who access the worldwide web. Statistics show that in 1995 less than 1 percent of people had an internet connection, wheras these days, more than 40 percent of the worlds population has an internet connection.
Internet users are classified as, any individual who can access the internet at home, via any device type & connection.
The Information superhighway is bigger & better than ever & we are all driving it at an alarming speed.
Digital devices used by audiences
Thanks to the rapid development of better digital devices and platforms, the modern day consumer is more connected than ever. Content like print and broadcast television, once only available through certain channels, today can be be accessed by consumers via their numerous connected devices. In fact, on average the U.S. consumer now owns four digital devices and spends 60 hours per week accessing content via these devices.
How customers search for Information
In this day & age the way customers & consumers search for information is wide, varied & strategic. The internet has opened up a huge hole to the way we purchase consumerables & we love the convenience & ease this provides in our daily lives. Eighty-one percent of consumers conduct online research before they make a purchase. Sixty percent begin by using a search engine to locate the products they desire and 61 percent will read product reviews before deciding on a purchase.
What consumers buy online
I have found that the main items people purchase online can be broken down into five categories :
1)Clothing
2)Electronics
3)Beauty & personal care items
4)Books, movies & music
5)Flowers & gifts
E-commerce sales exceeded $2 trillion globally, in 2017 and are estimated to more than double by 2021.
I have found that Americans are shopping both online and in store. Although it would seem, that what they buy at each type of retailer varies and also overlaps. My study further proves that the modern consumer journey is multi-channel. Few Americans have purchased goods through only one or even two channels. A variety of retailer types are generally used to purchase items, their decision is based upon which is the most convenient or cost-effective at the time of purchase.
Online Video consumption
One of the most popular internet activities worldwide, is online video consumption. Recent industry data suggests that online video penetrationis close to universal, in quite afew of the more popular online markets. Online video usage in Saudi Arabia reached 98 percent as of January 2017. Projections for 2020 suggest that the number of digital video viewers in the U.S. will surpass 232 million. Videos uploaded by people or brands, were the most regularly watched categories, amongst YouTube audiences in the U.S., in 2017.
Consumer Trends
1. Smart devices offer consumers convenience and peace of mind
The stand out item at the 2017 Consumer Electronics Show (CES), were connected devices. Companies showed off futuristic gadgets, from smart fridges to voice-activated trash cans, that promise to truly bring smart homes into the next echelon of connected living spaces.
Compared to Gen Xers and Boomers, Millennials are more likely to adopt smart home technology, according to the Scripps study, ( Scripps Under One Roof ).
When we talk about connected devices, thoughtful is the new smart. To be successful and launch winning products in this growing market, companies should adopt consumer insight and adapt their product roadmaps according to feedback from their customers.
2. Wearables shape consumer lifestyle—and save businesses money
Consumers can track their own health data with most wearable gadgets, including activities and diet. Eating better, reducing stressand adopting a healthier lifestyle are the first steps that consumers usually adopt with wearable tech.
The wearable marketplace is still expanding, despite a slow start. Analysts estimate this space will reach $25 billion by 2019, with 60 percent of the market value being swallowed by smartwatches like the Apple Watch.
3. Fulfillment solutions drive seamless customer experience
E-commerce and mobile shopping have been thrust into the mainstream, by the ever evolving digital world . Now that digital shopping is widely accepted as normal, companies are being pushed to optimize the supply chain to create a flawless, efficient consumer experience.
Buyer expectations for seamless shipping, delivery and returns have escalated in the past three years. Companies are now expected to offer free and one-day shipping, by an ever growing population of online shoppers.
4. Ad blockers allow consumers to avoid unwanted ads
Ad blockers is software that lets tech-savvy people filter online and mobile ads. The media industry is heavily challenged by ad blockers software. The Interactive Advertising Bureau discovered that ad blockers are currently run by 26 percent of desktop users. Media Research, from the Midia consulting firm, conducted another study where they found that 80 percent of people who are aware ad blocking softwareexists, have downloaded and used it.
Many consumers have voiced a pure need for ad blockers within mobile software and it would seem that the lucrative Millennials are more likely to run ad blockersthan any other generation.
People know what they want and will inevitably tune out of marketing messages one way or another, unless advertisments become more interactive, engaging and intelligent than ever. In turn this will encourage companies to optimize their ad content as well as the channels they use, to satisfy their target audiences needs.
Conclusion
My study shows that technology is key in affecting and morphing consumer behavior. As new technologies are released to evolve industries, businesses of all sizes can’t afford to not tune in & apply the latest solutions. The companies that place consumers needs first are in a position to win, in this ever evolving, competitive digital age.
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