The changing consumer behaviour in a digital economy

The impact of digital economy and e-commerce is no longer a phenomenon restricted to only the developed world. With the spaces between geographies shrinking due to the digital technology and also with nations taking the connectivity to the rural and remote parts of the country, India is experiencing a significant transformation in the consumer buying patterns. As a result no company can afford to ignore these trendsirrespective of whether or not it is in the e-commerce space Nifty Trading Tips

It is noteworthy to recognise that it is no longer adequate to be reactive or proactive, it is the adaptive capability of the firm that is going to be critical to win the marketing wars. The traditional marketing research and understanding of the consumer behaviour will continue to play an important role in the long range planning but understanding the transactional behaviour pattern of the consumers and adapting its marketing strategy is the new game. These transactions could before, during or after making an online purchase and all of the data is freely available to the firms who areinterested in getting deep insights through analytics to adapt its message and offerings to the intended consumer segments. It is also possible to do rapid comparison of offline and online buying patterns and understand the trends to make quick mid-course corrections to maximise sales. Those businesses who are not engaged with online sales also have an enormous opportunity to understand their customers from close quarters through social listening and influencing them through social media Free Stock Tips 

While the sellers get ample information about the consumers and adapt their marketing plans, on account of access to extensive information available online, consumers’ expectations and the buying behaviour are undergoing a significant change. A new segment of consumers is emerging which is no longer satisfied with standard product offerings, many of these consumers want and are able to get personalised offerings. This means firms have to recognise the emergence of this segment which requires to be addressed differently through personalised messages and their ever changing requirements to be handled through custom offerings. Personalisation will also happen through co creation of products. In the earlier phase, cocreation wasrestricted to vendors and partners for design of products, but now consumers are keen to participate in co designing of products provided appropriate easy to use tools and technology are provided to them and this opens up a new opportunity to firms Commodity Trading Tips