New Consumer Expectations That are Transforming APAC's MarTech Industry
Martech Outlook | Monday, August 29, 2022
As the pandemic brought significant changes in consumer behaviour, brands must adopt new strategies to remain competitive and accelerate their business growth by gaining customer loyalty and trust.
FREMONT, CA: The pandemic resulted in a radical change in consumer behaviour, especially their spending habits. This is because the rising unemployment and limited availability of essential and non-essential resources during the pandemic altered people’s perception of expenditure. Industries like hotels and airlines were in survival mode and faced a massive loss in brand value. On the other hand, health, hygiene, e-commerce, OTT platforms, and food delivery services observed massive growth.
Although situations have changed and moved back to normal, consumer behaviour remains the same as during the pandemic. Therefore, brands must rethink their strategies and embrace the new normal to survive and thrive in the coming years.
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Holding Brands to Higher Standards
Social media platforms have become highly influential in recent times. People started voicing their opinions and taking strong stands more openly on these platforms. Therefore, social issues are extensively highlighted in these years. This made consumers analyse the social consciousness of brands and the principles they uphold. Studies have shown that a brand's response during a social crisis will determine if customers will continue buying it once it is over.
Therefore, consumers expect brands to take strong stands on social issues and support them with strong actions. Brands that are socially conscious and responsible are more likely to win customers' trust quickly and, as a result, see a growth in their brand value.
The Growth of e-commerce Brands
E-commerce witnesses massive growth as physical stores close and consumers try to avoid crowded shops. Prominent e-commerce companies expect a permanent transition in consumer behaviour, shifting towards online or omnichannel shopping platforms. Brands embracing this change in the e-commerce space for the first time must consider various factors such as pricing, packaging, delivery timelines, etc.
Focus on Sustainability
Consumers have become more aware of the products they use and their impact on individuals and the environment. As a result, sustainable businesses are becoming more popular by attracting customers more than major brands. Therefore, brands are also urged to actively work on making their products more sustainable. For example, beauty and skincare businesses have to make a conscious effort to produce harmless products. The food industry is also adapting ways to promote sustainable eating habits, as veganism and vegetarianism have been rising recently.
Emphasis on Building Communities
The pandemic forced individuals to engage with people more and come together as a community to help each other during challenging times. Brands should alter their marketing strategies to this shift, focusing on building community relationships. This can be done by adopting a more grassroots approach to communication and localising the brand experience. Brands that emphasise supporting and nurturing communities during times of crisis will stand out from their competitors and gain customer trust.
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