Obtaining global consumer insights can be valuable for any international firm. This can help them to resolve the Disconnect Between Consumers and Companies. To encourage them to better use Data Analytics to Enhance Customer Experiences. Also, to enable them to optimally employ Data Analytics to Predict Consumer Behavior.
A PWC Report: Global Consumer Insights
As we know, marketers’ intuitive feelings about consumer attitudes and behavior may be wrong. Thus, good research becomes a key to success. In surveys, more accurate information attitudes and behavior will result.
During 2018, consulting firm PwC undertook a large study of global consumers. Among its findings:
“Since 2010, PwC has annually surveyed thousands of consumers around the globe to track shopping behavior. In this year’s survey, we reached out to more than 22,000 consumers in 27 territories across the globe.”
What did they tell us? They are optimistic about their local economies. And they plan to spend more or the same for purchases and experiences. Mostly at a brick-and-mortar store or online with mobile devices. Respondents will also pay extra for personalized services, like same-day or quicker shipments. Rely on their social networks for inspiration. And feel ambivalent about the use of artificial intelligence and the use of technology. Particularly when used to track their shopping habits.”
View the following video to gain many global consumer insights. Then, click the image beneath the video to learn more. As well as to access the 2018 report.
7 Replies to “Global Consumer Insights”
“And feel ambivalent about the use of artificial intelligence and the use of technology. Particularly when used to track their shopping habits.” The need to focus marketing towards the correct people is understandable, but it has expanded to the point where corporations actually have constantly updating person profiles of the economically active citizens of each major country. Privacy is disappearing, and this is a bubble bound to burst.
Understanding what a consumer wants from a company is obviously extremely important to a company and their success. It is no shock that people will want to pay more money for quicker and better service. People want what they want at a certain time and use technology for these benefits.
It is vital for a company to understand and seek what a consumer wants from their company. Many companies use social media as a platform to seek what consumers are interested in and it i no surprise that most people will pay extra for personalized services or same day shipment to receive what they want as soon as possible.
The success of a company fully depends on how well the company is able to to understand the wants and needs of their consumers. Which is why it comes to no surprise that most consumers are willing to pay more money to have better services like quicker shipping, better return policies and so on.
With the globalized world there are more and more opportunities when shopping and more options of where and when one can shop. This large amount of options comes the competition between brands to provide the best quality for the best prices, but in order to stay relevant there must be sone products better than others which could draw customers in. It is not surprising for customers to actively seek out the best product to fit their needs, even if it is the most expensive option on the market. The globalized economy brings in new ways for this to be easier on the customers and more beneficial to their shopping experience as a whole.
it is no surprise that many customers are willing to pay extra money for services like say day shipping. Have used express shipping before, for a few extra dollars. Consumers around the globe are starting to spend more money and will only increase the industry.
It is no surprise that social media influences our preferences and taste. After all, we are social animals and constantly seeks reassurance from our peers and that people we are among. Tailored services are a luxury and a niche market segment can be served better by firms that use this as a premise of their existence. However, it is the 60 percent of the population that does not desire tailored services and make the majority. Firms that have been conducting business by serving the maximum number of customers will keep doing that and favor what the majority wants. This does not exclude the fact that 40 percent of the people surveyed appreciate tailored services. To appeal to that group, large firms can allocate some resources towards that niche or new firms providing that exclusive service can emerge.