Understanding a consumer behavior is in no way easy. You can not pinpoint a single factor that influences the purchasing behavior of the modern shopper. What drives customers to the shop and out of them, is a study in progress. And in the times of online shopping with a plethora of e-commerce websites and apps afloat in the market, it becomes even harder for the retailers to study the consumer behavior and then tailor their products, services, marketing campaigns, etc to maximize their profit margins. However, what can be said with some certainty is the fact that the modern shoppers are emotional and most of their purchases have a reason behind them.
However, never before the study of customer behavior has come out with absolute concrete evidence of guaranteed success and it never will in the future. So, as a retailer, it’s very important for you to make sure that whatever little information you get or have, you use it wisely to drive customers to your business.
And we thought we will list a few of them down for you.
So, whether you are running an e-commerce website, have a shopping app, or sell your products from your retail store through product discovery platforms, these tips can help you amp up, if not significantly boost your profit margins.
- Market regularly
It’s no secret that your marketing campaign plays a huge role in influencing the customers shopping decision. There have been incidents when great marketing campaigns have even changed the market trend for some products. However, with the evolution of social media and technology the traditional marketing campaigns which were “for” the customers have taken back seat and the data-driven advertisements are at the forefront of it all. With the increasing adoption of social media, smartphones, and internet penetration the shoppers are more connected to the brands & products they love than they were ever before. However, all those factors have also made the shoppers vulnerable. They can easily be persuaded towards a new brand and product. So, it’s very important for the retailers or the e-commerce website owners to market their products and services to the customers they know.
Your marketing campaigns should be consistent and regular aimed at your shoppers to keep them engaged and stop them from getting into the frivolous shopping. You must harness the shopper data you have to understand your customers, their likes, dislikes, the factors that made them shop with you in the first place and the factors that they do not like as much about your product or services. Once you have concrete data you can create different marketing campaigns aimed at different set of shoppers to ensure maximum gains. Studies have proven that marketing campaigns targeted at the shoppers can influence them to shop more frequently and regularly from the platform or the app they are loyal to. So, if you have a set of loyal shopper base, market to them, and if you don’t you can start building one by running marketing campaigns at regular intervals.
- Understand the financial condition
No one understands the financial condition better than someone who runs a business. However, understanding the financial situation in the market and understanding the financial situation of the shoppers are two different things, unless you are in the market of cars, real estate, or such big articles in general, as in that case, the market situation pretty much reflect the condition of the shoppers or buyers in this case. In the retail world, however, the spending pattern of shoppers can easily be predicted based upon the area you are in. A majority of shoppers prefer to shop in the in or around their payday, which just makes it easy for the retailers to run their best campaigns, deals, and offers to capitalize on those days and influence their shoppers to spend more on their purchases.
- Give preference to shoppers personal likings
In the times of social media, a shoppers personal liking and disliking play a significant role in influencing their shopping decisions. This is why it’s very important for the retailers to give due attention of the shopper’s likes, dislikes, choices, priorities, and values. Industries such as fashion, food and personal care, are heavily affected by all these factors and in some cases, they are the dominant influencing factor for the shoppers. So, it’s highly advised to the retailers to tailor their advertisements, marketing campaigns keeping all such factors into consideration. Such campaigns can have a huge impact on the purchase decision made by the customer.
- Social Influence
Social influence plays a significant role in influencing a shoppers’ purchase. A lot of shoppers these days discover products using product discovery platforms like Taglr, which not only allows the customers to discover products online but also connects them with the retailers in the nearby area. So, if a shopper sees a familiar retailer on the app from where most of his/her friends shop or a product that most of his/her shopper friends have purchased, he/she is more likely to go for that retailer or the product as opposed to a new product or retailer he/she sees.
Social influence can also be observed over social media platforms by running ad campaigns on platforms like Facebook, Twitter, Instagram etc to understand and learn what the customers think of a certain product or platform. This helps the retailers to engage with the shoppers on the platform of their choice and promote their products on the same.
With the e-commerce industry on the rise, convenience has become a major influencing factor for a customer’s purchase. The days of getting ready and heading to a mall to buy a product are behind us and the modern shoppers are more inclined towards having everything under their fingertips. This is why we have seen a significant rise in the number of e-commerce app and websites in recent times. Now, while it has come as a boon to the customers, the traditional retailers have faced some issues in keeping up with the major e-commerce giants. But now with the product discovery platforms like Taglr, even the traditional retailers are harnessing the power to technology to boost their sales by listing their stores on the platform and taking their products from the shelf of their brick-and-mortar store to the fingertips of modern customers.
So, whether you are a small retailer or the owner of a multi-store retail chain, it’s very important that you give due attention to the convenience of your shoppers and take your products to them rather than bringing them to your stores.
Finally, the factors influencing the shopper behavior can vary depending on the market, however, analyzing the consumer behavior will always help you in capitalizing on whatever factors your customers are most influenced by. So, for every retailer out there it’s very important to understand their customers and tailor their services accordingly. ')}