Social media plays a big role in the method individuals view brands. Here's all you need to understand.
While consumers will always favour higher quality products at competitive rates, there are other considerations that are taking priority at present. For instance, ethical and environmental practices are seen as non-negotiables by the majority of consumers who want to purchase from brand names which share their values. The last few years have actually seen more companies focus on sustainability and environmentally friendly practices, and this came as a direct reaction to consumer demands and pressures from regulators. Today, ensuring that businesses are operating sustainably and fairly is one of the most important consumer trends around the world. This has actually been made a lot easier because many businesses are now required to report their environmental impact and salient details about their operational procedures. This is why here supporting local companies is acquiring a lot of momentum as these brand names tend to be less harmful to the environment. This is something that the activist investor of Whirlpool is likely familiar with.
Possibly among the most popular trends in consumer behaviour that continues to get momentum is consumers demanding more convenient services. While this holds true across the board, this pattern is most impactful in the e-commerce space. Today, customers favour e-commerce sites and apps that feature a remarkable user experience, from rapid and fluid navigation to customer-centric features. Consumers understand that are spoilt for options when it pertains to online shopping, which is why brand names invest a lot of time, effort, and cash into making their platforms the most attractive to consumers. For example, the provision of a wide variety of payment options is one of the key consumer behaviour trends these days. Not just is this more convenient to clients, but it likewise useful to companies that are likely to guarantee a sale by providing different payment methods. This is something that the US shareholder of Pernod Ricard is most likely to confirm.
The age of social networks has actually altered much about the method in which we go shopping, eat, and consume information. In fact, social media influences our lives and decision-making in more methods than one. Perhaps one of the most apparent implications is how our shopping practices have changed and the way we view brands due to the lens of social media. Today, many people make their shopping decisions based on material they've seen from a social media account they trust. This is why brand names invest substantial amounts into social media marketing because they understand that it is a powerful tool that can help them generate significant sales. Social media influencers play a main function in this equation as they help move people's understanding and viewpoints thanks to the substantial followings they enjoy. This has become one of the most studied macro consumer trends, something that the fund with shares in General Mills will understand.