As we move towards digitization, it’s time for businesses to realize the changes that this could incur on the behaviour of their consumers. In order to keep up with the pace, it is important that businesses not just understand the impacts of digital revolution but also be prepared for it.
With the changing behaviour and expectations of consumers, what businesses need are tailored services to meet the individual needs of every customer. This would not just help businesses outstrip existing competitors but also the new entrants of future.
To help businesses perform at par with the impacts of digital revolution, here are few changes they need to look out for in their consumers:
- Less Tolerance
The increasing demands and expectations of customers have made it hard for businesses to satisfy customers. As a result consumers have become less tolerant and increasingly active at registering their complaints. This intolerance is mainly driven by “convenience“, a significant impact brought about by digital revolution. People have got so used to convenient shopping and service that they have lost the patience to wait for the desired service.
- Diminishing Loyalty
Gone are the times when a customer would continue to be loyal to a brand even after poor service quality and cheap products. Today, what consumers want is value for the money they pay without compromising on the quantity or quality. In fact, customer expectations have reached a level where they are ready to switch a service provider anytime.
- Multi-channel Interaction
With digitization making its impact at the societal level, increasing number of customers have switched to using social media channels for interaction instead of simply website. It is completely in control of customer to decide which communication channel to be used for interacting with businesses. Thus, businesses can only succeed if they can have similar conversation flow across all their channels of communication. This would give consumer the impression of interacting with one brand and not one department.
- Dependence on Social Media
Digital revolution has opened the gates for customer-to-customer interaction. Customers today are driven by the opinions of their friends, actively shared across various social media channels. These opinions and reviews can be so powerful that they can easily make or shake the foundations of a business.
- Instant Access to Information
Digital technology has empowered consumers with the power to access any kind of information at their will anytime, anywhere. Thus, businesses can no more influence customer decisions with fake statistics as accurate information is just a click away!
The best way for businesses to be prepared in advance for the impacts of the digital revolution, is to start developing customer-centric services. This sort of an approach will not just provide businesses with useful insights on customer expectations but also help maintain customer relationships in the long run.