Impact of information technology on consumer behaviour
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1. Decreased customer attention
2. The need for personalization
3. The ease of access to info
4. Brand trust and likability
5. Customer expectations have gone up
6. The increasing need for ’good’ customer experience
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Customers are connected
Almost everybody is living two lives, a vibrant online life and a somewhat boring offline one. We are all connected in one platform or another through our network of friends. We also own more than one device that keeps us updated. This means that we thrive on being active and informed online, and ExactTarget Marketing content verified this from a study they did, whereby 91% of consumers indicated that access to content across all devices was important.
Information technology advancements fuel the connectivity that brings together the world as one big community, from the smart phones to super-fast data. This trend is not about to change because now kids as young as 5 years know how to operate a smart phone, LinkedIn even lowered its age limit to 13years to capitalize on the technology adoption rate.
Companies need to meet the consumers where they are and satisfy their sophisticated needs. If your target market spends more time on Instagram or Twitter, be present and respond to them on the same platform.
Consumer expectations have changed
In the past, as a company you set the times that you were open for business, and customers had to put up with it or stay without that particular product. Technology has totally changed that, with the introduction of e-commerce and mobile phones, customers can access products at anytime. They have raised expectations on what is acceptable customer service and what is not. As a business, you have to keep up with the changed consumer behavior or be out of business.
For example, if a customer wants to purchase something online at night and has a query, they expect to get instant answers. If they do not they choose another supplier from the myriad available online who can meet their immediate need.
Consumers now understand the power they have and will use it when not satisfied with a service. A simple expression of their dissatisfaction on your social media that is not responded to immediately will ignite uproar from other customers who were OK with your products and service.
New communication channels
In the past, a company provided customer service through emails –that did not get prompt responses – and phone calls. These two communication tools had their own challenges and favored the company more; it was at their discretion what information to give out.
This age however, is very refreshed. Social media platforms and live chat place you right in front of your customer; you cannot sacrifice your customer to maintain your brand position. Actually, when you do not respond to a query, you damage your brand reputation because that information is accessible to millions of people.
The upside of these new tools is that you have a wider data collection pool; you can fast track your research and development by utilizing the big data.
In conclusion, we have seen the growth of technology and its impact on consumer behavior. We have looked at three ways that consumer behavior has changed, from connected consumers to changed expectations and new communication tools use. I believe the statement “Customer is King” has never been experienced by companies like in this information technology era. 70% of consumers say technology has made it easier than ever to take their business elsewhere. While technology is helping you grow and reach bigger revenue goals, it may also help your customers to stop buying from you. Customers are your key to growth and profitability. While technology is causing all the change in their behavior, experiences, and thinking you must be willing to change to meet changing customer needs, thought patterns, and expectations.
Almost everybody is living two lives, a vibrant online life and a somewhat boring offline one. We are all connected in one platform or another through our network of friends. We also own more than one device that keeps us updated. This means that we thrive on being active and informed online, and ExactTarget Marketing content verified this from a study they did, whereby 91% of consumers indicated that access to content across all devices was important.
Information technology advancements fuel the connectivity that brings together the world as one big community, from the smart phones to super-fast data. This trend is not about to change because now kids as young as 5 years know how to operate a smart phone, LinkedIn even lowered its age limit to 13years to capitalize on the technology adoption rate.
Companies need to meet the consumers where they are and satisfy their sophisticated needs. If your target market spends more time on Instagram or Twitter, be present and respond to them on the same platform.
Consumer expectations have changed
In the past, as a company you set the times that you were open for business, and customers had to put up with it or stay without that particular product. Technology has totally changed that, with the introduction of e-commerce and mobile phones, customers can access products at anytime. They have raised expectations on what is acceptable customer service and what is not. As a business, you have to keep up with the changed consumer behavior or be out of business.
For example, if a customer wants to purchase something online at night and has a query, they expect to get instant answers. If they do not they choose another supplier from the myriad available online who can meet their immediate need.
Consumers now understand the power they have and will use it when not satisfied with a service. A simple expression of their dissatisfaction on your social media that is not responded to immediately will ignite uproar from other customers who were OK with your products and service.
New communication channels
In the past, a company provided customer service through emails –that did not get prompt responses – and phone calls. These two communication tools had their own challenges and favored the company more; it was at their discretion what information to give out.
This age however, is very refreshed. Social media platforms and live chat place you right in front of your customer; you cannot sacrifice your customer to maintain your brand position. Actually, when you do not respond to a query, you damage your brand reputation because that information is accessible to millions of people.
The upside of these new tools is that you have a wider data collection pool; you can fast track your research and development by utilizing the big data.
In conclusion, we have seen the growth of technology and its impact on consumer behavior. We have looked at three ways that consumer behavior has changed, from connected consumers to changed expectations and new communication tools use. I believe the statement “Customer is King” has never been experienced by companies like in this information technology era. 70% of consumers say technology has made it easier than ever to take their business elsewhere. While technology is helping you grow and reach bigger revenue goals, it may also help your customers to stop buying from you. Customers are your key to growth and profitability. While technology is causing all the change in their behavior, experiences, and thinking you must be willing to change to meet changing customer needs, thought patterns, and expectations.
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