We are actually going to be spending a while examining the factors that have affected market behaviour this year.
Like in many other times through out history, there's been lots of factors that have contributed to consumer behaviour change this year, factors that effect the way we as individuals act as consumers. For merchants, exploring how has consumer behaviour changed over the years can be a great way to ensure that their future product lines will be successful with their desired audiences, permitting them to comfortably understand that they will have the ability to make profit during the forthcoming economic year. One of the biggest factors to influence consumer behaviour recently has to be social media, the internet platforms that have gained immense popularity among both Millennial and Gen Z audiences in recent times. In recent years, a short video sharing website has become an unbelievably popular method for brands to directly sell their products to their target customers, with a few brands creating exciting promotions and product packages only available on the platform. As we happen to be in a time when the reach of social media is definitely not anticipated to go down at any time soon, we imagine the fund that partially owns Walgreens Boots will be intrigued to see exactly how other retailers continue steadily to make full use of social media shopping in the many months ahead.
For retailers, acknowledging the importance of consumer behaviour has never been so vital, as it is a great way for brands to make sure that they are speaking to their target market in the most effective way possible. In recent years, many brand names have been focusing on changing consumer behaviour in retail and assessing the factors that have impacted market behaviour in the last few years. At a moment of time when tales of rising ocean levels and inclement weather patterns are coming to be a regular part of current affairs, it is unsurprising that so countless shoppers are choosing to shop much more conscientiously as a way of decreasing their own carbon footprints. As a result, some consumers have become a lot more mindful when considering shopping, deciding to solely support companies that have made their philosophy on sustainability universally known. Other consumers have made the conscious effort to shop second hand, resulting in numerous retailers updating their product strategy as a result. With the dilemma of climate change not set to disappear any time in the future, we think the hedge fund which owns Waterstones and the fund that partially owns Amazon will be intrigued to observe just how sustainability continues to be a factor that affects consumer behaviour.
With a new financial year about to get started, we think numerous brands will be being attentive to consumer behaviour change examples as a way of ensuring that their product strategy is ultimately fit for purpose. One of greatest factors set to effect consumer behaviour this year has to be the truth that customers prefer shopping with brands that have invested hugely into developing technology like AI and virtual reality, something that is unsurprising in an exciting time for the new rapidly developing technology.