The Im­pact of Tech­nol­ogy on Pur­chase Life­cy­cles

New-age tech­nol­ogy along with ex­ist­ing knowl­edge of con­sumer psy­chol­ogy is be­ing lever­aged ef­fec­tively by brands across the globe, in highly in­no­va­tive and en­gag­ing ways…

Images Retail - - TECHNOLOGY - – By Vipul Mathur, Brand Mar­ket­ing Ex­pert and Brand Head, Skult

Tech­nol­ogy in to­day’s day and age has come to be­come the most in­te­gral el­e­ment in in­flu­enc­ing cus­tomers’ choices espe­cially when it comes to re­tail prod­ucts such as cloth­ing. New-age tech­nol­ogy along with ex­ist­ing knowl­edge of con­sumer psy­chol­ogy is be­ing lever­aged ef­fec­tively by brands across the globe, in highly in­no­va­tive and en­gag­ing ways; such meth­ods would have been un­fath­omable less than a decade ago.

With new in­for­ma­tion about au­di­ence be­hav­ior and pref­er­ences amongst other pa­ram­e­ters, brands have an in-depth un­der­stand­ing about con­sumer buy­ing cy­cles. In such a sce­nario, in­flu­enc­ing the life­cy­cle of buy­ing be­gins even be­fore the con­sumer has thought of buy­ing a cer­tain prod­uct.

Prior to the need for prod­uct ex­ists:

With pre­dic­tive data an­a­lyt­ics, ad­vanced sys­tems can pre­dict the po­ten­tial need for a prod­uct amongst con­sumers. To­day ad­vanced e-com­merce mar­ket­ing agen­cies clas­sify the com­plete pop­u­la­tion in 16 per­sonas based on prob­a­ble psy­chol­ogy, mood, as­pi­ra­tion as key in­flu­enc­ing fac­tors.

The brands and agen­cies then take to de­liv­er­ing cus­tomised dig­i­tal mar­ket­ing con­tent to the in­di­vid­u­als based on the con­sumer’s per­sona. Phys­i­cal re­tail­ers are also warmin­gup to the idea of ex­plor­ing dif­fer­ent per­sonas to cater to their con­sumers more ef­fi­ciently and ef­fec­tively.

With new tech­nol­ogy come new co­nun­drums and new queries, as the brands and mar­keters try­ing to un­der­stand and grasp the prow­ess of tech in our hands. Given this back­drop, de­bates sur­round­ing who is in con­trol of “the buy­ing” en­sue. With evolv­ing tech­nol­ogy sim­i­lar ques­tions will be­come more preva­lent.

Be­fore pur­chase:

With con­stantly be­ing con­nected to the dig­i­tal world, a con­sumer is con­sis­tently dig­i­tally tuned-in. When check­ing-in to places, en­ter­ing malls - con­nect­ing through Wi-fi and Blue­tooth, a con­sumer an­nounces their where­abouts to sell­ers at the lo­ca­tions. In ad­di­tion to that, through search en­gine mar­ket­ing (Sem)con­sumers re­ceive prompts and ads when search­ing for spe­cific lo­ca­tions, prod­ucts or re­tail de­tails. Many soft­ware and ser­vices carry out paid mar­ket­ing for prod­ucts or sim­i­lar prod­ucts be­ing searched upon by the con­sumers. With in­creas­ing smart phone us­age, more con­sumers will fall un­der the fold.

Dur­ing pur­chase:

Whether it is a por­tal or a store, the re­tail­ers have made heavy in­vest­ment since the ROI is most clear and ev­i­dent in this set­ting. In to­day’s tech­nol­ogy driven set-up, of­fer­ing Om­nichan­nel so­lu­tions, apps, as­sis­tance based on CRM data, in­ter­ac­tive kiosks are some of the meth­ods em­ployed by re­tail­ers to im­prove con­ver­sion rates.

With in­creas­ing re­tail cost and de­creas­ing foot­walls in the store, im­proved con­ver­sion and bas­ket size are the crit­i­cal pa­ram­e­ters of sur­vival. Brands and re­tail­ers are work­ing with equal rigor to en­hance this area.

Post-pur­chase:

Af­ter a con­sumer pur­chases a prod­uct, com­pa­nies have valu­able data at hand. Con­glom­er­ates with multi in­dus­try data can reach out to con­sumers across dig­i­tal chan­nels to show prod­ucts of their com­pany, in ac­cor­dance with the pref­er­ence of the con­sumer, to sup­port a sale of the prod­uct. Store re­tail­ers also em­ploy data to get a clear un­der­stand­ing of lo­ca­tion pref­er­ences among con­sumers, ar­eas of de­vel­op­ment of mer­chan­dise, dis­play and staff-train­ing amidst other fac­tors.

Suc­cess Mark­ers:

It’s amaz­ing to wit­ness the rapid de­vel­op­ment in the ar­eas of neuro sci­ence, con­sumer be­hav­ior psy­chol­ogy, pre­dic­tive an­a­lyt­ics, so­cial mar­ket­ing, Om­nichan­nel and ge­o­mar­ket­ing. Now, the re­tail sec­tor is com­pre­hen­sively and com­pletely util­is­ing the po­ten­tial of such newage tech­nol­ogy. It will be in­ter­est­ing to see how all the pa­ram­e­ters and grow­ing tech­no­log­i­cal ad­vance­ments come into play how ef­fec­tively the sec­tor lever­ages the op­por­tu­ni­ties avail­able through tech­nol­ogy at hand.

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