Empowered consumers to transform retail sector
KUALA LUMPUR: A research has identified a new type of consumers – the empowered consumers, armed with technology – who will change the future of the global retail landscape.
Empowered consumers read and write product or service reviews, compare prices online and interact with companies via social media.
Global market research company Euromonitor International said 26% of consumers worldwide are empowered consumers, with 52% of them below 35 years old.
The company said in a statement that the consumers’ young age indicated that their behaviours would continue as they age and would influence their children, the next generation of consumers.
Euromonitor head of retailing Michelle Grant said: “Convenience is important in empowered consumers’ shopping experience. They prefer Internet-enabled devices to make their purchase, as 74% of them make their purchases through smartphones versus 44% of non-empowered consumers.”
She said they enjoyed the ability to save time and order at anytime from anywhere.
They also expect the same shopping experience in whichever way they choose to purchase, thus retailers must embrace omnichannel retailing to meet these needs. — Bernama