How consumer trends are changing due to the impact of digital technology?

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How consumer trends are changing due to the impact of digital technology?

This article aims to explore how consumer trends are changing due to the impact of digital technology. The term ‘trend’ refers to a general development or change in a situation in the way that people are behaving (Cambridge Dictionary, 2020). In line with this definition, it can be said that consumer trends are the habits and behaviours that are currently prevalent among consumers.

Digital technology is part and parcel of modern-day life. Without it, life is virtually unimaginable. People are using technologies and adapting to technological changes far rapidly than ever before. Many analysts believe that consumer behaviour change driven by technological advances is perhaps the biggest trend that will offer both great opportunities and challenges for companies around the world.

Consumer trends and Impact of technology on consumer behaviour

More adoption of technology

Technology has brought millions of things to consumers’ fingertips. People do not need to go out any more for shopping. They can use Amazon, eBay, and online platforms of retailers of all types to search for the products and services they need. Many of them always buy online and companies deliver the products to their doorsteps. In fact, more and more people are now buying online resulting in less necessity to go to stores out there!

Market research and product comparisons

People used to go to different shops to compare a variety of products. However, technology has changed this behaviour dramatically and of course, provided customers with more convenience. People can now compare the quality and the prices of products from different retailers online without needing to paying them a visit. Likewise, they can read reviews online that can impact on their buying decisions.

Different kind of expectations

Customers particularly younger ones love to consume contents from around the world. They love to have instant access to information. Many of them also assess their experience of a product or service against the experience of someone else. This type of behaviour has been promoted by the technological developments. Imagine, having instant access to contents twenty years ago?

Privacy and security concerns

Many multinational companies around the have been hacked over the years. For instance, Hackers held Travelex to ransom after a cyber-attack forced the company to turn off all its computer systems (Tidy, 2020). In fact, all kinds of businesses have recently suffered data breaches. For instance, Marriott hotels, Kay Jewelers, Adidas, Panera Bread, Macy’s, Hy-Vee, Poshmark, Checkers and Rally’s, Buca di Beppo, Planet Hollywood, Earl of Sandwich, and Chicken Guy to name but a few that have reported data breaches in the last few years (Green et al). Consumers are becoming increasingly aware that their daily lives can be devastated by data breaches and therefore, demand more and better security of their personal information.

Sharing is caring!

Not over twenty years ago, many people preferred keeping things private. Technology has fundamentally changed this behaviour. Now, many people feel obliged to share anything and everything online. The idea of ‘sharing is caring’ has indeed gained a great momentum! Thanks to technology and more specifically social media!

Laziness!

One of the challenges of our time is that more and more people are becoming lazy and anti-social. Technology is indeed contributing to it. Many analysts are concerned that due to a heavy usage of technology and social media, people may turn out to be lazier and develop different kinds of physical and mental health complications.

We hope the article ‘how consumer trends are changing due to the impact of digital technology?’ has been a helpful read. You may also like reading What is consumer behaviour? Other relevant articles for you are:

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Last update: 04 October 2020

References:

Further Reading/References

Cambridge Dictionary (2020) Trend, available at: https://dictionary.cambridge.org/dictionary/english/trend (accessed 04 October 2020)

Green, D., Hanbury, M., & Cain, A., (2020) If you bought anything from these 19 companies recently, your data may have been stolen, available at: https://www.businessinsider.com/data-breaches-retailers-consumer-companies-2019-1?r=US&IR=T (accessed 01 October 2020)

Tidy, J. (2020) Travelex being held to ransom by hackers, available at: https://www.bbc.co.uk/news/business-51017852 (accessed 02 September 2020)

Author: M Rahman

M Rahman writes extensively online with an emphasis on business management, marketing, and tourism. He is a lecturer in Management and Marketing. He holds an MSc in Tourism & Hospitality from the University of Sunderland. Also, graduated from Leeds Metropolitan University with a BA in Business & Management Studies and completed a DTLLS (Diploma in Teaching in the Life-Long Learning Sector) from London South Bank University.