Social media plays a huge role in the way people perceive brands. Here's all you have to know.
The age of social networks has changed much about the method in which we shop, eat, and consume information. In fact, social media influences our lives and decision-making in more ways than one. Perhaps one of the most obvious implications is how our shopping practices have altered and the way more info we perceive brands due to the lens of social networks. Today, many individuals make their shopping decisions based upon material they have actually seen from a social network account they trust. This is why brands invest considerable sums into social media marketing because they understand that it is a powerful tool that can help them generate substantial sales. Social media influencers play a main function in this equation as they assist shift people's understanding and opinions thanks to the big followings they have. This has turned into one of the most studied macro consumer trends, something that the fund with shares in General Mills will understand.
While consumers will always favour higher quality items at competitive prices, there are other factors to consider that are taking top priority at present. For example, ethical and environmental practices are seen as non-negotiables by the majority of customers who wish to purchase from brands which share their values. The last few years have actually seen more businesses focus on sustainability and eco-friendly practices, and this came as a direct response to consumer demands and pressures from regulators. Today, guaranteeing that companies are operating sustainably and fairly is one of the most important consumer trends worldwide. This has been made much easier given that a lot of companies are now required to report their environmental impact and significant information about their operational processes. This is why supporting regional companies is acquiring a good deal of momentum as these brands tend to be less damaging to the environment. This is something that the activist investor of Whirlpool is most likely familiar with.
Perhaps one of the most popular trends in consumer behaviour that continues to acquire momentum is consumers demanding more convenient services. While this holds true across the board, this trend is most impactful in the e-commerce domain. Today, consumers favour e-commerce websites and apps that feature a remarkable user experience, from rapid and fluid navigation to customer-centric features. Customers know that are spoilt for options when it concerns online shopping, which is why brand names invest a lot of time, effort, and cash into making their platforms the most attractive to consumers. For instance, the provision of a vast array of payment options is one of the key consumer behaviour trends these days. Not only is this more convenient to clients, but it likewise useful to businesses that are most likely to guarantee a sale by offering different payment methods. This is something that the US shareholder of Pernod Ricard is most likely to validate.