By: Rebecca Armstrong
Global trends have the potential to influence consumer behavior, and businesses must adapt. Six important trends that took shape in 2014 were: multiplicity, hyper efficiency, the new industrial revolution, escape, mindfulness, and super-personalization. These trends can give businesses opportunities to adjust the way they promote their products and grab consumer attention. Businesses must take these into consideration if they want to be successful and outlast their competition in the market.
Consumers want multiplicity with products and have expectations of experiences. Consumers want to all their senses, giving them a full experience. They want active participation, rather than to be a passive on-looker. Hyper efficiency to a consumer is to have a high-impact product that does the job that it is supposed to do. Some products in this category are diet and fitness plans or products that have many functions for someone who has limited resources or space. This trend can be useful for the health and fitness industry, not only in terms of plans but also equipment. With people’s hectic schedules, having a home gym can be efficient and convenient. With limited space in most homes a way a company can be hyper efficient is having a product that has multiple uses in one. This would take up little space, but have many functions.
There is a rise in the industrial revolution trend. Technology is always changing and improving. More and more people are able to take advantage of this and become interested in the science behind it. Most people are able to use advanced technology due to the fact that the creators make it user friendly. One of the biggest products starting to hit the mainstream is the 3D printer. This is going to have a huge impact on the market. People are now going to become their own manufacturers and have the ability to create what they want when they want.
With the stress of the work world and education, people want to let loose and release their stress. This brings in the trend of escape. Escape, to most people, is to just have fun experiences and not think about the responsibilities of everyday life. This ties into the consumer’s mental health and that could be a big platform for businesses. An escape for consumers could mean having an actual tangible product to use or have some kind of experience to release all that built up tension.
Mindfulness is the fifth trend that has an effect on consumer behavior. People want to have some kind of meaning and want to have a voice. Consumers are looking to make a difference in some form or way, whether it be by buying a product that has proceeds going to a charity or by going out and engaging in an experience to help a community or people. This gives consumers a sense of well-being and a greater good, which can create a loyalty between the consumer and the business.
Finally, there is the super-personalization trend. This is a rising trend and it is seen within many businesses. If a consumer is willing to spend the money on a personalized product, the company is willing to make it for them. This will help address consumer demands and expectations. Some companies or markets that have started to address this trend athletic wear, car manufacturers, and the computer industry. Most athletic wear companies, such as Nike and Under Armor, allow the consumer to customize the colors and styles of the product to match their favorite sports teams or the teams they participate on. Car manufactures build the car that the consumer is asking for with all the extra modifications that fit the consumer’s needs. That is the same idea with the computer industry. They build the computer with the amount of storage needed for the consumer and all the extra applications the consumer wants on the product.
It is crucial that industries keep up with the trends that are forming nationwide and globally. This will allow a better relationship with the consumers and help stay ahead of the competition. Looking at what the consumer is demanding can help the company build a promotion strategy or develop new product that the consumers are looking for.