Some global consumer trends poised to shape industries

Some global consumer trends poised to shape industries

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At present, customers have much greater ethical and environmental standards. Continue reading to learn more.

Perhaps among the most popular trends in consumer behaviour that continues to acquire momentum is consumers demanding more convenient options. While this holds true across the board, this trend is most here impactful in the e-commerce space. Today, customers favour e-commerce websites and apps that feature an exceptional user experience, from fast and fluid navigation to customer-centric functions. Consumers understand that are spoilt for choice when it comes to online shopping, which is why brands invest a lot of time, effort, and money into making their platforms the most appealing to consumers. For example, the provision of a wide variety of payment options is among the key consumer behaviour trends these days. Not just is this more convenient to customers, but it also helpful to businesses that are likely to guarantee a sale by offering various payment methods. This is something that the US shareholder of Pernod Ricard is likely to validate.

The age of social media has actually 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. Maybe among the most apparent implications is how our shopping practices have altered and the way we perceive brands due to the lens of social networks. Today, many individuals make their shopping decisions based upon content they've seen from a social media account they trust. This is why brand names invest considerable sums into social media marketing because they know that it is a powerful tool that can help them create significant sales. Social media influencers play a central function in this formula as they assist shift individuals's understanding and opinions thanks to the huge followings they have. This has become 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 products at competitive prices, there are other considerations that are taking priority at present. For example, ethical and environmental practices are viewed as non-negotiables by a lot of customers who wish to buy from brands which share their values. The last couple of years have actually seen more companies focus on sustainability and eco-friendly practices, and this came as a direct reaction to consumer demands and pressures from regulators. Today, ensuring that businesses are working sustainably and morally is among the most important consumer trends around the world. This has been made much easier considering that a lot of companies are now required to report their environmental effect and significant details about their operational processes. This is why supporting local businesses is getting a lot of momentum as these brand names tend to be less harmful to the environment. This is something that the activist investor of Whirlpool is likely familiar with.

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