What are the trends of evolution in consumer behavior?
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Consumer behavior is evolving at a very fast rate over the recent number of years. Consumer behaviour is a study of how people decide what to consume through purchases, what mot to purchase, and why. “One of the broadest economic definitions of consumer behaviour assumes that consumer behavior defines the entirety of the activities related to obtaining and using products and services as well as disposing of them together with the decisions preceding and determining such activities while constituting a basis for the consumer in the process during which the intentions of purchase and consumption emerge, then during the transformation of a need into demand and in the course of its satisfaction as a result of an undertaken decision to buy” (Wïodarczyk, 2022, p.4). According to Wïodarczyk (2022), consumer behaviour in the area of consumption is constantly evolving and changing because of different influences ie, economic, technological, political, cultural and civilizational changes. “In the ever-transforming reality, consumers face choices and dilemmas regarding both obtaining financial means as well as their spending and, in this way, they try to adapt to the surrounding external world, they formulate their needs, market behavior, or expectations concerning the market offer of products and services” (Wïodarczyk, 2022, p.2). Customers preparation for a purchase does not mean earning-related behaviour, but it describes the market observation by a consumer which is aimed at recognizing the products available for consumption. Economic factors, such as: supply offer and prices, income, do not always provide the basis for the decisions to be made, but they are often determined by social aspects, psychological, which are related to, inter alia, belonging to a professional group, a social class or group, or cultural factors, factors related to the place of residence (Wïodarczyk, 2022). Thus, due to the dynamic changes in the environment, and the consumer’s consumption patterns also undergo continuous remodeling.
The sellers should have a knowledge of their customers’ needs, decision making methods, different habits, and their customs involve a significant factor which guarantees companies their key operation which contributed to their success in the business pool. “Consumers create potential and real demand, and thereby they determine the functioning of other market entities and when making consumer decisions, a consumer reacts to the current price level, income and tax system, supply, etc” (Wïodarczyk, 2022, p.3). Regardless of this, all transformations need to be mentioned because of their need to adapt to the evolving markets through a system of needs, changing in their hierarchy and a demand structure affect their customer’s awareness. “Multidimensionality of the research on consumer behavior favors the interdisciplinary understanding of the phenomenon, hence means a significant contribution of other scientific disciplines such as: history, cultural anthropology, clinical psychology, social psychology, and experimental psychology to the unceasing scientific discussions and research undertaken regarding the analyzed issues” (Wïodarczyk, 2022, p.4). Research and deliberations involving consumers and their market behavior provides information on the permanence of activities and preferences, which defines the changes in the Factors which determine consumption and predict these conditions (Wïodarczyk, 2022). “Consumer behavior taking place on the market entails, above all: earning related behavior that involves obtaining the money necessary for the purchase of goods and services, as well as purchase-related behavior that involves obtaining objects of consumption and, in turn, behavior occurring at a household level encompasses consumer behavior that involves the consumption or use of consumer goods and preparation for a purchase or the very fact of making a purchase may also be treated as consumer behavior” (Wïodarczyk, 2022, p.3). The consumer market behaviours are compromised into different elements, which consist of obtaining information about available objects of consumption, ranking them in the hierarchy of needs, feeling needs, making a market choice between the use of eventually selected objects of consumption available and means of consumption (Wïodarczyk, 2022). In today’s society, new technologies and new products keep emerging in a day to day basis, and digitalization has enables products to be sold globally.
Digitalization is one of the most noticeable trends in consumer behaviour, which has increased commerce. According to Gaitán et al. (2019), the use of technology has significantly changed the consumer’s behaviour, and it shapes the future of businesses in marketing. According to Ritter et al. (2020), Digital technologies have changed the way different businesses act in business markets in terms of the products they sell (their value propositions) and how they sell their products (their value demonstrations), and they initiate new requirements to a firm’s ability. “One of the earliest applications of computing power in business was the computerized registration of 26 million US citizen’s employment records by IBM equipment to support the Social Security Act in 1935.2 and similarly, the first conference on artificial intelligence was held at Dartmouth in 1956 and hence, topics like big data (i.e., large amounts of data) and artificial intelligence have been discussed for decades and, therefore, have long been fields of interest for practitioners and academics alike” (Ritter et al., 2020, p.1). “As an illustration, changes in technology have afforded marketers access to consumers and massive amounts of data on patterns of their behaviors that someone has to transform before they can be useful for decision-making; This rapid evolution in technology and its effect on the growth of the complexity of business environments are giving rise to both opportunities and challenges from a marketing perspective, deserving research attention” (Gaitán et al., 2019, p.1). Mobile phones and other digital devices have enabled customers to purchase online through different sites like Amazon; This has led to a significant rise in e-commerce, and consumers do more research in google before purchasing a product. It also e nables the sellers to showcase their products and interact with their customers by getting feedback on how to improve their products. E-commerce has led to unprecedented growth of many businesses because it enables customers to purchase the products they want conveniently. Customers rely on different social media platforms for product reviews and recommendations. Thus, through digitalization, different sellers are able to connect with other brands in order to provide the best services and products to their customers.
In conclusion, consumer behaviour constantly goes through evolution which is influenced by different factors like, the politics, economy and also technology. In today’s society, new technologies and new products keep emerging in a day to day basis and digitalization has enables products to be sold globally. Digitalization has played an essential role to the evolution of consumer’s behaviour which led to the rise of e-commerce through social media platforms. Digitalization has enabled consumers interact with their sellers and decide whether or not customers purchase their products. By understanding these trends that lead to the evolution of customers behaviours, it enables business to adapt to these trends to remain relevant among their competitors.
Arenas-Gaitán, J., Sanz-Altamira, B., & Ramírez-Correa, P. E. (2019). Complexity of understanding consumer behavior from the marketing perspective. Complexity, 2019.
Ritter, T., & Pedersen, C. L. (2020). Digitization capability and the digitalization of business models in business-to-business firms: Past, present, and future. Industrial Marketing Management, 86, 180-190.
Wïodarczyk, K. (2021). Trends of evolution in consumer behavior in the contemporary World. Problemy Zarządzania, 19(1 (91)), 39-50.