Learn about Consumer behavior and consumer trends will help businesses, especially marketers, understand customer needs and meet those needs in the most optimal way. Consumption trends in 2023 and the coming years have been witnessing many changes, and let's join PCM to find out immediately through the following leading "trends".
1. Increase use and proficiency in digital services
Recently, the consumer community in Vietnam is gradually becoming familiar with digital service platforms and looking forward to having a shopping experience and more comprehensive and useful features.
In 2022, consumers interacted with sellers on Shopee Live for over 37 million hours to research products before deciding to buy. In addition, they also leave more than 268 million comments and product reviews on this e-commerce platform. From here, other users can review and choose to purchase more effectively.
A HubSpot study also found that the most popular platforms for online shopping are Facebook, Instagram, TikTok and Youtube. In Vietnam, too, not only Shopee but also integrated platforms like the above also attract attention and the successful purchase rate is quite high.
2. Interest in diverse payment methods
In parallel with consumer behavior increasingly favoring online platforms, consumers also want to be provided with more forms of payment from retailers. Some familiar payment methods include:
- Bank debit card
- Bank visa card
- Scan QR code
The pre-pay later payment service - "Buy Now, Pay Later" (BNPL) is developing in parallel with the expansion of e-commerce. You can feel this through the installment payment form Home PayLater of Tiki or SPayLater of Shopee.
3. Demand for sustainable products is increasing
According to IBM research, 77% consumer community feels it is important for brands and brands to enhance sustainability and environmental friendliness in products.
Another study by Harvard Business School certified that environmentally friendly products have a sales growth rate 5.6 times higher than normal products.
Therefore, it is not strange that producing and promoting user-friendly and environmentally friendly products will be a notable trend within the next 3-4 years.
4. Support socially responsible businesses
In addition to environmental issues, consumers also have a certain interest in views on global issues such as gender equality, the LGBT+ community, etc.
Businesses that have a sophisticated way of implementing projects and support programs will easily meet customer expectations, retain customers and turn potential customers into loyal customers.
5. Gen X and Baby Boomers shop online as much as young people
If you think only Gen Z and Millennials shop online, actual data proves the opposite. The number of Gen
This is a major shift in current consumer behavior, contrary to the common belief that only the younger generation uses social platforms for entertainment and shopping purposes.
6. Influencers and influence on purchasing decisions
When it comes to purchasing decisions and choosing to trust brands, Millennial and Gen Z consumers tend to be influenced by influencers.
The more fans and followers celebrities have, the more influential they will be when promoting brands. In 2022, influencer marketing campaigns in Vietnam alone will bring in a total income of up to 64 million dollars.
Although the influence of this form of marketing has been extremely effective, not all influencers have built a long-term reputation in the hearts of fans.
They gradually shift to interacting with micro-influencers (influencers with <50 thousand followers on each platform) more than macro-influencers with too large commercialization ability and are less demand-friendly. of consumers.
7. Support for small businesses
In recent times, the proportion of consumers choosing to buy products from small businesses has increased significantly. This change in consumer behavior may come from the effects of the Covid-19 pandemic.
During that time, many shops had to close due to lack of operating conditions, leading to loss of customers and bankruptcy. Therefore, after the epidemic is controlled, the consumer community wants to support small businesses that are still operating.
On the other hand, products from small businesses often personalize the user experience and are quite diverse, thereby providing better access, bringing a more positive and closer experience to customers.
Businesses and marketers should keep this trend in mind to be able to form and launch the most attractive campaigns, easily standing out in a competitive market.
Reference: 9 Key Consumer Behavior Trends (2023-2026)