5 Consumer Analytics Trends
Searching for consumer analytics trends? You're in the right place! In this blog post, we'll review five consumer analytics trends you should know that can help you improve your marketing.
The increased use of mobile devices for shopping is having a profound impact on the retail landscape. In particular, it is changing how consumers research and purchase products. According to a recent study, nearly 60% of shoppers now use their smartphones to research potential purchases (1). This figure is even higher for younger shoppers; 78% of consumers aged 18-24 say that they have used their phones to research a product before making a purchase (2). The increased use of mobile devices has also led to a boom in online shopping. In 2017, online sales accounted for 11.7% of all retail sales globally (3). This figure is expected to rise to 22% by 2023 (4) as more and more consumers opt for the convenience of buying goods and services online. As mobile devices become increasingly commonplace, it is clear they are having a significant impact on how we shop.
In recent years, there has been a dramatic increase in the data available to businesses. This so-called "big data" provides a wealth of information that can be used to understand customers better and make more informed marketing decisions. However, harnessing the power of big data can be challenging, and it can often require the use of sophisticated analytical tools.
Once these tools are in place, businesses can gain valuable insights into customer behavior, preferences, and trends. This knowledge can then be used to fine-tune marketing campaigns and maximize their effectiveness. In short, big data is changing the landscape of marketing, and those businesses that are able to effectively utilize it will have a significant competitive advantage.
In recent years, there has been a boom in location-based services (LBS). These are applications that make use of the user's location, often in combination with other data such as time and weather, to provide contextual information and recommendations. While early LBS applications were focused on providing basic mapping and navigation features, the scope of these services has expanded considerably in recent years.
Today, LBS applications can be used for everything from finding nearby restaurants to tracking fitness goals. This increase in popularity can be attributed to a number of factors, including the proliferation of smartphones and the improved accuracy of GPS. As LBS technology continues to evolve, it is likely that these services will become even more ubiquitous.
Gamification is the use of game elements and mechanics in non-game contexts. In recent years, it has become increasingly popular as a marketing tool, with businesses of all sizes incorporating it into their advertising campaigns. There are a number of reasons for this trend.
First, gamification can make even the most mundane tasks more enjoyable. For example, many people view completing surveys as a chore. However, if businesses add a bit of competition or reward customers for their participation, they are more likely to engage with the survey. Secondly, gamification can lead to increased brand loyalty. Customers who feel like they are part of a community or who have access to exclusive rewards are more likely to stick with a product or service. Finally, gamification can be an effective way to gather customer data.
By asking customers to complete quests or providing them with rewards for sharing information, businesses can gain valuable insights into customer behavior. As more and more businesses embrace gamification, it is clear that this trend is here to stay.
Customers are the lifeblood of any business, so it’s important to nurture customer loyalty and engagement. Without customers, businesses would not exist. So, it’s vital to keep them happy and engaged with your brand. Loyalty and engagement are important for several reasons.
Loyal and engaged customers are more likely to continue doing business with you and to recommend you to others. They’re also more forgiving if you make a mistake – they’ll understand that everyone is human and that mistakes happen. Finally, loyal and engaged customers provide valuable feedback that can help you improve your business. They’ll tell you what they like and don’t like, what they want more of, and how you can improve your products or services. So, if you want to build a successful business, start by building customer loyalty and engagement.
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