Intelligent Fin.tech Issue 04 | Page 34

FEATURE

How have consumer needs evolved in recent years ?
Purchase decisions are no longer based on product availability , efficiency and pricing – it now depends on the availability or the experience the brands offer . Being omnichannel emphasises delivering that experience , fulfilling the customer demand at all touchpoints and offering functionality across different channels .
Today ’ s consumers are happy to pay a little extra for a particular product . If the brand is offering an experience that consumers want , then this will lead to enhanced brand loyalty . There have been multiple studies proving that an omnichannel will increase customers ’ average basket spend and come back again and again .
A large majority of consumers reported that they are more likely to do business with a brand that is omnipresent and offers a consistent conversation with them across channels of their choice .
How has market demand transformed digital communication channels since the pandemic ?
Consumer behaviour has been deeply influenced by the pandemic . There has been exponential growth in online shopping , social media interaction and activity through channels like the web , mobile and voice . The decision-making process has been augmented by the research that consumers have been doing and , as such , personalised marketing has been brought to the forefront .
This personalisation has caused brand communication to change . If a brand wants to target and retain customers then the conversation has to be
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