Technological advancements have been constantly reshaping and shifting consumer behavior. From smartphones to virtual assistants; from e-commerce to internet-of-things (IoT); the more advance the technology is becoming, consumers are also growing to be more connected and smart in choosing from a bundle of options in their reach.
Consumers are more aware now than ever. They can access and compare various business pages and websites, access their social media accounts, read the reviews and product descriptions online, and do plenty of other stuff. Here are three new technologies that will reshape consumer behavior;
Smartphones
Internet of Things (IoT)
Augmented Reality (AR)
Let's have a brief overview of each of these technologies to help you better understand their impact on consumer behavior.
1. Smartphones
Smartphones have become an essential part of our daily life, be it our personal life or professional life. These smart devices help consumers access a vast database of information at their fingertips. They can compare a variety of products’ features, prices, and offers from various brands before making the final purchase decision.
Social media also plays a vital role in this regard. Billions of users around the world have their accounts on sites such as Facebook, Instagram, Twitter, YouTube, Pinterest, and so on. They can easily access these sites through their smartphones and interact with others.
According to Statista, smartphone vendors sold around 1.38 billion smartphones worldwide in 2020. Businesses have also considered the vital importance of smartphones for their corporate strategy. They’re shifting their focus from print advertising to digital advertising to attract more customers based on genders, races, ages, demographics, etc.
Smartphone technology is continuously evolving, giving innovative options to consumers as well as businesses.
2. Internet of Things (IoT)
IoT or the Internet of Things is an interrelated system of various computing devices and digital devices with the ability to transfer data requiring no physical or human interaction. The wireless network provides unique identifiers to various objects so that information can be transferred and analyzed in real-time.
Using your phones to adjust your AC’s thermostat, regulation the lights at home, driving a driverless car, wearable devices, and other smart appliances are all examples of IOTs.
IoT gives people and businesses better and smarter control over their lives. But with all the pros, IOT also has some cons, with security being the main issue. As connections and information-sharing increase, there might arise a risk of hacking confidential information.
Still, IoT technology is improving day by day and it is the future of businesses and individuals.
3. Augmented Reality (AR)
Augmented reality (AR) is an interactive experience where the objects in the real world are enhanced by computer-generated information. It started with games and simulations and now many businesses offer this feature to their consumers to try on things in real-time.
For example, an optics business may add an AR feature to their app where they allow consumers to try various contact glasses and choose the one they like.
AR gives users a sense of trying out the product just like the real world, hence enhance the interactive experience and brand credibility.
Conclusion
We can say that technological innovations are increasing customers’ awareness and expectations every day. Businesses need to embed Artificial Intelligence in their strategy to provide a high-end experience to their users, hence earning credibility and loyalty.
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