How Internet Influence Buying Behavior In SMEs and Medium Businesses?
Digital transformation has allowed the world to connect, share and influence information with anyone. round the globe, at any time.
This power structure has shifted SME businesses and brands to react to consumer needs and wants instantly, by exploring digital behavior. as a result, today’s corporate offers more options and more control in favor of the consumer.
The Internet has brought significant change in the link between various points of sales, use of electronic media, at many geographical places and this has inspired corporates, to adopt smarter technologies to remotely track and optimize, the effectiveness of advertisement capabilities through consumer behavior intelligence.
As technology progresses, a shift in consumer application that has become increasingly competitive. in terms of countless consumer-preferred activities and behavior shifts, overtaking from traditional methods to innovative solutions.
Despite integration that can be seen from retail to payment industry like Amazon, Alibaba, Google Pay. researchers still predict there is still scope for the scalable increase in global reach by the end of 2023 covering over 1.85 billion, penetrating 19% sales in smartphones compared to 2018 among grown-ups in developed countries.
However, in a modern digital environment, has evolved various industries such as banking, telecommunication, and eCommerce begin to incorporate AI interface, fleets of networks and predictive algorithms; to automate combined techniques for a more, personal understanding of consumer and ability to deliver a better influence.
The higher amount of consumer touchpoints in the digital era means, a large number of consumer behavior readily available. and they are obtained through intelligence tools, sales, loyalty cards, online shopping also user-generated content such as reviews, social media campaigns and peer to peer recommendation.
These data flow are set by three characteristics;
- Volume, Velocity, Verity.
Learning where to begin with, at the start would be challenging for most organizations. the best point to the source are insights in their internal, structure and unstructured data. and this helps businesses to analyze and present data to themselves through easy to use applications such as Google Analytics, SEMrush, Tableau. Moreover as a result, to build capacity, data analytics can be used to reveal, enrich and model behavioral economics.
Our Conclusion;
Although, small and medium businesses, therefore knowns as unknowns in particular when it comes to buying behavior.
Our research explains that individuals not only normative or conservative but also neglectful and impulse zones during buying behavior psychology and media trends. and here are some of the audience penetrating the internet among adults.
Streaming Platform;
– Online viewing still dominates the TV landscape.
- 81% of businesses use video as a marketing tool — up from 63% over the last year. (Hubspot)
- 6 out of 10 people would rather watch online videos than television. (Google)
- Mobile video consumption rises by 100% every year. (Insivia)
- By 2022, online videos will make up more than 82% of all consumer internet traffic — 15 times higher than it was in 2017. (Cisco)
- 78% of people watch online videos every week, and 55% view online videos every day. (HubSpot)
- A Facebook executive predicted that their platform will be all video and no text by 2021. (Quartz)
- YouTube is the second most popular website after Google. (Alexa)
- Users view more than 1 billion hours of video each day on YouTube. (YouTube)
- 59% of executives say they would rather watch a video than reading text. (Wordstream)
- 75% of all video plays are on mobile devices. (eMarketer)
- Viewers retain 95% of a message when they watch it in a video, compared to 10% when reading it in text. (Insivia)
- 72% of customers would rather learn about a product or service by way of video. (HubSpot)
- People are 1.5 times more likely to watch video on their mobile phones. (Facebook)
- 92% of users watching video on mobile will share it with others. (Wordstream)
- By 2020 there will be close to 1 million minutes of video crossing the internet per second. (Cisco)
Next-Gen 5G;
The most anticipated 5G internet technology.
Thanks to the rapid growth of smartphones and robust LTE advancement, 3G was launched as a concept of mobile broadband.
since then, the rise of popularity and innovative solutions has resulted in an explosion everywhere, challenging industries to address more spectrum by 3G, 4G, and Wi-Fi.
Smart Audio;
The audio channels go mainstream.
The adoption of smart speakers or voice assistants, like Alexa, Siri, Cortana, and Google Assistant has raised popularity, with expectations among the household, and this technology has undoubtedly been their novelty and apparent flexibility on the consumption of information.
Contents, E-commerce and Payments;
The new version of the Shopping Vertising.
Within a short span in recent years, there has been a sign of economic activities in the digital space, and it is estimated to rise the electronic commerce market to USD 200 billion in 2026.
- There were 1.8 billion Global Digital buyers from 2014 to 2018 according to Statista
- Men are likely to shop 68% more online than Women. KPMG
- Generation X Shop More Online Than Baby Boomers and Millennials.
- In 2019, E-Commerce Sales Accounted for 14.1 Percent of All Retail Sales Worldwide.
- There Are More Than 286 Million Active PayPal Accounts in The World.
- As of Q1 2019, 2.72 Percent of E-Commerce Website Visits Converted into Purchases.
- In Q1 2019, Smartphones Accounted for 65 Percent of Retail Site Visits Worldwide.
- Sixty-Five Percent of Consumers Look Up Price Comparisons on Mobile While in a Physical Store.
- The Number One Reason People Shop Online is Because They Can Shop 24/7.
- Thirty Percent of Consumers Say The Would Rather Buy from a Website They’ve Bought from Previously.
- Fifty-Nine Percent of 16-36 Year-Olds Head to Amazon Before Any Other E-Commerce Website. Inviqa
- Fifty-Three Percent of Online Shoppers Abandon Their Carts Because of Unexpected Extra Costs.Baymard Institute
- Abandoned Cart Emails Have an Average Open Rate of 45 Percent. Moosend
- Abandoned Cart Emails Sent within 20 Minutes Have an Average Conversion rate of 5.2 Percent.
- Exit-Intent Campaigns Convert Between 2-4 Percent of Abandoning Visitors.
- Thirty Percent of Online Consumers Have Posted Product Feedback Online.
- Eighty-One Percent of Consumers Trust the Advice of Family and Friends Over Businesses HubSpot
- Eighty Percent of Respondents Said They Had Stopped Doing Business with a Company Because of Poor Customer Experience HubSpot
- Fifty-One Percent of Consumers Trust Companies Who Make It Easy for Visitors to Contact the People behind the Company.
Online Game and Playstations;
Esports goes mainstream
Esports is a competitive video gaming company in which multiplayer video games are played online, preferably by professional gamers, most-watched spectator sports in the world similar to traditional esports or even Nascar, where talents are hired and paid as a tournament cash prize.
By 2022, it is expected that market size to raise 2.96 billion dollars, many of which are in the form of sponsorships, prize pools, merchandise, betting, overall event revenues, and tournament fees and admission, as well as the advertisement.
Retail and Fashion
The search for authentic impact in a post-digital world
Reimaging the shopping experience, from the traditional business to today’s Phygital connecting world has rapidly shaken and intertwined both B2B as well B2C experience especially Retail in the post-digital world.
Segmentation of Consumer Analysis;
A) Traditional Retailers
Adopt mass, demography based segmentation
B) Store of the future
Use data Analytics for micro-segmentation
- To Provide personalized offerings
- To Targeted communication
C) Illustrative Examples – Segmentation
Advanced AI-based analytics to create customer microsegments
65% Of consumers are more likely to buy from a retailer if they are recognized, remembered and receive relevant recommendations. (source: Accenture)
Marketing and Measure!
Influencer marketing must measure what matters
Influencer marketing is big, as a result, any good marketing effort is to identify, engage and nourish the most qualified leads or it should be the highest consumer acquisition rate. if well planned strategically it’s effective and every dollar invested at millions of potential influencers that brands can choose from.
Branding in 2020
Right to attention, target audience.
The greater ROI and revenue are always driven by the increasing use of programmatic advertisements. Today, buyers and sellers on average use programmatic ads for only 17 percent of their overall inventory. by 2021, this will be more than double.
Data Management Platform (DMP) or Demand-Side Platform (DSP)/Supply-Side Platform (SSP) are key systems and tools that work along with data sources, that produce actionable consumer preferences and behavior insights which are used to segment audiences.
Campaign 2020: Crowding
What will the Presidential election mean for brand advertisers?
Political advertising will create crowding and clutter in 2020, especially in the U.S. media landscape. Brand advertisers will need to rethink their strategy during campaign season. Source: Millwardbrown
Impact on Modern Cooking
Changing in the food recipe.
The food and hospitality industry has always been defined by advances that retain pace with and are often ahead of customer needs and the over-arching needs of a dynamic world.
“We need to constantly get better at what we do, and we need to be constantly searching for ways to make our clients happier and more fulfilled”
- Charlie Palmer
’79 Chef, Restaurateur, and Founder.
The Charlie Palmer Group Source: The culinary institute of America
The Data king
Doing the right thing with data analytics.
Data analytics has lead to transform and differentiated the unbiased approach, toward consumer behavior. and this has leveraged deep industry secrets and proven experiments, Organization such as Google, Facebook Analytica, Microsoft, Hadoop, and AWS Cloud often practice extensive access of data to uncover statistical and qualitative and quantitative analysis, that supports explanatory and predictive remodeling of the consumer journey, revolutionizing health care research, exposing frauds, and improving key business metric and objectives.
What business problem can data solve?
Use – obtaining to accelerate innovation and competitive edge.
Access – Use of tools that can help gauge and enhance enterprise-wide performance.
Identify – penetrations of data that can drive higher value from SMEs and markets swifts.
Leverage – gathered to manage risk, improve compliance, and drive business results.
In house Advertisement
New trends towards media in-housing
According to a survey conducted by ANA,2018. Marketer’s from reputed brands had acknowledged, that use in-house agencies are now evolving, then and traditional agencies.
- Cost Efficiency and Speed
- Data transparency and privacy
In 2018, 78% of organizations in the United States have dramatically moved in-house agency than a traditional agency.
For the rest of 22% of respondents whose business currently does not have an in-house agency, out of which 8% are still considering opening one, and finally last 2% used to have an in-house agency but have since discontinued, and few other have never had one or never considered establishing one.
“Verizon’s in-house agency was launched in February 2017. We created it to be a really strong creative arm internally to help connect the dots when we think about our brand narrative and brand experience. Having a consistent voice, look, and feel is crucial to the customer experience across all of our touchpoints — mobile, digital, retail, etc.”
Andrew McKechnie
Chief Creative Officer
Verizon
About Our Story;
As a creative marketing and advertisement agency based in Kozhikode, Kerala, we decided to write an article about how to promote the creative video for your brands to uncover preferences for better viewing and engaging experience.
Our focus has been on breaking down and channelizing the most suitable transformation, for our clients by addressing the importance of consumer behavior influence on shopping trends, retailers, and manufacturers in relation to consumers, enterprises and beyond.
To give you a bit added context about our digital efforts, here’s an outline of how we are different:
- Leading-edge Technology
- Reliable partner
- experience with innovative brand
- Full fledge digital team
- Supported with valuable industry insights
For more information about our findings, media requests, please contact: digitalmarketing@quadcubes.com
www.quadcubes.com
