- On September 30, 2020
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- SAP Business One
Consumers are shopping differently today than they were a few years ago. Technology has made the whole buying process quicker and easier. The Internet has enabled online and mobile shopping via smartphones and customers have come to expect a streamlined experience. Consumer buying behavior in the digital age is prompting many businesses to rethink their production processes, marketing strategies, and customer interactions to meet the new demands.
Consumer buying behavior is all the steps the consumer takes before purchasing a product. In the old days, shopping meant getting in the car and driving to the mall or large chain stores and spending hours looking for a particular product. Most product “research” was done by walking from store to store and checking pricing and inventory on the shelves. Depending on the time of day, stores were often crowded and most of the best inventory was already picked over by the time a customer arrived. Depending on the item needed, they may have gone to several stores to find the desired item (prom dresses, Halloween costumes, baby furniture, etc.).
How has Consumer Expectation Behavior Changed?
The Internet has changed how people shop for goods and services. Rather than going from store to store to locate goods, consumers can check store inventory by going to the website and find out about pricing and how many items are currently in stock. They can read product reviews online to determine if a product is worth buying. They can get information on the “best” coffee makers, televisions, toaster ovens, and much more by going online and doing just a few minutes research.
What are Some Examples of Consumer Expectation Behavior?
According to statistics, over 80% of consumer shopping begins with an online search for a product or service.
People shop by phone or search for local stores near their location for greater convenience.
Consumers are more likely to buy a product if someone they trust recommends it, making reviews very powerful motivators. Sites like Amazon encourage customers to leave a review after purchasing a product. Most people searching the Internet are looking for a solution to a problem. Reviews are valuable information because it tells a consumer how well-equipped a specific product is to solve that problem (does it save time/money, help with organization, is it ecologically friendly, etc.). Based on the experience of past buyers, consumers can conclude if an item is worth buying.
What Things Influence Consumers Decisions?
Social media has also changed the way consumers view a product. The modern day consumer spends a considerable amount of time each week scrolling through posts on social platforms and discussing various topics in group chat. Social media influencers also write reviews and recommend products to their followers that they personally use and like, which gives companies brand exposure and puts their products in front of potential buyers. Now, customers can even view a celebrity wearing a particular product on a platform like Instagram, and click and purchase directly from that post! What influences buying decisions?
Consumers today have much less time on their hands due to longer work hours and after-school activities. They shop for things that are easily accessible and close by to save time and unnecessary trips to the store. Most of their preparation is done through online search and reading consumer product reviews.
If they have a favorite retailer who keeps a full inventory of products, they are more likely to shop there than somewhere else. Store loyalty cards offer discounts on merchandise, sales, and cashback rewards. This is also taken into consideration when shopping for products. Their favorite big-name store may have the same product as another store, but the loyalty rewards make it a better choice.
They will stop shopping with a retailer who has poor customer service or is always “out of stock” on certain items. Modern shopping habits are designed for convenience and accessibility; consumers value personalization and have higher expectations for on-time delivery. A late delivery or lack of resources can lose customers which are vital to the survival of any business.
How can you optimize your business processes to meet the new demands of consumers in the digital age?
Keeping a business running smoothly requires having a system for organizing deliveries, keeping track of inventory, pricing, customer information, and making sure that there are enough resources on hand for replacements, if needed. SAP Business One is small business management software that can help you organize and streamline your production processes, keep track of resources and inventory, and manage customer relationships all in one easy to use interface.
What Benefits Does SAP Business One Offer the Small to Medium-Sized Business Owner?
SAP Business One enables you to respond to your customers, vendors, and clients in the quickest time possible. You can deliver products fast and on-time with magnificent efficiency, impressing your customers and establishing your reputation as an industry leader. This will lead to increased revenues, more customers, and an overall increase in production. Here are a few of the immediate benefits of SAP business management software:
- Customizable control panel with everything needed at your fingertips.
- User-friendly interface – you don’t need to be an engineer to run the software and it doesn’t take a long time to master. This will save you lots of money on IT support since it is all in one easy-to-use system.
- Financial Management – automated accounting processes, track assets, control budgeting, reconcile banking statements, and payments received.
- Sales and customer management – detailed sales reports in real-time, analytics and strategic marketing so you have a complete view of customer engagement, making sure you retain loyal customers and bring in new ones
- Improved inventory and production functionality – ERP software to track and manage resources, production, staffing, and deliveries, so your deliveries are on time and you have the optimum amount of inventory available to meet demand
SAP Business One helps you achieve greater control over your business by automating many time-consuming and complex business processes. Greater organization means less waste and a better use of your resources, which saves time and money. Products can be ordered by a projected demand reducing the need for keeping overstocked items and taking up needed space in the warehouse. Reducing waste, keeping track of inventory, and maintaining good customer relationships are the hallmarks of a successful, thriving business.