TrendSights Analysis: Digital Consumption: Understanding digital culture
The overall time spent consuming digital content has already surpassed all other media sources altogether (TV, radio, print), which represents a new shift in the way consumers are engaging with digital consumption. In order not to be excluded from the digital world, brands are developing omni-channel strategies as a way to diversify their sales sources and to create a seamless experience for the final consumer. Brands now have to deal with an online community connected on a 24/7 basis, relying on the internet not only as a sales point but also as a valuable and flexible source of information about brands and products. The digital nomad has arrived and brands that do not follow this trend may lose an important segment of consumers.
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- 56% of shoppers rely on online information or reviews from other customers when making product choices. Online reviews have a significant influence over the purchasing choices of consumers, leading many companies to include on their official websites ratings and reviews by shoppers who have used their products.
- Convenience is perceived as being the greatest benefit of online shopping for one third of global consumers. E-commerce offers great flexibility for consumers who are time- and cost-savers, especially because it is not attached to temporal and geographic boundaries.
- China, the US, and the UK are the top e-commerce markets, accounting together for more than $1tn in sales in 2015.
- 75% of retailers rank e-commerce sales as a top priority for 2016, followed by the need of improving the in-store experience (53%). However, only 8% of companies consider themselves to be at an advanced level of execution for their omni-channel strategy.
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"TrendSights Analysis: Digital Consumption" explores how the digital world is shaping consumers' preferences and choices, especially in terms of added flexibility in comparison with traditional in-store shopping. Market data reveals that global retailers are expected to see more sales coming from the online channel, which demonstrates how important it is for companies to diversify their sales channels.
- How relevant is Digital Consumption to the different sectors?
- Which needs and longings motivate this trend?
- Which consumers are most involved with the digital world?
- How can brands develop their omni-channel strategies?
- What are the business recommendations for brands who intend to succeed in the digital channel?
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- Understand the profile of the digital consumer and the key motivations behind the growing enthusiasm for the online world.
- Obtain a deeper knowledge of one of the most successful business models in digital consumption subscription-based services.
- Access a relevant set of business recommendations for the efficient implementation and development of the omni-channel strategy.
- Use this opportunity to consider several product examples we consider relevant to the trend.
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