There is a rising trend of brands instantly engaging star power to their products or services. Michael Jordan endorsing ‘Air Jordan’ or Charlize Theron’s endorsing Dior or Rihanna promoting ‘Puma’ are classic examples. Partnering with a celebrity is one of the best ways a brand could reach varied audiences and strongly influence them to get associated with the brand. The crazy fan following of celebrities is infectious and thus attracting consumer’s attention is easy with renowned people endorsing it.
Understanding the factors influencing the purchase decisions of your customers is the key to a successful business. How do customers decide what product or service to buy, & when? What compels them to select one company over their competitors? Product quality and seller reputation; is what most of you might think. It is very obvious.
With increase in data, most of your in-house data professionals are
turned into data janitors – who spend hours cleaning data, instead of analyzing
it for strategy and business insights. Try and accept the fact that the
increase in data is humongous and beyond human capacity.
Retail industry is evolving and so are other industries. Today organizations are trying to transform from a company-centered strategy where brand defines the product; and running a race to become customer-centered where personalization, innovation and convenience are thumb rules.
Modern shoppers are fickle minded and they are not to be blamed solely for being so, as there are several reasons to it. Consumers of today are equipped with loads of technological options which make them shift between different shopping destinations, very often. For today’s consumers, low price and faster product availability is the outlook towards shopping. Wait, but does that anyway mean that ecommerce is disrupting the retail business on a high note...or is it? Consumers prefer to go to physical stores in a shopping mall to buy branded clothes. They get trials and have the opportunity to try various options, they can hand pick products. Numerous sales and discount are offered on digital platforms to lure customers and retailers invest a lot to satisfy customer’s experiences. Gartner forecasts that retail sector technology spending, globally, will reach almost $203.6 billion in 2019. So who is the one leading this race, is a click store choice of consumers or a brick store?