Top Consumer Behavior Trends to Watch For

consumer behaviorHow do customers want to shop in 2023? Your marketing strategy may be improving your online presence and bringing in more leads, but is your business aligned with their purchasing habits? Getting more visitors to your site isn’t always enough to increase revenue. Analyzing consumer behavior can give you clear insight into how your shopping experience should be structured. In this article, we’ll share some of the top consumer behavior shifts to help you better understand what shoppers are looking for.


Customers Want a Variety of Payment Options

It’s no surprise that customers prefer online shopping because of the convenience of getting what they want faster and easier. As a business owner, you don’t want to see shopping cart abandonment, and one of the leading reasons is due to the customer not being ready to make a purchase. Another common reason is that online businesses don’t offer enough payment methods. In fact, 50% of regular shoppers cancel their purchase if their preferred payment isn’t available.

Multiple forms of payment are on the rise, so it’s worth the investment to add a variety of options to help appeal to your customers. Here are some of the most popular payment options:

  • Credit and debit cards (like Visa, MasterCard, and Discover)
  • Digital Wallets (like Paypal, Apple Wallets, Venmo)
  • Buy Now, Pay Later options (Affirm, PayPal Credit)
  • Cryptocurrencies (like Bitcoin, Ethereum, and Solana)


Automation and Personalized Experiences

Automation systems are on the rise in helping shoppers make decisions about what to buy. This shift enables shoppers to access what they need and make purchase decisions even faster. It also takes the convenience of shopping one step further by providing shoppers with detailed product information tailored to their needs. AI tools like 360 image generators and AR features enable customers to see visually see products without having to physically visit the store.

In addition, online retailers are using AI technology to personalize product recommendations based on customers’ purchase histories and preferences. These tools are setting new benchmarks in the expectation level for customers. Providing a more tailored and unique shopping experience for your customers is not slowing down, and businesses should find ways to incorporate AI into their own business model.


All Generations Are Shopping More Through Social Media

Would you believe that 60% of Boomers say social media is their preferred product/brand discovery channel? According to a Consumer Trends Report, more Gen X and Boomers are turning to social media platforms to learn and discover new products and businesses. Social media has evolved into more than a community, news, and networking platform. Virtually all social platforms offer several options for marketers to advertise and shop for their products and services.

The majority of platforms now offer multiple ways to connect directly to a business and make a purchase. Most offer click buttons such as schedule an appointment, get a quote, make a reservation, and place an order, as well as lead-gen forms. Users can even make purchases on live videos, stories, and post feeds. Social Ads make it easy for users to click directly through the ad and make a purchase. With so much added convenience, social media has made it simple and seamless for shoppers of any age bracket to discover new brands and make purchases.


Shoppers are More Environmentally and Socially Conscious

Consumers are becoming more aware of the environmental impact your purchase habits have on the planet. Therefore, opting for brands that are focused on reducing waste and energy consumption is top of mind. Customers want to buy from businesses that are making a difference in providing long-term solutions,  and more sustainable and eco-friendly options. This comes from eco-friendly packaging, innovative recycling methods, renewable energy sources, and so on.

Along with support for the environment, consumers are giving more of their money to businesses that take a stand again inequality and social responsibility. This means they are more willing to buy from a company that pays it forward and does its part in supporting communities and groups in need and making donations to support them. Those businesses that reach out and support a cause that matters to their consumers, and do it in an authentic way, could position themselves ahead of the competition.


Power to the People

Consumers want more control over their purchase decisions, and this even comes down to having a voice and an investment in a brand. This idea is evolving into a model where consumers are investing, co-creating, voting for change, and influencing decision-making alongside companies. According to Mintel’s study, “Responding to this demand requires brands to listen from the backseat while keeping one foot on the gas to create market innovation.” Businesses that make consumers feel like they are a part of the journey will see improved long-term loyalty and customer satisfaction.

Influencers also play an important role in the “power to the people” business model. Influencer marketing is a growing channel for attracting new customers. Influencers have the unique position of being a powerful voice for a large group of like-minded people. They have become brand ambassadors these days and can have a massive influence on consumer behavior and purchase decisions.


Final Thoughts

As a business owner, you do everything you can to provide your customers with a good experience. Analyzing consumer behavior should be a crucial part of your process. As consumers continue to make more mindful purchase decisions, companies need to rise to the occasion and meet those needs.

Are your marketing strategies meeting the expectations of your customers? If you’re looking to improve your marketing efforts, we can help. Our digital marketing solutions are designed to give you more calls and more business.