Euromonitor International has identified the most influential megatrends expected to impact industries and consumers through 2030. One key megatrend, the connected consumer, is shaped by technology and its driving force for constant innovation. A strong example of this is the growth of global connectivity: 51% of the global population uses the internet in 2019, compared to just 24% a decade earlier. Understanding the significance of this consumer segment is vital for organisations to be successful in today’s digital world.
In a global webinar, Euromonitor explored five key traits defining connected consumers and shared insights on how businesses can keep up.
1. On-Demand Lifestyle
“On-demand” is now the catchphrase of this generation. Increased mobile shopping, as well as digital products and streaming services delivered “in the moment,” are fostering an instantaneous mindset for this segment. As a good starting point, organisations need to grasp the varied ways in which digital access and widespread connectivity have improved convenience, simplicity and, undoubtedly, way of life.
2. Consumer Power
Connected consumers are empowered. They research products in-store, provide feedback and rely on peer reviews before making purchases. This presents both a challenge and opportunity for companies to capitalise on the power of reviews and better plan for pricing in an omnichannel world.
3. Consumer Centricity
This demographic is looking for ever more personalised shopping experiences. The buyer-brand relationship is shifting from the masses to a story of one, and tech plays a key role in enabling brands to craft that story. The experience is now a differentiator, as consumer expectations will only continue to rise.
4. Internet of Everything
Connectivity gives way to the intelligent interaction between humans and machines. The Internet of Things is expected to emerge as one of the most impactful technologies, forever changing the way connected consumers purchase products and services. Businesses should be aware of the shift from active to passive consumption and how artificial intelligence (AI) can aid during this transition.
5. Digital Balance
Hyperconnectivity has made connected consumers more powerful, but has also increased their daily stress levels. Amid privacy concerns and device dependence, connected consumers are seeking digital balance by deliberately choosing how they spend their time online. This amplified carefulness affects organisations in two main ways: they will need to be more deliberate in their messaging and forthcoming with their data collection policies.
Want to learn more about the connected consumer? Download the slides and recording from Euromonitor’s “Five Key Traits Defining Connected Consumers” webinar for case studies and more details.