The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreApr 2017
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Brands and retailers no longer control the information available about their products. Informed consumers walk into the store (online or physical) armed with information about what they want, what they should expect to pay, and what other customers have to say about a particular item. This shifting dynamic fundamentally changes the ways in which brands and retailers should be interacting with consumers.
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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.
Informed consumers are beginning brand and retailer interactions far before they have a specific purchase in mind, often through social media. Brands should cultivate these relationships and build value in consumer interactions that are not connected to an immediate sale.
Once consumers are engaged with a brand or retailer, it is much easier to spur them to make a purchase, especially if the company can personalize suggestions and interactions based on information it has on each consumer.
Although they have access to nearly-endless amounts of information on product features and pricing, informed consumers do not want to sift through all available data before deciding what to buy. Successful companies help informed consumers get the right information at the right time and are viewed as a partner, rather than seller.
Extensive research and widespread availability of product comparisons makes informed consumers discerning shoppers. However, endless product variety can also lead to decision paralysis due to overwhelming choices and the fear of regret, even in relatively inexpensive purchases.
Informed consumers will ultimately buy from brands and retailers that make the shopping experience as enjoyable and convenient as possible. This means offering omnichannel options and ensuring marketing messages are consistent across channels and platforms.
Once an informed consumer buys from a particular brand or retailer, it should be much easier to get that consumer to make additional purchases in the future. This is where tailored recommendations and thoughtful non-sales interactions will be most effective.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.