Despite all the measures taken in the world to ensure health security, more than 70% of populations still do not feel reassured enough to resume their daily activities outside the comfort of their home. For marketers, therefore, it is high time to catch the trend and invest in digital marketing tools for better sales results . 6. A return to “making things your own” rather than “living the luxury experience”? In recent years, Generation Y had redefined the luxury sector and shifted the trend from appropriating objects to experiencing luxury.
Indeed, as the demand for social media worthy moments has grown, the consumer has themselves become a key opinion leader always keen to have a unique and memorable experience to share with their community and not the simple Egypt WhatsApp Number List new owner of the store. ‘a bag or a piece of jewelry. But with social distancing becoming the norm, consumers are temporarily reverting to the sole pleasure of buying and enjoying products , and the values and attributes associated with them. As a result, more attention will be paid to the design and quality of the products themselves. How can brands respond to changes in consumer behavior?
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1. Digitization and exceptional digital customer experience Digitization is defined by Gartner as “the use of digital technologies to change the business model and provide new opportunities for income and value creation; it is the process of transitioning to the digital enterprise. ” Businesses are embracing digital transformation to escape traditional static approaches. Over the past decades, businesses have moved towards digitalization. They have moved to a more technological approach that allows the adoption of digital tools in daily tasks, both at the individual and organizational level, to have more accessible and transparent data, faster processes and higher productivity .
As TechPro Research shows, 70% of companies have a digital transformation strategy in place or are working on it , while the IDG Digital Business study finds that 44% of companies have fully adopted a digital- centric approach to business . In a nutshell, investments in digital technology will increase across industries , from 15% to 20%, as global digital transformation spending already exceeded $ 1,000 billion in 2018, according to figures from the International Data Corporation. . Customers are also showing increasing interest in digital experiences and online content. In fact, the ability to meet constantly changing consumption patterns is another reason why digitization is crucial for businesses.
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According to WeareSocial and Hootsuite’s Digital 2020 report , more than 4.54 billion people (approximately 60% of the world’s population) are currently online , and 5.19 billion use mobile phones . In 2019 alone, 298 million people, mostly in developing economies, joined the World Wide Web. The average internet user now spends 6 hours and 43 minutes online each day surfing websites, expressing themselves on social media, using apps, enjoying the benefits of online shopping and streaming services, etc. During the confinement also, the digital consumption could increase to 60% or more according to a Nielsen study. Even in Hong Kong, which has traditionally been a physical store market, consumers quickly adjusted and downloaded e-commerce apps.
Additionally, in Asia, the region first hit by COVID-19, social media has quickly become a platform for sharing information on COVID-19 cases and related regulations . How to adopt digitalization? With a more engaging digital customer experience. Despite their efforts to invest in technology and provide a better experience, the large retail brands like Neiman Marcus are struggling to pass scanning . In 2017, this company struggled to implement a cross-channel merchandising system, resulting in colossal losses of $ 55 million to $ 65 million . However, digital platforms have proven to be very effective for brands and consumers. Online luxury sales have exploded and carts have increased in value and number, contributing 39% of the overall growth in luxury sales .