Market Disruption > Customer Needs and Behaviors
Faced with increased product choices and close-to-perfect information, empowered customers have greater power becoming more discriminating buyers
Faced with increased product choices and close-to-perfect information, empowered customers have greater power becoming more discriminating buyers
Illustrative Disruptions
- Increased Choices – Faced with greater number of choices about products and services available
- Product Information – Search engines and aggregators providing customers with close-to-perfect information about product features, alternatives, prices and other attributes
- Increased Buying Power – Empowered customers have greater buying power, making differentiation more challenging, commoditizing many products and services, and creating downward pressure on pricing and margins all other things being equal
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How to Increase Trust According to Consumers and Business Buyers Most consumers and businesses surveyed by Salesforce want greater control, more transparency and consent about how data is used, in 2018 January 30, 2019 |
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Platform Used By Adults for Fashion Product Discovery Instagram found by Facebook IQ as top platform for fashion product discovery among adults in 2017 November 6, 2018 |
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Use of Customer Feedback for Planning and Design Reinventors more likely to integrate customer feedback into planning and design than practitioners and aspirationals, according to IBM’s global C-suite survey August 9, 2018 |
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First Source for Product Search Amazon still first source for product search for U.S. customers, though share dropped to 49% in 2017 from 55% in 2016, according to Survata study July 26, 2018 |
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Consumer Interest in AR/VR Applications Virtual travel, learning, and shopping identified as top AR/VR applications that interest online consumers in Accenture survey March 22, 2018 |
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Amazon and over 30 companies formed Voice Interoperability Initiative to enable users to access multiple voice assistants from connected devices October 3, 2019 |
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Mastercard demoed Provenance blockchain solution that counters fake fashion at retailer Fred Segal Sunset August 5, 2019 |
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Walmart adds augmented reality feature to mobile app allowing shoppers to scan prices and see ratings of products as overlay on their phones November 15, 2018 |
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Clothing rental platforms gaining traction among young professionals in China looking for affordable luxury items, as well as college-age market seeking everyday wear April 13, 2018 |
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JD collaborating with Australian meat exporter IntegAgri to develop blockchain-based supply chain for beef imports, increasing transparency on food quality and safety March 16, 2018 |
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