Digital Economy: Consumer Behavior Trends Should be look in 2021
Jan 25, 2021
10 min read
The world today runs on a technological state of affairs where people deal with online transactions and with the rise of more and more business platforms taking up the online networked space, the idea of a Digital Economy seems equitable. In general terms, a Digital economy is a connected place where people from various parts of the world interact, make transactions, be it, buyers or sellers. The technology provides them the opportunity to build a tech-reliant economy that includes multinational organizations, advanced machinery, trained human resources, and billions of people coordinating these elements with the internet of things.
The best examples of tech-reliant economies are online platforms that interlink product availability and disposable techniques at the right time to ensure customer delight and retention. They are responsible to build a virtual space for people to look up the required product and comprehend the manufacturer’s pricing in order to initiate a successful transaction.
The transformation that this digital economy has brought with itself has made lives simpler, given that a wide range of activities or errands can be well taken into account easily. The vast base of network, cloud storage, and data computation, preferences, and user history boost the digital economy to recollect and monitor online interactions to better understand the customer psyche and act accordingly. In addition to customer delight and convenience, it also plays a major role in creating new opportunities for the people and drive the offline world via a source of income and growth possibilities. The web economy also agrees with the need to digitally enhance the lives of the people so they can manage their monetary decisions by taking into consideration the numerous complexities of the online world and shift to a complete digital province.
Benefits Of Digital Economy
If we talk about the advantages of a digital economy, it would include ample things related to informational aspects, great pricing, availability of stock before making a purchase, and ease of work. It not really has made transactions simpler but it also has affected businesses’ working style to a more reliant and swift phase. Since it encourages people to stay connected to the internet, they ensure that their customer is presumably retained. Having said that, it is also clear that a digital economy ensures the stay of many online businesses that completely possess an internet-dependency.
Availability Of Digitally-based Stock
Some people might recall purchasing data packs, movie DVDs, and music albums via offline stores. However, with the advancement in technology, the need to move out of your home for any such activity has been eliminated. An individual can fulfill these tasks by operating the internet and relevant platforms together. Further, activities such as banking, coaching, housing errands can also be taken care of in the era of the digital economy.
Showing What You Possess
As an online enterprise, it is crucial to maintain a transparent relationship with your target customer and ensuring that they get to know the complete process in detail. Therefore, online businesses tend to discuss their pricing policies to an extent and promote a healthy market ambiance. The transparency factor also gets affected by the transaction history of the online payments so the right amount of shares goes well to them and fill in for the government’s financial status.
The Power Of Online Sector
With driving the maximum sales and revenue for online businesses, the latest technology has widened up the scope for a fully independent digital economy for the near future. Various sectors of selling, distribution, marketing channels, sources of product acquisition, and creating a solid customer base has been made easy with the help of the internet. The digital economy increases the possible ways where online businesses can benefit and flourish efficiently, more than from the traditional approach.
Making Lives Easier
With the facility of ordering your favorite product or service at your convenience, the internet has made it trouble-free for people to work from anywhere and still complete their online transactions. The digital economy allows you to get benefitted from the great bandwidth of information available out there, reduced the need to use hard cash, find anything and everything suitable on the online platforms. On a larger scale, a digital economy invites more and more imports from foreign countries and does well in handling the export function via different modes of online sources. This leads to a better condition of the national economy and digitally enhancing the state of the nation among others across the world.
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Consumer Trends To Look Out For
With the latest world events and unfortunate occasions, the condition of the market on a global level has been affected and the effect of consumer behavior on online businesses is immense. With the year ending, marketers and business firms tend to comprehend their target audience’s preferences and aspirations by monitoring their behavior towards the product/services taken over a period of time. By doing so, one thing that they need to be sure of is customer trends.
In general terms, a customer trend refers to a particular choice or inclination towards their priorities in regards to products, shopping experience, etc. It is getting necessary to monitor and analyze these activities so as to create a mental image of the requirements of a customer.
Here are a few consumer trends business firms and online platforms should take into account:
Shopping Via Online Platforms
By making customer convenience their topmost priority, online shopping platforms arguably have changed the shopping experience. Today, an individual can order anything through a smart device by sitting at their home. It also eliminates the need to step out, reduces standing in the queue, and avoids a larger crowd. Now it is much easier to even interact with doctors online, book e-visits, or arrange home medics, shop for clothes online, purchase a device, get insurance services done, just at a click. This has been made possible by the innovative and modern technology that helps connect people.
Distant Delivery of Products/Service
After the current scenario that made people realize the importance of social distance, the new and might be the biggest customer trend in the coming year could be limiting human exposure. Online firms need to ensure they adopt such a delivery approach that requires lesser human interaction and can be fulfilled by contactless acknowledgments. This can be done by replacing the touch screens device with gesture verification, or voice recognition.
Interacting Via Social Media
Since social media platforms acquire a large set of the population using the services, it is beneficial for businesses to set up their online presence where people can find them easily. Social commerce has led to greater revenues and re-evaluated the overall product pricing. As they say, the world is interconnected, and this is why business firms attempt to seek customers by increasing their social reach and adapting to things their target audience is interested in.
User-friendly Artificial Assistance
With more and more customers becoming a part of the digital economy, it is imperative to ensure a satisfactory experience at the end. People choose comfort, vast choices, a convenient communication chain, and a desired product/service. For keeping things in position, firms take the help of artificial intelligence and create automation communication channels that focus on completing a man’s work. Such technology ensures that people can easily communicate and transact in a digitized economy.
If you are looking to channelize these trends into creating a robust marketing strategy and want experienced professionals to handle your business, connect with Saffron Edge now! With an elaborate experience of over 12 years and extensive base of marketing professionals, they are best suited to make your business thrive.
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5 Digital Marketing Mistakes to Avoid
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If so, then you are highly mistaken. This approach only screams of gradual doom. If you are struggh2ng with traffic, audience's attention, maybe you are doing it wrong. We have compiled a h2st of reasons as to why no one is reading your blog so that you can improve your blog section and avoid these blunders in the future: It is all about you: Admit it! If your blogs talk more about what makes you and your business worth investing in, at a stretch, periodically, no one is going to read and recommend it. The aim of blogging, as discussed above, is to educate the target audience and helping them find the solution through your products and services. When you say, you want to be a part of the onh2ne community and help people by sharing relevant solutions, man it and prove it through your blogs. You overlook the presentation: While we are all for "ultimately it is the quah2ty of the content that matters', what actually convinces users to read the blog? Yes, you have guessed it right! A catchy headh2ne and well-presented blog in a proper syntax with emphasis on invoking the right emotions. Yo need to invest in making your blogs visually -appeah2ng to hold their attention in the initial second, or you'll end up losing customers. Don't waste your time coming up with over the top or overused titles. Creare relevant and relatable titles with which your audience can quickly estabh2sh a connection. You are using the wrong style and tone: You can't just use a casual tone when you are talking about automated software, but you sure can add "slang" to a traveh2ng or h2festyle blog, because that is how you will connect with the right crowd. The style and tone in which you create your blog need to be ah2gned with the industry in which you are serving and the characteristics of your target audience. 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How to Create a Converting Home Page For Your DTC Brand
Step into the bustling world of the internet, where landing pages eagerly await your arrival, beckoning you to embark on a captivating digital journey. With each click and maneuver, these virtual gateways open up a realm of possibilities, serving as the vital bridge between curiosity and conversion. Whether you stumble upon them through ads or deliberately click on call-to-action buttons, landing pages hold power to transform casual visitors into engaged leads and loyal customers. In the dynamic landscape of Direct-to-Consumer marketing, the art of crafting a compelling landing page becomes a crucial linchpin of success. Prepare to unlock the secrets to an irresistible virtual storefront as we delve into the prerequisites for your DTC business's landing page, unraveling the transformative path to creating a home page that captivates hearts, captivates minds, and ultimately converts your audience into ardent supporters of your brand. What is Landing Page Optimisation? 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This iterative approach allows you to make necessary tweaks and improvements based on real-time feedback, continuously refining the page to achieve optimal results. Why do you need Landing Page Optimisation? A more effective approach to landing page optimization involves identifying specific problems that contribute to low conversion rates. One valuable tool for this is a heat map, which shows user engagement patterns and highlights areas that need improvement. By analyzing the heat map, you can gather data-driven insights to inform your optimization efforts. By focusing on specific pain points and utilizing tools like heat maps, you can adopt a more methodical and informed approach to landing page optimization. Instead of relying on guesswork, you can leverage tangible data to make strategic changes that have the potential to significantly improve your conversion rates. However, heat maps are not the only visual data reports that can help. A scroll map reveals where visitors scroll past or disengage, while a confetti map shows where they click. This visualization allows you to understand where visitors click and what elements attract their attention. Overlay reports and list reports provide additional insights, showcasing click percentages on different page elements and presenting numerical data on individual clicks, respectively.By utilizing these various visual data reports, you can gain a comprehensive understanding of visitor behavior and identify areas for improvement on your landing page. Armed with this information, you can make informed decisions to optimize your page elements, improve user experience, and increase conversion rates. How to Optimize Your Landing Page? Conversion rates heavily depend on your landing page, and this is not a mystery. This process commences from the moment you embark on designing the page and continues even after its launch.Landing pages, like product prototypes, require multiple iterations to achieve the desired outcome. They must resonate with the target audience, capture attention, inspire action, and meet expectations. To optimize a landing page, an iterative approach is necessary. This involves testing, analyzing, and refining based on real-world data and user feedback. By leveraging insights from analytics, user behavior tracking, and feedback mechanisms, informed decisions can be made to enhance the landing page's performance over time. Let’s briefly explain how you can build a landing page that wins! 1. Know What You Are Offering Renowned marketing expert Joe Chernov once aptly stated, "Good marketing makes the company look smart, but great marketing makes the customer feel smart." This quote underscores a powerful principle that can be applied to your landing pages to significantly boost conversion rates.When crafting your optimization strategy, it is essential to consider how you can create a customer experience that elicits positive emotions. You want your visitors to feel not only smart but also appreciated, inspired, and excited throughout their journey on your landing page.To achieve this, focus on empowering your customers with knowledge and value. Provide them with clear and concise information that educates and guides their decision-making process. Highlight the unique benefits and features of your product or service that make them feel confident and intelligent for choosing your brand.Additionally, demonstrate genuine appreciation for their interest and engagement. Personalize the experience by addressing their specific needs and preferences. Show empathy and understanding by addressing potential pain points and offering solutions that resonate with them.Inspire and ignite excitement by presenting compelling visuals, engaging copy, and persuasive calls to action. Create a sense of anticipation and show how your product or service can transform their lives or solve their problems. 2.Keep the Important Stuff ‘Above the Fold’ The concept of "above the fold" originates from the world of newspapers, where the most captivating stories were strategically placed on the front page, above the traditional fold. The goal was to grab readers' attention with compelling headlines, enticing them to purchase the newspaper.Similarly, in the digital realm, you can apply the principle of "above the fold" to your landing pages. This refers to keeping crucial elements of your page visible and accessible without requiring users to scroll. With the widespread use of smartphones and tablets, it has become even more challenging to capture and retain users' attention.The good news is that you can leverage a scroll map to identify the average fold location on different devices. This visual representation enables you to determine where users typically reach before scrolling, allowing you to strategically position key elements. To optimize your landing page for maximum impact, focus on keeping essential elements above the fold. This includes your attention-grabbing headline, a concise and engaging body copy, and a prominent call-to-action (CTA). By ensuring these elements are immediately visible, you increase the likelihood of capturing users' attention and encouraging them to take the desired action. 3.Employ the Principle of Scarcity The psychological principle of scarcity is a powerful tool in marketing, and it can be effectively utilized on your landing pages to compel visitors to take immediate action. The concept is simple: when people perceive that something is limited in availability or time, they are more inclined to act promptly to avoid missing out.The use of phrases like "limited time" or "limited quantities" triggers a sense of urgency and creates a fear of missing out (FOMO) among your landing page visitors. This urgency motivates them to take action now rather than postponing or deliberating.Even large retail stores like Target recognize the power of scarcity. When you encountered the message "only 2 left" while checking availability for a product, it created a sense of urgency and prompted you to take immediate action to secure the item before it was sold out. This is a tangible example of how scarcity can drive consumer behavior.To leverage scarcity on your own website, consider activating limited-time discounts or offering exclusive lead magnets that won't be available again. By clearly communicating the time-sensitive nature or limited availability of your offer, you tap into the psychological trigger of scarcity.A countdown timer is an effective visual element that adds an extra layer of urgency. It visually showcases the remaining time your visitors have to act on the offer, further enhancing the sense of scarcity and prompting them to take immediate action. Inconsistencies may undermine their trust in your brand and deter them from taking the desired action. By ensuring visual consistency, you establish a cohesive narrative and reinforce the offer or value proposition presented in your ad. This creates a smoother transition for users and instills confidence that they are in the right place, reinforcing their decision to click on the ad and continue exploring your landing page. 4.On-Page SEO On Page SEO plays a significant role in driving traffic to landing pages, and it's crucial to optimize your pages to rank well for relevant keywords. Whether your landing page is your homepage or a specific page targeting industry-related keywords, appearing in search results is essential for visibility and attracting potential customers. When people search for your company's name, your homepage or designated landing page should ideally appear in the search results. This ensures that individuals seeking your brand can easily find the information they are looking for. Optimizing your landing page with your company name, relevant meta tags, and clear page titles can improve its visibility in search engine results.Additionally, you can rank for industry-related keywords to attract a broader audience interested in the products or services you offer. Tools like Ubersuggest can help you identify the best keywords to target for your landing page. Conduct thorough keyword research to understand the terms and phrases that your target audience is using to search for information related to your industry.Incorporate these keywords strategically throughout your landing page's elements, including headlines, body text, image alt text, and more. However, it's important to maintain a natural and reader-friendly flow. Avoid keyword stuffing, as search engines prioritize quality content that provides value to users. In Conclusion Creating a high-converting landing page for your DTC business requires a strategic approach encompassing various elements. By implementing best practices and leveraging data-driven optimization techniques, you can maximize your chances of capturing leads and driving conversions.From understanding the psychology of your audience to utilizing visual consistency and incorporating scarcity tactics, every aspect of your landing page should be carefully crafted to inspire action and make visitors feel valued and empowered.At Saffron Edge, we specialize in helping DTC businesses create compelling landing pages that drive results. Our team of digital marketing experts understands the intricacies of crafting high-converting pages and can assist you in optimizing your online presence. ...
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