Online Consumer Behavior Trends in 2014
According to Forbes, consumer expectations increased by an average of 20 percent in the five years leading up to 2013, with many brands unable to close the gap between what they're offering and what consumers actually want.
What's more, today's shoppers increasingly expect companies to keep seamless track of their purchasing history, communication preferences and desires, effectively fulfilling their expectations without being told what they actually are. This means collecting, interpreting and using personal data, habits and histories in order to provide a better service. Online privacy has been an important issue over recent years, but a recent study found that 57 percent of consumers are willing to share additional personal information such as their location, top five Facebook friends’ names and information about family members in return for financial rewards or better service.
Today, consumers have more control over what to purchase, where to buy it from and the alternatives available to them. This leaves retailers with the challenge of winning consumer attention in the first place, then fostering a sense of brand loyalty through engagement and a level of service that lives up to an increased sense of expectation.