Question

Mini Essay - Please answer in essay format:

Discuss the consumer behavioral issues surrounding the trend in how consumers have been buying products in recent years. Mall and brick and mortar stores appear to have taken a back burner to online purchases. Why?

Answer 1

Consumer behavior is an increasingly hot topic while deciding on how best to market the products and services in an economy. Most companies have realized that it is important to analyses the trends in consumer markets and thus develop strategies that help in selling the product to the end consumer in a better manner.

The consumers react to different strategy differently as per their beliefs, customs and other factors such as disposable income playing a significant part.

Post the technological innovation which happened across the globe in the early 2000's continued till date, this led to rapid development and changes in the consumer behavior were dominant. Transactions started happening online because of which traditional mall and brick and mortar stores lost their business.

With technology being easily available across the globe with declining prices of internet and easier access. Consumer behavior has been reshaped and everyone today compares and sees the prices of products online before making a purchase decision.

This is possible because of the emergence of e-retail market places such as Amazon wherein people can widely research about products and have wider choices available to them which can help them in getting a better value for their money spent.

Further, the concepts of digital market have made it possible for consumers to get a product sometimes even within a days’ time at their door steps without the need to spend time and energy on going to a retail outlet to purchase goods.

This has allowed for changes in consumer behavior which are extremely prominent in their buying decision making.