Everyone has been hearing A LOT recently about the “Information Explosion” phenomena under the context of Internet i.e. How internet has revolutionized the way we find information and how HUGE internet has become w.r.t information. Without any doubt, Internet has become the primary source of information for every individual with no exception. Students, researchers, businessmen, retailers, consumers… everyone can benefit from the ocean of information and all of them have been resorting to internet on primary note with the belief that it will furnish the desired information on on-demand basis. And this revolution in Internet has caused huge influence consumer behavior and has introduced a set of marketing challenges for brands.
Much has been written to elaborate the impact Internet has on various spheres of life from Research & development to Communication & Collaboration to Business Productivity etc. But as one of the core propositions of TownTawks is deeply rooted in consumers’ shopping practices and how shoppers’ behavior has changed radically thanks to the evolution of Social Media; we will try to remain focused in this space. These buying or shopping practices, which basically falls under the broad term of Consumerism, has been the particular vertical which has received immense influence by the recent evolution of web 2.0.
This Web 2.0 evolution thus has presented a whole lot of marketing opportunities and corresponding challenges to marketers & brands, which are still to be exploited and leveraged.
Internet has imprinted deep impacts on the consumer behavior and its industry in such a way that it has radically been changed to something new compared to what it once used to be. And as this consumer behavior has evolved drastically, it also demands a whole new approach to marketing and positioning of the brand before the consumers at the right time so as to render their efforts truly effective. Before Internet had become the primary source of information specifically for shopping, this consumer behavior and how people actually used to shop had been understood under the helm of PURCHASE FUNNEL. This model of PURCHASE FUNNEL had been globally accepted & preached so much so that all the marketing and advertising campaigns had been crafted so as to resonate with this.Surprisingly, a whole lot of research had been done in various regions and cultures w.r.t multiple consumer product categories but this concept of Purchase Funnel continued to prove its authenticity equivocally ever since until now.
Whats Next in Consumer Behavior Evolution:
We know that all of you would be becoming quite eager to understand what that Purchase Funnel concept actually was. And how you, being the daily life consumer, engaged in pre-shopping decision making process, are also a living prototype of this ever-evolving consumer model. In our upcoming blog post, we will uncover:
- The characteristics & fundamentals of PURCHASE Funnel model and how it is bitterly failing to simulate today’s consumers’ behavior accurately.
- The evolved model of Consumer Behavior which accurately describes consumers behavior in today’s social-media driven world.
- How this evolution in Purchase Funnel model in turn requires plenty of reconsideration and re-evaluation of marketing practices yet to be followed & leveraged by brands!
So stay tuned with us as we decipher this concept in our upcoming blog post! And feel free to share your remarks with us about what your perception regarding how consumers think before purchasing & how much you rely on internet to find information and resources!