Keeping up with consumer trends will help you understand your customers better and market your products and services to them more effectively. It will also give you an edge over the competition, as many businesses are slow to react to trends.
Here are 8 consumer trends for 2020
1. Greater demand for digital health technologies
With the development of new technologies like artificial intelligence and telehealth, healthcare is becoming increasingly digital.
According to GlobalWebIndex, most consumers are open to the changes and believe that using more health tech will improve their wellness.
Consumers are demonstrating greater demand for digital health technologies such as:
- Video and phone consults with doctors
- Prescription refill apps
- Patient portals to access health information online
Demand for these and other digital health technologies will likely grow in 2020.
2. Concerns about financial privacy
Both Facebook and the Chinese government have plans to release their own digital currencies, which shows just how popular and mainstream digital coins have become.
But as we move towards a cashless future, consumers are expressing concerns about financial privacy and are looking for ways to protect their data.
3. Desire for humanised customer experiences
As our world becomes more and more digital, consumers want more humanized customer experiences and associate them with luxury.
Instead of interacting with automated chatbots, customers want to talk to real human sales representatives, something businesses should take note of.
4. Retail goes high-tech
Brick-and-mortar retail stores can compete with online retailers by integrating features like smart mirrors into their stores.
Adding services that customers can’t get through online stores will also help draw more people to the mall. Almost 30% of customers said they’d like to see tailor shops in clothing stores, for example.
5. More personalisation in travel
When it comes to travel, people want more personalisation. Travellers are looking to customise every aspect of their trip right down to their seat number on the plane.
In an attempt to attract and retain customers in a volatile travel market, airlines are responding to this trend and adding more personalisation to the flight experience. They’re also improving how they manage data and experimenting with cross-selling to increase revenue.
6. The power of nostalgia
The success of the Disney Plus launch reminded us all of the power of nostalgia.
Over half of Internet users in the US and UK reported feeling nostalgic about a song in the past year, and nearly 40% felt nostalgia over a film or TV show. Businesses that tap into that nostalgia with their marketing campaigns can stand to increase their revenues substantially.
7. More in-car purchasing technology
Advancements in Internet speeds and contactless payments have made in-car purchasing technology possible.
Half of all US and UK drivers are excited about the prospect of being able to buy things from their cars. So it’s just a matter of time before in-car purchasing tech becomes the next big thing.
8. Video games are changing how we connect
Video games and gaming communities are becoming increasingly popular, and it’s easy to see why.
Unlike other forms of entertainment like TV, multiplayer video games enable us to connect with others from the comfort of our own couches.
There’s also a whole social network around gaming that fosters friendships, and most gamers participate in it. Seven in ten online gamers in the US and UK report feeling like they’re part of a gaming community.
This list of trends demonstrates that consumers are interested in more personalised, humanised customer experiences. If you can provide that for your customers in 2020, you’ll build a loyal repeat customer base.