Changing Consumer Behavior During Indian Festivals | So Good News

How has consumer behavior changed during the festive period after the pandemic, compared to what it was before?

The festive season will see two different mindsets in the minds of consumers. On the other hand, it could be a feeling of sadness – which means that consumers may replay last year’s ‘Covid’ Diwali in their minds and this may motivate them to enjoy the post-pandemic Diwali to the fullest. On the other hand, the negative force ie hedonic adaptation is at play. This hedonic change begins when we become accustomed to enjoying our experiences. As Covid has subsided in the past few months, consumers have been enjoying the flu for several months now. This also means that the “new” post-pandemic Diwali may not be different from the pre-covid Diwali.

One thing we must remember is that consumer behavior is a function of external influences and retailers and e-commerce platforms are going to entice consumers to go out and buy, by offering discounts and attractive sales. My understanding is that consumers will buy a lot this Diwali but these purchases will not be driven in haste but by careful analysis of sales and discounts.

In the digital age, how have technological advances affected consumers and the way they interact with their products and services through different channels?

Advances in technology affect consumers, brands, and marketing in the following ways:-

a. Consumers: The advent of D2C platforms has enabled users to engage, search and gain a share of their purchasing options across brand and competitor platforms. Compare this to the pre-tech retail scene, where consumers would search and find based on their favorite store. This means that consumers don’t just stick around, they have a lifetime discount, and they can attract other products at the same time as they buy what your brand has to offer.

b. Types: With the advent of data, brands are now able to personalize and target specific audiences. Not only jobs and sales, but brands can also target people with discounts, ideas, and opinions.

c. Advertisers: Marketers are using first and third party data to target consumers across devices and platforms. With new privacy and data protection laws, cookies (used to track consumers across devices and platforms), marketing has now become a science and not just an art, as marketers need to know who uses which devices and platforms (at all times). consistent tracking) and accurately predicting the success of certain sales.

These are short periods for people. With social media platforms like Instagram, and YouTube focusing on 15-30 second long videos, how will it affect the way advertising targets audiences now?

There are two ways. According to content: Storytelling through advertising needs to be fun, thought-provoking, and fun like never before. Depending on the length: Users are attracted to short ads and long ads. A concept proposed by Stanford Professor Nalini Ambadi, “Thin Slices of Life” explains this phenomenon. Among the few aspects of life, he suggested that people can make judgments based on the first few seconds of an advertisement, person, or brand. This is followed by the short attention span of consumers, therefore, consumers are looking for a quick hit of dopamine from things like advertising.

With the proliferation of the Internet and the integration of cultures across borders, do you think that advertising will be relevant?

Always – The only thing that can change is the reason behind the emotion. More than culture, context, speed of advertising, content, and context (for example, the inconsistency of video and related content) will guide how consumers feel about brand communication.

With the concept of the Metaverse becoming more and more popular, will advertisers also want to increase the number of consumers on the site? How long can today’s promotions last?

We already live in the metaverse by being immersed in our phones all day. Currently, the impact of the metaverse on advertising can be addressed through two approaches: Short-term and long-term. Short-term vision means that consumers will be in both the real world and the metaverse. In the long run, consumers will spend more time than ever before, traditional marketing methods will have to change because it is not possible to survive 24 hours a day. Two things to keep in mind: Long-term and short-term timeframes are uncertain as this will depend on the price of AR/VR headsets, the development of the ad ecosystem on Metaverse and the volume of Metaverse. Second, brands need to keep an eye on the metaverse. Good for the economy and a younger audience may adopt Metaverse faster than other consumers.

What do you predict about consumer behavior and advertising industry in the coming times? Any plans?

A few assumptions: (1) Product marketing and general marketing will be the key to effective marketing. (2) Short and dopamine-stimulating ads can work well. (3) Privacy awareness and data protection laws can have a significant impact on what advertisers want to do. (4) Omnichannel marketing will be effective. (5) Finally, rising customer acquisition costs and expensive social media advertising will make the purchase of the product even more important.