Tag: consumer behaviour

The fallout from the COVID-19 pandemic will see the battle of the banks intensify, as both legacy and challenger financial institutions race to use tech innovation to gain a competitive advantage in 2020/2021. To some extent, history may be repeating itself, as the financial pressure exerted by the pandemic forces bank management teams to pursue cost discipline while attempting to meet ever expanding customer expectations.

Digital marketers need to be on their toes this year as a range of new tech tools takes hold and consumer behaviour moves ever faster towards instant communication and results.

The future is bright for those who respond the fastest to shifting consumer expectations. We hosted the third annual RCS Retail Summit that took place in Cape Town and Johannesburg towards the end of 2019.

The retail sector is under increasing pressure as consumers have shrinking disposable income in a strained economy. Maintaining share of wallet is critical. Relying solely on a push route to market strategy from manufacturers into retailers is not enough to get consumers buying products.

One of the biggest challenges facing mass roll out of these vehicles is the development of adequate legislation. As with all new things, this type of legislation has not been seen before and we are essentially starting from scratch.

The year-long listeriosis outbreak in 2018, the Boeing 737 crashes in 2018 and 2019, and the collapse of the M1 Grayston Bridge in October 2015 are but a few out of many instances linked to some form of human error in business, frequently with long-term consequences.

Changing consumer behaviour and creating loyalty throughout the supply chain are areas every FMCG manufacturer is trying to achieve. However, these are the last links and typically the most difficult elements to manipulate. This is due to challenges around validating sales – you can only reward loyalty if you can verify the purchase. 

The Black Friday sales frenzy can trigger our deepest emotional and cognitive responses and can lead us down a path of unnecessary spending. However, consumers can use insights from behavioural economics to empower them to make decisions that align with their individual financial goals.

The impact of music on consumer behaviour is well-known with research showing that consumers shop for longer, spend more money and have an enhanced shopping experience if they’re exposed to music. Many local and international retail and restaurant brands are implementing bespoke in-store music and audio solutions to create a more fun, welcoming and brand-specific experience. There are reasons why in-store music makes sense.