Future Of Consumer Marketing

This is a new series on Consumerism and technology. Amazon Go stores are open now which shows a staggering feat of technology. Understanding consumer pain points is key to acquiring customers. Till now companies used search results and text to model consumer behavior pattern. Now recognizing patterns in video is easier and gives more insight to buying preference. Thanks Listening.

Marketing space is changing with the advent of voice and AI. Placing an ad on Facebook or on social media isn't enough. Its about finding patterns in your data and what your consumer prefers.

Consumers are looking for better option and leave lot of information that businesses aren't picking up when they shop around.

Consumers react to pricing and other variables in the economy. By gauging those changes their behavior can be influenced to buy more products. With machine learning the advantage evaluating factors that can affect sale is a big win. Better analysis leads to better solution.

Pricing is a big variable in analyzing consumer demand. Factors that needs to be considered are Fuel prices, basket of 150 products that are used by the consumer on a monthly basis, inflation, CPI, Unemployment, new movie, holiday season, insurance renewals, healthcare, etc. These variables stifle capital that could have been spend in ecommerce or your product. Demand is predicated on these variables as well.

Voice platform is pretty new and has the potential of android market. World is moving from text based engine to a voice based.

Amazon recently introduced subscription for alexa skills. That signifies a big volume of customers using the platform. Apparently amazon owns 70% of market share in voice space through strategic partnership, Acquisition and open sourcing. They acquired customers through every move.

Ecommerce sites could recommend products of search results most clicked or add to cart product to consumer thereby enhancing sales. Finding what the consumer wants is the game.

How search results are arranged and position of the products matter. They can arranged based on best seller and most click. Positioning of products in website. Ranking product based on how often consumer react to search

Having a great offer and pricing influences customers but lack of capital stifles them. The way around for retail, Grocery and ecommerce store is to have a strategic partnership with credit card companies to give cashback and offers on credit cards so it entices the customers to use it today to grab the advantage and pay back later.