Perhaps, just perhaps you are still taking note of notable consumer trends to help you make proficient business decision, this year. Here – some indispensable consumer insights to help.
As a brand, you would agree that the year 2023 got off on a very uncertain footing. Nigeria and indeed the world were torn between recovering from the pandemic, inflation and the Russia-Ukraine war that have refused to go away. Things are not going as usual anymore because a lot has really changed. There are still many people without jobs; ones who lost their jobs and many businesses are still having trouble recovering.
The ado here is much about something. Consumer preferences are changing more quickly, forcing firms to be more creative to thrive.
Consumertrics presents 2 important consumer trends, businesses need to pay attention to, going forward.
The Nigerian consumer now desires digitally-enabled world
Everyone is adopting technology more quickly now. According to one Business Insider analysis, the African mobile app market experienced phenomenal growth during 2020 and into 2022, with an overall increase in app installs of 41%. It also says that in terms of mobile app installations, Nigeria dominated all of Africa. People using their mobile devices to conduct financial transactions will significantly increase in 2023. Additionally, people’s buying habits have changed. They’ve shifted online shopping for quicker and efficient service delivery. Similar to this, more people than ever before rely on productivity applications for their jobs.
You would recall that in 2020, Nigeria experienced its worst recession in forty years. Interestingly, that same year, data have that Nigerians bought more smartphones than previously despite their sharp decline in purchasing power. All of these, demonstrate how individuals today prefer to live digital lives. Please queue behind, as a brand. Say ‘bye bye’ to brick and mortar attitude. The world has moved on!
Customers are now more knowledgeable
Very well! You have heard it time without number. One of the most in-demand skills in Nigeria is digital marketing. This is due to the fact that customers now use the internet more than ever before. Consumers do, however, become smarter as they become more digitally integrated. Consumers are more conscious of the part brands play in their daily lives today. More consumers are now doing conscious research to identify the goods and services that are right for them. In fact, consumers now rely on research more than advertisements and personal recommendations when making purchases. This suggests that the “herd” technique might be waning. In 2023, a large amount of likes, shares, or retweets might not be sufficient to wow customers since they don’t want to be misled. Please think about this.
We shall stop here. But don’t forget that the need for cheaper alternatives is also threatening brand loyalty every sec! With the number of poor people on the rise (pegged currently at 133million), do you mind providing the pocket-friendly alternative of your products and services? Please do so, if you don’t mind. There are now fewer consumers with strong purchasing power!
Good luck!
