Why we buy what we buy! How many times we make decisions and look for choices during a day like What to wear today? What to have for dinner? We look for different options, based on that; we make our buying decisions. Decisions we make are content for the buyers, which is why they stay up at night. Because cracking the processes behind them means generating more revenue for their businesses.
Consumer behavior is essential for any business that interacts with buyers. Let us understand what consumer behavior is:
- Consumer behavior is a study of the processes involved where individuals or groups select, purchase or use a product/service; anybody can be a consumer depending on the type of business; a small child is a consumer for a toy shop.
- The study of Consumer behavior is particularly important for companies to operate. It is also vital for marketers to study consumer behavior to fill the market gap.
- Analysis and segmentation is an essential part of studying consumer behavior.
- Various factors influence the buyer’s behavior.
Types of Behavior:
Consumers behave differently. There are four main types of behaviors to expect.
- Complex Buying behavior: Usually, find this pattern while buying an expensive item like a house or a car, wherein a consumer would take time conducting research and reviews.
- Difference Of Opinion- This kind of behavior is usually an idea of two minds behind this idea; for example, a customer buying pair of headphones would look at the price and convenience and even after buying would think if he/she made the right choice. It is quite an indecisive decision.
- Habitual buying behavior: This kind of pattern, where one is buying a regular item like a bread packet where the consumer exactly knows what he is buying, is a regular habit.
- Variety Seeking Behavior: Here, a consumer would buy a different product than the regular one, not because he is not satisfied, just because he or she is looking for variety. Example: Handwash, shower gel.
Although the Influence trick does work with consumers in various ways like Marketing Campaigns, group influences, Economic conditions.
Consumers have realized that the Pandemic has taken away the freedom to shop the way it was before, and the only thing left is ‘Shop to Sustain.’
Post-Pandemic, the behavior pattern might change to looking for more discounts, taking advantage of the situation to benefit. Later once, it all moves to standard; things may not change much.
Written by – Deepa (Intern)