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)
13 thoughts on “Consumer Behavior”
Keep up the good work Deepa
Well said and thoughtful insights
It’s really nice and very deep look of the consumer. I would like to see more on the blogger
What an amazing write up. Thank you for sharing Much needed info
Nice article. Good to see how consumer behave post-pandemic.
Amazing and thoughtful article 👍
Interesting Read blogger. Keep it up.
It’s a good piece of writing
Interesting insight on consumer behavior. It will be interesting to see how the market turns !
Very nice blog, description of how consumers behave is well written.
Keep up the good work
Insight about consumer behavior, well explained, it was a nice idea to mention post pandemic customer behavior
Hope to seeing you writing more of these articles Deepa.
All the best