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Consumer trends are constantly shifting and evolving, forcing companies of all sizes to keep a close eye on changes in order to stay relevant and adapt to new technologies and buying patterns. As we look ahead to the years 2024-2027, there are three major consumer trends that are expected to shape the way businesses interact with their customers.
First and foremost, customers are increasingly seeking greater control over their personal data. The concept of data privacy has seen a significant increase in awareness and importance over the past decade, with more and more people expressing a desire for autonomy over their personal information. According to a recent survey by KPMG, 56% of customers want greater data autonomy, showcasing a growing trend towards prioritizing privacy in the digital age.
The emphasis on data privacy is changing the way consumers interact with businesses. In North America, over 87% of individuals have stated that they would avoid doing business with a company if they had concerns about their data practices. Additionally, more than half of customers have stated that they are more likely to trust a business that does not require personal details unrelated to the product they are offering. This shift in consumer behavior highlights the fact that privacy is becoming more important than convenience for many buyers.
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Recent legislation, such as the General Data Protection Regulation (GDPR) in the EU and the California Consumer Privacy Act (CCPA) in the United States, further underscores the growing importance of data privacy. Consumers are increasingly putting pressure on governments and companies to safeguard their data, with 90% of individuals believing that businesses and governments should take steps to protect their data. However, despite this demand, 70% of customers do not trust companies to do so.
Another major consumer trend that is expected to continue to grow in significance is the use of augmented reality (AR) to enhance the online shopping experience. As more consumers turn to digital-first purchasing, the ability to virtually “try before you buy” using AR technology is becoming increasingly important. Studies have shown that 35% of consumers would be more likely to shop online if they could digitally try on products before making a purchase.
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Many retailers are already adopting AR technology to improve the online shopping experience for their customers. Virtual try-on tools, such as Ulta’s GLAMlab and L’Oréal’s virtual cosmetics experience, have seen significant increases in engagement and conversion rates. By offering virtual in-store experiences on their websites, retailers are able to bridge the gap between online and in-person shopping, providing customers with a more immersive and interactive shopping experience.
Lastly, voice commerce is emerging as a major trend that is reshaping the way customers initiate purchases. With an increasing emphasis on convenience, many customers are turning to voice-activated digital assistants like Google Assistant and Amazon Echo to simplify the purchasing process. The voice commerce industry was valued at $40 billion in 2022, and major players like Google and Amazon continue to innovate to make voice shopping more seamless and efficient.
Studies have shown that among frequent users of voice-activated speakers, 62% are likely to make a purchase within the next 30 days. The use of digital assistants for shopping is on the rise, with nearly half of smart speaker owners having made a purchase using their devices in 2020. As the adoption of digital assistants continues to grow, more businesses are likely to explore voice shopping as a way to enhance the customer experience and drive sales.
In conclusion, the consumer trends of data privacy, augmented reality, and voice commerce are expected to have a significant impact on businesses in the years 2024-2027. Companies that are able to adapt to these trends and meet the changing demands of their customers will be well-positioned for success in the ever-evolving digital marketplace. By prioritizing data privacy, embracing AR technology, and exploring voice commerce, businesses can stay ahead of the curve and build stronger relationships with their customers in the years to come.
