The consumption behavior and habits are changing, due to the CRM technology. The CRM system brings mobile payment, online stores, and internet finance, which magnifies the purchasing power of the Chinese.
Accenture, leading global professional services company announced a report ‘’2018 Accenture China Consumer Insight”. It indicated that when, where and what became the main considerations when buying. Price, quantity, quality, and trademark were less important. The report summarized five major trends in consumer behavior.
1.Two Line Buying
Online Shopping? Traditional stores? Cheap? Convenient?
For retailers, these two binary oppositions were the dilemma. Today, the two are gradually forming a balance, from opposition to integration.
The report said that as shopping prices became more transparent, price comparisons were more and more popular. Half of the people said that they often used their mobile phones to compare prices when buying in the store. 45% said they often used websites which provide discounts information to locate cheaper prices. People realized that time is money while the comparisons. More than half of consumers believed it was worthwhile to spend money and time. They were willing to spend the time to compare the differences between online stores and traditional stores.
Online shopping and traditional stores were no longer in the opposite.
The report showed that nearly 90% of consumers have their own social circle on Facebook, Twitter, Wechat and etc. Social media had a strong influence on consumption behavior. Sharing and recommendation posts stimulate the purchase interest. According to the report, Food, travel sports and fitness were the most concerned topics among social media. 87% of consumers were happy to share their purchase experience and comments. Most people believed the recommendatory products from their friends on social media over advertisements.
3.Focus on Shopping Experience
59% of respondents believed shopping was not only about commodity, but it was also about the experience. Many had positive feedback on participatory commerce, which allowed shoppers to participate in the design, selection of the products they purchased. 64% believed that participatory commerce helped them to buy the products they wanted. 53% said that they like a brand because of the good shopping experience.
4.New Consumption Behavior: Fitness Consumption
Sports and fitness is the latest lifestyle, also a huge potential market. Chinese had a higher budget for purchasing sports products and fitness services. This new lifestyle changed consumption behavior and habits.
In addition, “sports + new technology” had gradually become a combination of sports consumers expect. 44% of consumers expressed their visions on AR/VR technology. They wished the technology would be applied in the field of sports and fitness. 41% of consumers hoped that artificial intelligence and internet would be widely adopted in sports and fitness assistance. 29% of consumers hoped that outdoor sports products could also able to be shared. For example, the shared bikes.
5.Embrace the Sharing Economy
Nearly half said that many products were rarely used after they were bought, and more than 60% of them had experience on second-hand trading platforms. They hoped those products could be shared. Sharing economy is unstoppable.
Consumption behavior changed due to the CRM Big data technology. Enterprises need to adjust their marketing scheme to meet the new demand of the customers. WeChat promoted WeChat pay, a mobile payment application widely. It made a huge success in China.