New Consumer Behavior Is Emerging

As we enter a new world of consumer behavior, enterprises are finding that they must keep up with constantly changing consumer preferences to win.

Unpredictable market conditions and a possible recession looming are moving consumers to spend only on essential goods, spend less time in stores by shopping more online, and explore new options for how they interact with the world. This has caused businesses to struggle to keep up with shifting demands. To remain competitive, companies must understand and adapt to these changes.

“Business leaders can get their arms around this world of constant change by not making business decisions based solely on anecdotal evidence, past performance, or gut instincts,” said Anil Mathews, founder, and CEO of Near, a global leader in privacy-led data intelligence whose platform draws information from unique users and their behavior from over 70 million places across 44+ countries. “Business leaders must take a data-driven approach to understand how to react to changing consumer behavior patterns.”

“With data that is able to connect the digital and physical world, business leaders can strategize in the face of adversity. Those business leaders who use a data intelligence platform will be best positioned against their competitors and maximize business results for the best. Put simply, data drives better strategic business decisions,” Matthews added.

He believes there are three significant data challenges for today’s leading global enterprises:: having the ability to bring together data from both the digital and physical worlds at a global scale, overcoming incomplete or inaccurate customer data, and unlocking digital intelligence using AI/ML-driven modeling.

To solve these challenges, he said “finding a partner who deeply understands these challenges is critical. In our experience, seeking out an enterprise-wide data intelligence platform that allows users and business leaders to make strategic business decisions without the need for any deep technology expertise is key, enabling data to be freed from siloed and unlocked for excellence across marketing and operational divisions.

Businesses learn more about their consumers and target customers, businesses have to either “rely on their own incomplete and scattered customer data, or partner with a company that can help improve their view of customers.”

https://www.forbes.com/sites/garydrenik/2022/09/08/a-new-world-of-consumer-behavior-is-emerging/?sh=1deb2642615e