Young South Africans are currently disrupting the digital space with their consumer decisions.
Millennials, who are now entering the workspace and those who are already part of our workforce, will force brands to rethink many of the assumptions they’ve made about younger consumers as digital disruption is deepening.
As digital technology and platforms emerge and change, here are some consumer trends to keep an eye on:
Instant is not just for noodles
Consumers want everything they want, like yesterday. We live in an always-on world with apps that can do everything 24 hours a day, seven days a week. Everything from media to transport to food now has an app and can be ordered online. Think of your weekends. How much time do you spend streaming the entire season of a series and watching everything all in one weekend?
Younger consumers care less about the car, but more about the ride. Ownership of commodities are declining as we are rather making use of subscriptions such as Netflix and Deezer. Brands that sell products have to rethink their marketing strategies to incorporate interesting experiences.
Me, myself and I
Personalisation is growing in importance when consumers need to make a purchase. Consumers are increasingly asking themselves when researching products how it can add more tangible value to their lives. Products need to be relevant and needs to be customisable to fit in perfectly with an individual’s lifestyle.
Sadly, South Africa continues to have safety concerns, which means more consumers are staying at home and want personalised and premium entertainment. Between video and music streaming apps, ecommerce in those sectors are set to boom.
Brands will need to pivot towards digital channels, deliver personalised services and delve deeper into data to find out what makes their younger consumers tick. Brands that choose to ignore this will fall woefully behind.