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The continuing shift in consumer shopping patterns holds significant implications for business owners and entrepreneurs looking to stay relevant in the rapidly transforming marketplace. The rise in online shopping, which accounts for notable increases in sales across various sectors, is not a fleeting trend but a potent sign of a new consumer paradigm.

Studies, including those cited from McKinsey in 2020, illuminate the fact that essentials such as household goods, over-the-counter medicine, and cleaning supplies have witnessed an impressive 35% growth in online sales. Meanwhile, the sales of discretionary products — items that are not essential but desirable — like makeup and fashion articles have increased by 15%. These shifts are significant; they highlight a transformative phase where convenience, safety, and value for money become paramount for the modern consumer.

What should these analytics convey to business owners? First and foremost, it signifies a critical juncture to reassess and revamp their business strategies. Consumers are not just drifting but swiftly switching lanes into the digital shopping world, where the breadth of available products is only a click away. The inclination to prioritize time and money suggests that businesses must invest in establishing a robust online presence.

Businesses must develop user-friendly websites and mobile applications to simplify the shopping experience. Investing in an e-commerce platform is essential, but so is fostering an ecosystem that supports this, encompassing logistics for shipping and handling, customer service adapted for online queries, and digital marketing strategies that engage consumers right where they spend the most time: online.

The urgency can’t be overstated, as failure to align with these consumer demands can lead to obsolescence. It’s no longer enough to just be present online; businesses need to deliver a seamless, efficient, and enjoyable shopping journey that meets the high expectations of modern consumers. This means utilizing data analytics to understand consumer behavior, personalized marketing to cater to individual needs, and ensuring that customer service is as human and accessible as in a physical store.

In conclusion, the analytics are clear in their message: adapt and innovate. For business owners, it’s a pivotal moment to recalibrate and align with these evolutionary consumer trends. By embracing the digital shift and placing the consumer’s desires at the core of their business model, companies can thrive in this new era of e-commerce.

1. Be Online

In today’s digital age, merely setting up a social media profile is far from enough to capture the attention of your target audience. The internet is a sprawling ecosystem, brisk with conversation, and to truly make an impact, one must dive deep into the ongoing discourse within their niche. By engaging online, you get to keep a finger on the pulse of market changes, consumer preferences, and emerging patterns within your industry.

Take social media as a case in point; it’s not just a platform for posting updates, but a treasure trove of data ripe for strategic market research. It’s staggering to consider that nearly 48% of the global population is plugged into the online world (Dopson, 2022), presenting a vast audience whose behaviors, preferences, and purchasing habits are there to be analyzed.

So, what should you be looking for? Start by identifying what sparks interest within your audience. Find out who they follow, as these influencers often set trends and command consumer trust. Scrutinize these trends closely; they could provide invaluable insight into future market movements. Investigate which products or services your target audience is not just browsing, but actually spending money on. Those are the offerings that resonate with them, and understanding why can give your own strategies a substantial edge.

Being online entails a continuous learning curve—observing, adapting, and forecasting. It means having a dynamic presence that resonates with the fluidity of online trends. Remember, your target audience doesn’t want to be sold to; they want to be understood and catered to. By mastering the art of online presence, you’re not just a bystander but a savvy participant in the thriving marketplace of the digital era.

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2. Be Ready to Evolve

Now that we’re online, following our target audience, and monitoring industry trends, the real fun begins! Creating a consistent structure is crucial. However, it’s also important to utilize what the analytics are TELLING us so we can appropriately pivot our efforts. Be ready, willing, and able to shift and tailor your approach based on what you’re seeing in your analytics.

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In today’s dynamic consumer landscape, navigating the contemporary shopping experience requires a nuanced understanding of the diverse preferences and interests of our audience. As we delve into the world of consumer engagement, a key takeaway emerges: the importance of paying attention to your audience and connecting with them on their terms. While your passion may revolve around the latest fashion trends, it’s essential to recognize that the modern-day consumer is a multifaceted individual with a wide range of interests. Beyond fashion, they may be seeking content on various topics, from fitness to lifestyle choices.

This shift in consumer behavior underscores the need for a more holistic approach to content creation and brand interaction. Gone are the days of a one-size-fits-all mentality; instead, brands must adapt and diversify their content offerings to cater to the varied tastes of their audience. By actively listening to your consumers and understanding their preferences, you not only foster a stronger connection but also position your brand as attuned to the evolving needs of the market.

Embracing this approach opens up avenues for meaningful engagement and creates a space where consumers feel heard and valued. Whether it’s through incorporating diverse topics into your content strategy or leveraging interactive platforms, the modern consumer expects a personalized experience. In essence, the key lies in flexibility, recognizing that your audience’s interests are as dynamic as the ever-evolving landscape of consumer culture.

In conclusion, the modern-day consumer is not a monolithic entity but a mosaic of interests and preferences. By paying heed to this diversity and engaging with your audience on their terms, you not only stay relevant but also foster a more authentic and lasting connection in the realm of contemporary consumerism.

The beauty of consumer buying behavior evolving is that online platforms are watching and helping establish updates that allow us to grow with consumers changing needs. Each specific online platform and social media outlet is growing to offer more opportunities to monetize your content and help you hone in on your target audience.

How Modern Consumers Shop: Amazon

Amazon is an online retailer juggernaut offering everything from A to Z! Amazon is one of my favorite platforms at the moment because of its wide variety of opportunities to monetize and align with my business and my client’s businesses. From Amazon Lives, Amazon Storefronts, Amazon Inspire (coming December 2023!), and more in the works, Amazon is pioneering the shift to align with modern consumers buying behavior. Amazon generated 1 billion dollars in sales on Black Friday 2022 ALONE (EcomCrew, 2023).

AMAZON LIVES

Amazon Lives are similar to HSN or QVC streams. These live streams remain on your Amazon Storefront after the Live has concluded so followers and consumers are always able to reference back to your video. Amazon Live allows for product tagging and a comment section to ask and answer questions. I know what you’re thinking…But why does Amazon do this if HSN and QVC style streams on T.V. don’t convert how they used to? Well, 300 million items were sold during Prime Day Amazon Lives alone (Mileva, 2022) with an average order value of $50 or more. I’m no mathematician, but 300 million items sold at a value of $50 per order sounds like a good ROI to me!

If you’re scared to go live, do not worry! I was too until I did it myself. CLICK HERE for a good giggle with my very first Amazon Live.

AMAZON STOREFRONTS

Amazon Storefront is an online storefront that allows you to post content, tag products, generate captions, and create Idea Lists (similar to an old-school grocery list). What I love about Storefronts is that they’re easy to maneuver on desktop and mobile. Additionally, Amazon typically has higher commissions than the same retailer linked through a different monetization platform. Your target audience should be able to go to each of your social media platforms and online platforms and see a cohesive approach throughout it all. If you’re not already uploading your Reels and TikToks to your Amazon Storefront, you’re missing out on money that’s waiting for you. Those who upload content to their Amazon Storefront typically experience a 5-15% conversion increase (Pool, 2023).

AMAZON INSPIRE

This new feature is what I’m most excited about! Amazon is launching Amazon Inspire December 2023 which is an in-app shopping feed that’s personalized with shoppable content tailored to your interests and engagement. The flow follows a similar feed scroll like TikTok! What gets my business brain REALLY excited about this is that TikTok notoriously has the highest engagement rate of any online platform at 18% (Dopson, 2022). So think about what this could mean for your business if your consumer is able to directly shop the products you’re integrating into your content at an engagement rate of 18%? I don’t know about you, but I’ll be counting down the days on my calendar until I’m able to input all my content onto Amazon Inspire!

How Modern Consumers Shop: LTK

With over 200,000 LTK creators and over 18 million monthly shoppers, LTK is a monetization platform that doesn’t seem to be going anywhere anytime soon (Influencer Marketing Hub, 2023). LTK partners with over 5,000 brands and retailers that YOU are able to make a commission off of. How has LTK adjusted to align with the trend of consumers shopping more and more online who deeply value their time?

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LTK COLLECTIONS
Similar to the Amazon Idea list, LTK has the option to create collections that compile LTK content into one spot for easy shopping. For example, during the holidays, many creators utilized the LTK Collection feature to compile all gift guide content in one spot for easy shopping: Gifts for Her, Gifts under $100, etc. Creators can generate collections to align with the season, big sales, gift guides, and more. The beauty of this collection feature is that it is pinned to the top of your LTK profile so consumers are able to quickly view and shop.

LTK CONTENT: VIDEO + IMAGERY

Additionally, LTK has the ability to monetize several different types of content. From video, imagery, and collages, the options are endless on the type of content you can monetize on LTK. As I always advise clients, your online outlets should mirror and echo each other. For example, if you’re not uploading your Reels and TikTok to LTK, I hate to tell you that you’re missing out on extra revenue! Not only does video content reach the most consumers, but is the most engaging form of content.

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How Modern Consumers Shop: Pinterest

Social media platforms are taking note of ways consumers are shopping and moving to integrate monetization opportunities internally. Eighty-three percent of Pinterest users say they have made a purchase from an item they have gotten off Pinterest (Alfred, 2022). From Pinterest’s perspective, they want to keep users on their app for as long as possible and knowing so many users are buying items they found on Pinterest, it only makes sense for them to establish a Creator Fund and shoppable pins. The Pinterest Creator Fund was established in 2021 as a way to provide sales goals and resources for creators to grow on Pinterest and their sales. The Creator Fund works in quarterly cycles through an application process as Pinterest is partnering with different brands and retailers every quarter. Another great way to align with modern consumer’s buyer behavior is through shoppable pins. According to Pinterest, engagement with shoppable pins increased by 20% in 2021! Meaning, consumers are looking for quick and easy ways to shop on the platforms they already spend time on.

How Modern Consumers Shop: Instagram

Instagram is no stranger to consistent change, whether that be the algorithm or even the direction of Instagram under META. They rolled out Instagram Subscriptions which is a way for creators to develop deeper connections with their most engaged followers and increase their recurring monthly income by offering subscribers access to exclusive content and benefits. Additionally, Instagram offers a Reel Bonus structure that creators are invited to join if they meet certain qualifications. Creators are able to receive a payout from Instagram based on:

• Reel Performance. The amount you earn per play may not always stay constant. For example, you may earn more per play as you’re getting started and less over time. In some cases, not all plays are counted toward a bonus payout.
• Number of Reels You Generate. For example, you may generate a certain amount of Reels to earn a bonus amount per reel.
• Theme of Your Reel. For example, you may generate content in response to a theme you receive to create a Reel for an upcoming holiday or special event.

In order to receive credit for the payout, You must tag your reel for the program within 24 hours of creation. If you forget, you can go back and make that selection for up to 24 hours unless otherwise stated in your terms.

Even with Instagram’s ever-changing platform, 97% of marketers agree that Instagram is the most important platform for influencer marketing (and might I add, marketing at large!)

How Modern Consumers Shop: Facebook

As an established social media platform, Facebook continues to be a great option to reach older demographics. With direct links to shop in the post, the consumer shopping experience is more direct than say on Instagram or Pinterest. However, organic reach on Facebook has grown more difficult to break into as META has moved towards a pay-to-play model. With that being said, traditional businesses and brands still rely heavily on Facebook with 68% of business owners saying it is still a viable source for influencer marketing opportunities (Dopson, 2022).

As a tried and true social media platform, Facebook isn’t a platform we can write off just yet! With just under 3 billion users, there are still plenty of consumers on Facebook looking for easy shopping ability (DataReport, 2023).

The key to keeping your pulse on what consumer buyer behavior is evolving to is be online, be ready to evolve with your analytics, and utilize your online platform resources! These huge online conglomerates are investing large research budgets into how consumers are buying and how we shift to align with that. Be sure to join social media outlets newsletters for up to date information on what they’re working on and slating to roll out!

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As always, I hope these insights help you guide your business to the most success. I absolutely love diving deep into analytics and sharing my findings with you. For business insights and entrepreneur helpful tips, be sure to SUBSCRIBE to my newsletter for these updates straight to your inbox and see some of my favorite blogposts below.

• Creating Content that Converts
• The Art of Monetizing Your Business
• The Benefits of Going Live

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References

30+ influencer marketing statistics you should know (2023). Shopify. (2022, November 15). Retrieved March 16, 2023, from https://www.shopify.com/blog/influencer-marketing-statistics

Alfred, L. (2022, October 12). How to make money on Pinterest: 9 ways to monetize your Pinterest account. HubSpot Blog. Retrieved March 16, 2023, from https://blog.hubspot.com/marketing/pinterest-generating-revenue

Amazon sees record-breaking Black Friday Weekend sales. EcomCrew. (2023, January 16). Retrieved March 16, 2023, from https://www.ecomcrew.com/amazon-record-breaking-black-friday/#:~:text=The%20five%2Dday%20sales%20event,stock%20drops%20earlier%20this%20year

Amazon storefronts: All your questions answered. Webretailer.com. (2023, January 30). Retrieved March 16, 2023, from https://www.webretailer.com/amazon/amazon-storefronts/

Amazon.com: Inspire. (n.d.). Retrieved March 16, 2023, from https://www.amazon.com/b?node=24672145011

Barnhart, B. (2023, February 14). Social media demographics to inform your Brand’s strategy in 2022. Sprout Social. Retrieved March 16, 2023, from https://sproutsocial.com/insights/new-social-media-demographics/#instagram-demographics

The brand Influencer Platform. LTK. (n.d.). Retrieved March 16, 2023, from https://company.shopltk.com/en/brands#:~:text=1%20million%2B%20brands%20and%205%2C000,influencer%20marketing%20programs%20at%20scale.

Charm, T., Coggins, B., Robinson, K., & Wilkie, J. (2020, August 4). The great consumer shift: Ten charts that show how US shopping behavior is changing. McKinsey & Company. Retrieved March 16, 2023, from https://www.mckinsey.com/capabilities/growth-marketing-and-sales/our-insights/the-great-consumer-shift-ten-charts-that-show-how-us-shopping-behavior-is-changing

Eagle, D. (2023, March 6). LTK (formerly rewardstyle). Influencer Marketing Hub. Retrieved March 16, 2023, from https://influencermarketinghub.com/ltk-rewardstyle/

Martin, M. (2022, March 23). Instagram monetization: A complete guide for creators and Influencers. Social Media Marketing & Management Dashboard. Retrieved March 16, 2023, from https://blog.hootsuite.com/instagram-monetization/

McLachlan, S. (2022, December 2). Instagram demographics in 2022: Most important user stats for marketers. Social Media Marketing & Management Dashboard. Retrieved March 16, 2023, from https://blog.hootsuite.com/instagram-demographics/

Mileva, G. (2022, November 21). Amazon Prime Day Statistics: Revenue, users, deals, and more to help prepare you for next year’s Prime Day event. Influencer Marketing Hub. Retrieved March 16, 2023, from https://influencermarketinghub.com/amazon-prime-day-stats/

Published by S. Dixon, & 14, F. (2023, February 14). Instagram: Age distribution of global audiences 2023. Statista. Retrieved March 16, 2023, from https://www.statista.com/statistics/325587/instagram-global-age-group/#:~:text=As%20of%20January%202023%2C%20almost,to%2044%20year%20age%20group.

Shifferaw, Z. (2022, November 17). A bigger, Better Creator Fund: Pinterest Business. Pinterest. Retrieved March 16, 2023, from https://business.pinterest.com/blog/creator-fund-expansion-2022/

All opinions are that of my own, All Images are owned and copyright property of Audrie Dollins. Some of the links are affiliate links where I earn a small commission should you make a purchase. Thank you for continuing to support me in my dream career.