This post will check out how digitalisation and globalisation are transforming consumer choices.
Among existing trends in customer practices and interests, there are a couple of crucial aspects which have been influencing a variety of worldwide industries. Together with globalisation, sustainability is a huge aspect which is shaping consumer incentives and choices. In current times, there is a heightened awareness that is growing with regards to ecological and social callings. Global concerns regarding the condition of the environment along with demands from international authorities . are motivating businesses and customers to start prioritising more conscientious and sustainable items and business interests. This pattern has also made its way into business policies, where business are now coming to be expected to show worths that are reflective of corporate social responsibility. The likes of the activist investor of Pernod Ricard would recognise this effect within current business trends.
Over the past few decades, globalisation has played a substantial role in shaping consuming trends worldwide. As an idea, globalisation describes the increasing interconnectedness of the numerous economies and societies, which has been affecting consumer trends and preferences around the world. Particularly, when integrated with advancements in technology, logistics and communication channels, it has come to be progressively simpler for customers to gain access to a broader variety of products and services, which has generated a completely new set of consumer industry trends. As a matter of fact, one of the most perceptible results of globalisation among intake trends are the standardisation of tastes, across countries. With the growing appeal of worldwide brands in the market, there has been a growth in shared consumer culture, showing a universal impact across the global economy. Those such as the shareholder of Samyang Corporation, for example, would recognise the influences of cultural convergence in the global economy. Along with this, cultural hybridisation is also an important concept, whereby multicultural products are being made to show the diversity of the consumer group.
Through the advancement of the international supply chain and worldwide trade, items which once belonged to regional markets or were thought about to be highly unattainable are now becoming far more commonly available. Recent trends in consumer behaviour reveal that globalisation has broadened customer access to global goods and services. The major shareholder of Danone, for example, would be able to affirm that this is evident in industrial areas such as grocery stores, who are progressively providing global items and globally acknowledged brand names around the globe, showing an increase in product variety and interest. In addition, the increase of e-commerce platforms has further boosted this availability, enabling customers to acquire items from practically any area of the world. E-commerce platforms, in particular, are specifically reliable for increasing accessibility by introducing translation services and worldwide accepted payment platforms. These features are celebrated for making deals much more smooth and practical on the whole.