2020 finally kicked in. New decade, new challenges and huge opportunities to gain momentum for smaller and agile local businesses in Cyprus
Here are five emerging consumer trends to watch and plan for in the upcoming year to stay on top of your customers’ preferences.
1. Sustainability is the new luxury
As fear and concerns about climate change continue to be on the rise consumers are more and more conscious about their choices. They make less distinction between what is good for them and what is good for the planet. They also focus on healthier lifestyles. Sustainability will no longer be just a trend but the basis for any successful business.
Consumers are more and more interested in vintage products, reusable packaging, business transparency and ethics, they want to know where the stuff comes from, they move towards organic, zero-waste, vegan lifestyles.
2. Payment Preferences
With software evolving so that payments can be embedded easily into applications, the concept of money and expectations for control and convenience are changing. Mobile payments and cryptocurrencies will be a major trend in the coming years. Solutions like JCCup where you can simply scan a static QR code bar will be a major payment trend in the coming years.
3. Fantastic Over Familiar
The daily use of social media has created a natural tendency in consumers to try new products. As a result, businesses must not only be innovative fast but also frequently. Consumers are looking for new textures, new designs and wow experiences they can share on their social media. Even though this might be challenging, it is an amazing opportunity for self-promotion.
4. Customer Reviews Will Be More Important Than Ever
Online reviews are not a new trend however they are crucial for your business. Consumers trust reviews over advertisements and content created by businesses themselves. It’s absolutely essential to have your business listed on sites such as Opiokalos to showcase it.
The best way to get positive reviews is to provide great products and customer service. Beyond that, it helps to nudge your customers and gently remind them to leave reviews — whether you do this in person or via email or social media.
A consumer in 2020 is likely to be someone who is environmentally and socially responsible, uses mobile devices, enjoys social media and reads customer reviews before making decisions. If you want these customers to choose your business you need to understand how their life changes and adjust.
If you already implemented a business strategy in these directions, you are on the right track. If not you should consider putting them into effect.