What consumers want in four steps
Reading and understanding consumers: Jürgen Boyny from the market research institute GfK has made this his task. According to his assessment, four major trends are currently in demand worldwide.
1. magic word with two t: But brisk!
"Consumers today want everything, and they want it now," says Jürgen Boyny of GfK. If you want to buy a product, you want it as soon as possible. The keyword Instant Everywhere should definitely be remembered by operators of online stores, the expert therefore advises. "People today expect to have access to products, services and entertainment around the clock, delivered when and where they want and in whatever format they want." Convenience is just in, he says. And anyone who helps to save time in times of constant time pressure has a clear advantage over the competition. This development applies all the more to younger target groups, says Boyny.
Consumers today want everything, and they want it now.
2. smart home, happiness alone
As early as the turn of the millennium, experts gave the Smart Home some rosy future predicted. So far, however, implementation has been limited. The prediction was repeatedly challenged and declared to be wrong. Now, however, more and more smart devices are actually finding their way into our living spaces. This is not least thanks to the ever greater spread of the Internet of Things. Jürgen Boyny says: "According to our survey, 50 percent of people worldwide think that the Smart Home will have an impact on their lives."
3. invasion of artificial intelligence
The trend is on everyone's lips, affects the most diverse areas of life, and is also set to change the way we work from the ground up: artificial intelligence, or AI for short. Jürgen Boyny is convinced: "Artificial Intelligence is the next important game changer." According to the expert, the most important thing for consumers is to be able to play music via artificial intelligence. After that come demands such as: Answering questions, consuming news, predicting the weather, estimating traffic, and accessing calendars and to-do lists.
Consumers are asking for innovations and are willing to pay for them accordingly.
4. quality is awesome
Stinginess is cool was yesterday. Today's consumers are willing to spend more money for more performance. Robot dust collectors or larger displays: "Consumers are asking for innovations and are prepared to pay for them accordingly," explains Boyny. Today's price-conscious buyers also place the value of a product above the price. How much consumers worldwide spend on a TV, smartphone or washing machine increased slightly year-on-year from 2016 to 2017. The demand for innovation is there and the time is ripe for more, concludes Boyny.
The only thing missing is ... Virtual and Augmented reality, isn't it? According to market researcher Boyny, the market is growing rapidly. "But virtual and augmented reality is not yet a mass market, but a niche market. (ank)
The Expert: Jürgen Boyny is Global Director Consumer Electronics at the German market research institute GfK (Gesellschaft für Konsumforschung). The expert presented the latest research findings at the IFA Global Press Conference 2018.
