As consumers grow to be attached to brands, traditional markets practices are set to evolve.
Common stops like awareness, interest and consideration are set to change as the forthcoming era of machine-aided commerce is set to transform consumer trends drastically.
As a wave of automation looms in over emerging and consolidated economies, companies cannot afford to be left out of the transformation, as performance, brand loyalty and profitability are at risk for environments and markets of all industries.
Brands expect a notorious impact with the coming era of passive commerce, which will challenge them to create moments of continued brand engagement in categories where consumers have removed themselves from the purchase debate altogether.
While these new technologies influences commerce and the Internet of Things (IoT) fully deploys over traditional brand engagement, Michelle Evans, Global Head of Digital Consumer Research at Euromonitor International, chatted at the company’s webinar about the Top Five Digital Consumer Trends, where she analyzed, through a Q&A, how machine-aided commerce is already bypassing many of the steps in the traditional marketing funnel, and what we can expect for tomorrow.
- What will be the future of privacy? Will consumers push back to being tracked?
I believe we are going to see the pendulum swing back and forth between the need for brands to deliver a certain experience for consumers and concerns that consumers increasingly have with regard to privacy.
Increasingly, consumers expect companies to deliver a “story for one”, but not all consumers embrace the methods required to acquire the data that powers such experiences. As marketers better connect the dots between consumers’ wants and the goods and services they sell, consumers may feel their privacy has been invaded. Whether consumers would be willing to give up more privacy in exchange for more personalized experiences is a major conundrum in the corporate world.
At the same time, you have sweeping privacy laws about to take effect in Europe. This tightening of regulation in Europe will have far-reaching implications outside of the continent. If a company sells goods or services within the EU, they will be subject to the new ruling. Therefore, global companies will have to change the way they collect and use personal information, either specifically in Europe or across their entire operations, in order not to not to put themselves at risk of significant fines.
- How are companies based outside of Europe reacting to the region’s forthcoming General Data Protection Regulation?
If a company sells goods or services within the European Union, they will be subject to the new ruling. Therefore, global companies will have to change the way they collect and use personal information, either specifically in Europe or across their entire operations, in order not to not to put themselves at risk of significant fines. Based on my conversations with the industry, companies appear to be taking a broader approach. Instead of tweaking their European strategy specifically in order to align with these new rules, companies are making adjustments to their global strategy.
Click here for the full interview with Michelle Evans.