Times change, technology advances, and we must always be up-to-date to be competitive in the market. If you did not know this, stay to learn more about the customer purchase behavior changes you must take into account.
How do today's consumers buy?
2020 was the most challenging year for all merchants and companies, not only because COVID-19 became a pandemic, but because quarantine was used as a preventive measure to reduce infections. The quarantine turned supply and demand to 0 in almost all markets and greatly impacted everyone's purchasing decisions and behavior.
After several months, buyers realized that they had to change their way of buying, sellers their selling method, and e-commerce began to gain more popularity. In other words, consumers prefer to shop in the comfort of their homes and wait for the delivery service.
What influences the consumer to buy licensed products?
First, why do licensed products exist? Movies, series and sports are essential for today's entertainment world. They help calm people's daily stress and opened a Licensing market so that everyone can obtain everyday items with a specific design of their favorite series of characters.
In 2020, the demand for licensed products increased due to the significant increase in subscriptions on streaming platforms such as Netflix, Amazon Prime, Hulu, Disney +. That means, if more people have access to movies and series, more influence it will have on customers to buy product licenses.
On the other hand, new releases, sequels, and prequels of films/series have the most significant influence on the licensing market because not only will a new demand for another product arise, but it will stimulate the demand for previous related products with the series/movie.
How to cope with the new way of consuming?
All merchants ask themselves this same question because many owners were not prepared in 2020 to face a pandemic. They did not know the solution for the low supply and demand in the quarantine or did not know how consumer behavior was changing. However, today you will learn some tips that can help you face these changes in the market and you can stay competitive:
- Do not be afraid of technology: several millionaire companies such as Kodak or Blockbuster went bankrupt because they did not adapt to technological changes. E-commerce, social networks, apps, and Digital Marketing will be the best tools to generate sales and position yourself in the market.
- Offers excellent customer service and delivery: most potential customers discard e-commerce that does not have delivery service and does not have good support for customers far from their physical facilities.
- Invest and read: customers are not like a book because their behavior changes daily, and you need to do market research to see what their following trends are. In case you do not have enough budget for an investigation, you can always read the studies that more prominent companies do to have a basis for making decisions.
- Know the release schedule: As we said before, you should know the next releases of the leading producers of series and movies such as Disney, Marvel, DC Comics, Dreamworks, and Fox. If you know the next outs, you can face a possible increase in demand for licensed products without hassle.
Nobody knows what will happen in the future and what the new customer behaviors will be, but you must always be prepared and informed to make quick decisions to grow successfully. However, do not hurry to grow fast because it is better to do it a little slow but with a solid foundation.