Which is the consumer of licensed products purchase behaviour?

The Internet and technological advances in mobile devices allow them to have all the information they need in the palm of their hand. This forces retailers to adapt to the new purchase behavior and ways to build new relationships with their customers. 

Changes in licensed products purchase behaviour

Changes in the consumer habits of families are also seen in the licensing business. How is it bought and how can the professional act?

The consumer of licensed products is increasingly being conditioned by the value of the brand or the license and its differentiation in the market. In addition, fashion is something that influences the search and purchase of these products, having licenses that value, according to the times, more or less the consumer.

Buyers of licensed products have always been shoppers in physical stores, but with the arrival of Covid 19, the consumer habit has changed, becoming much more digital and virtual.

How can the licensing industry take advantage in the new purchase behaviour?

The latest advance in the retail sector is the optimization from start to finish. And especially if it is an online store, as this is the factor that will make them decide whether to buy because it is super easy as one click. In fact, 62% of digital businesses have been proven to improve sales through their personalization. 

For example, through the use of specialized tools that allow you to better communicate with the client, increase the speed of interaction, etc.

You may be interested in this post: Why licensed products are a good bet to increase your sales in 2021

How to adapt to this new change in buying behaviour of licensed products

The store of the future will be designed to ensure that the shopper enjoys both the visit and purchase, so it should be an experimental store in which different senses are involved (the more, the better). In this sense, licenses are already a requirement for attracting shoppers to a physical store. However, this is not yet a determining factor in securing a future sale or customer return. Hence, it is important to offer a unique value-added customer experience; anything that offers more than the product itself will allow these items to increase their purchasing potential.

1. Cost-effective: We should not insist on obtaining a license that exceeds our budget; first of all, it should be in your range.
2. Know how to choose: It is necessary to choose whether it is better to go for a classic license, such as Disney or Marvel which implies less risk and its results are achieved in the long term, or on an "opportunistic" license associated with an event or nature of the large impact, but ephemeral, which implies more risk, but allows you to see results faster.
3. Local and Global: You must be careful when choosing as not all companies have the same preferences.
4. Profitable increase in sales: Experts point out that the need for a license should be considered only if it is aimed at expanding the product, and it is excluded that it can achieve this on its own.
5. Attractive to the consumer: We must choose the products that best suit our target audience, not the most prestigious or the most famous.
6. Licensing Advice: it is important to be well informed and advised. Therefore, look for a good provider who understands licenses and who can advise you on which licenses are the most in demand and which ones will increase your profits.

You may want to read: Sell licensed products: characters that are a safe value for your store 

Trust us for Licence products! At Cerdá, we always look for a way to offer you, exclusively, the best licenses and news for consumer purchase behavior. We design all products according to market trends and consumers' needs!