Contemporary Modern consumerism is a social structure and economic ideology that promotes excessive consumption of goods and services. It is defined by the belief that a person's happiness depends on their belongings and that consumer desires should direct economic activities and finally leading to increased buying habits in the consumers. Consumer spending had stimulated the economy worldwide and enhanced the creation of products and services, according to proponents of consumerism. Retail sales, personal consumption expenditures, and consumer confidence indices all show signals of robust consumer demand. Sales of consumer goods can benefit business owners, industry employees, and raw resource owners directly or indirectly downstream purchasers.
These days consumers don’t buy any products or avail any service without researching about that product or service. Today's consumers can gather all the information they could require and compare brands before making an informed choice and a suitable buy. The information that a buyer finds when researching a product has a significant influence on their decision on which one to buy. Customers evaluate brands and companies based on their online presence, therefore having a good online presence is vital. Given that the company owns the content posted online, a brand's online presence can convey its message more precisely and effectively. Having an online presence also allows us to interact directly with customers. There is an obvious sharp drop in print advertising these days. Compared to the expected 25.20 billion dollars in revenue that newspapers generated in 2012, it is predicted that their print advertising revenue will drop to 5.3 billion dollars by 2024. Because a business's online presence is the initial point of contact between a customer and the brand, and because digital platforms are used to respond to both positive and negative feedback, a brand's online presence is essential to its survival.
e-WOM(Electronic Word of Mouth) is One of the most powerful tools that marketers have in these times. Influencer marketing, another name for digital word-of-mouth, is a reliable source of recommendations. Digital word-of-mouth, sometimes referred to as influencer marketing, is a reliable recommendation system. Nowadays, customers go to their peers for recommendations or their role models' endorsements. Other forms of recommendations, in addition to influencer marketing, testimonials, comments, and customer reviews, can help brands build consumer trust. A brand with positive digital word-of-mouth has a higher chance of gaining the trust of consumers. By doing this, businesses have also been able to keep up an online presence. Any brand's sales can be significantly impacted by word-of-mouth. Additionally, we might presume that internet marketing has given customers more power.
Consumers these days are not Loyal and this should be extremely clear to all the marketers. Before the world went digital, consumers were more likely to stick with their preferred brand. Their decision to remain with the brand they already know stemmed from their limited exposure to the many brands on the market. However, due to the ease of access to all the information about the products and services available in the market, customers actively seek out various products that provide them greater value at the same price these days. Consumers are now less hesitant to switch from their favorite brands to new ones since they can now evaluate products according to a variety of factors, such as value, customer service, and specials and discounts. Customers are more likely to locate a better bargain because they can do all the research they need to.
Modern Consumers are extremely impatient, they expect prompt answers to their queries and issues in absolutely negligible or zero down-time. This is made possible by digital marketing. Social media makes it simple to share consumer questions and opinions with a wide audience. Customers are significantly influenced by both positive and negative customer reviews. Digital marketing enables firms to build more transparent and robust relationships with consumers by empowering them and providing them with personalized experiences. As a result, customers are strongly motivated by digital marketing.
Almost all Modern days Consumers are an Impulse Buyer, most of the consumers buy things without long contemplation. And hence the role of digital presence and the marketing initiatives taken by marketers is very crucial.
Customers can customize their purchasing experiences thanks to digital marketing. Customers have been noted to favour immediate satisfaction over learning about new products. Digital material from a brand can be created and altered to provide customized shopping experiences. Purchases by consumers will be significantly impacted by this.
Hence, in nutshell, Digital marketing gives firms the opportunity to advertise their goods at the ideal moment and location, where customers are most likely to make impulsive or impromptu purchases. Businesses utilize sales, discounts, and promotions to persuade consumers to purchase their goods.
