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Unit1 Task 2

11 Feb 2022
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Unit1 Task 2

  1. Use of technology and its impact on consumers • The internet allows computer networks around the world to talk to one another. • The web is a way to view and share information over the internet. Information, be it text, music, photos or video is written on web pages served up by a web browser. • The internet has changed the world around us, consumer behaviours. The competition in the online shopping space is becoming increasingly fierce. Streaming Videos, Social Media Websites have transformed the way people react/behave to situations. • The internet has become so ingrained in our lives that an internet connection failure can be destructive to a retailer or professional business, government organisation exposing them to the risk of lost revenue, reduced productivity, customer complain, loss of information. • The internet is here to stay. We’re the ones who have to change.
  2. Access to the Internet Approx. 4.93 billion people have access to and use the internet frequently. This means that 63.2% of the world population uses internet. Asia continues to account for the majority of the internet user, which makes 51.8% of the global internet population. North America and Europe are the two regions in the world with the highest penetration rates. In January to February 2020, 96% of households in Great Britain had internet access, up from 93% in 2019 and 57% in 2006 when comparable records began. The internet has become so ingrained in our day-to-day lives that the UN recently announced that access to it is a basic human right.
  3. Ultrafast broadband is available to over 50% of UK premises for the first time. Full fibre investment is starting in some areas of the UK, with speeds up to 1GB a second. The below figures are for the year 2021 The below figures are for the year 2021
  4. Digital Devices Used by audience 71% of the global population accesses the internet using smart phone. The above diagram provides pictorial representation of time spent on Mobile Apps.
  5. Digital Devices used by the audience: The smart phones are used extensively to access the internet. The above gives a pictorial representation of the different devices used to access the internet.
  6. How consumers search for Information In today’s digitalized world, search engines have become one of the most powerful tools on the internet and an essential part of our daily lives. Google is a leading search engines with market share of 87%. Below bar graph states the details of the different search engines available. The above depicts the information in pictorial format.
  7. Consumer Buying Trends • Internet access on the smart phones has made the access to Internet even more easy. • Increased internet penetration has led to increased online shopping. • The online shops need to use innovative ways to attract consumers. Product reviews, short videos explaining the features of the product are a few tools used to market the product. • Traditional shops have also invested heavily in logistics, supply chains and have widened their product range. • Consumers using multiple devices at the same time has made access to information easy. • Due to the pandemic people are now used to buying products online and shift and hop various shopping sites I order to buy their product. Brand Loyalty towards a particular product is decreasing.
  8. Consumer Buying Trend in the UK (online) The above is a pictorial representation of the latest buying trends.
  9. Video Consumption Stats and Facts  Video is the number 1 source of information for 66% of people  Over 500 million people watch Facebook videos every day  More than 75% of all video views come from mobile devices  The global video market was valued at $39.61 billion in 2018  YouTubers upload 300 hours of video content to the platform every minute  93% of businesses gain new customers as a result of branded video content  People spend an average of 6 hours and 48 minutes per week watching online videos  66% of people opt to skip online video ads
  10. How the use of technology has changed over the past 3-5 years. New technology has empowered consumers. Consumers have unlimited access to information and demand products and services when they want. Social media has given consumers a bigger voice and new channels to communicate with brands and share their opinions with peers.At the touch of a click a consumer is able to buy any product from any corner of the world and get it delivered to their doorstep. Companies are using Virtual Reality, Artificial Intelligence, Robots, Drone delivery to differentiate themselves. From interactive ‘self check ins’ at airport, web chatting with customer service to using the streaming service to watch movies etc. at home, Technology is playing a much more fundamental role in managing the interface between shopper and seller
  11. Consumer trends- the changing trend The above is a pictorial representation to the topic.
  12. Conclusion • Technology has changed the way human functions. It has become one of the key drivers Of social evolution. • The pandemic has changed the consumer shopping behaviour. Reports suggest that Online Shopping is here to stay. • The number of people using Digital device has increased manifold. • Multiple use of Device has increased manifold. To gather data for product, price comparison has become easy for consumers. Product reviews are playing a big role in influencing people’s buying decisions. • Increased internet penetration levels have led to increased online shops. Tradition and Online shops need to use innovative ideas, creative and impactful (short) videos, technology to market their products. • The internet is here to stay, let’s use its power to communicate with the right people in order to make our life convenient and for the better of the society.
  13. References • 2021 E-commerce Trends and Statistics in the UK (osome.com) accessed 10/02/2022  2021 E-commerce Trends and Statistics in the UK (osome.com) accessed: 10/02/2022  https://increasily.com/what-are-the-5-ds-of-digital-marketing/ accessed:10/02/2022  https://wearesocial.com/uk/blog/2021/01/digital-2021-the-latest-insights-into- the-state-of-digital/ accessed:10/02/2022  https://www.broadbandsearch.net/blog/internet-statistics accessed:10/02/2022  https://www.finder.com/uk/internet-statistics accessed:10/02/2022  https://www.mckinsey.com/business-functions/marketing-and-sales/our- insights/the-great-consumer-shift-ten-charts-that-show-how-us-shopping- behavior-is-changing accessed:10/02/2022  https://www.ons.gov.uk/peoplepopulationandcommunity/householdcharacteris tics/homeinternetandsocialmediausage/bulletins/internetaccesshouseholdsandi ndividuals/2016 accessed: 10/02/2022
  14.  https://www.statista.com/chart/899/unique-users-of-search-engines-in- december-2012/ accessed 10/02/2022 • https://www.statista.com/topics/1710/search-engine-usage/#dossierKeyfigures accessed 10/02/2022
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