BDO Transitions: Technology can help retailers in the Primarni age

TECHNOLOGY can help businesses come to terms with the changing demands of modern consumers according to BDO.

The firm’s latest report in its Transitions series, Transitions to the New Consumer, analyses how consumers are changing in their habits and how companies can respond.

It warns that many businesses are failing to grasp advances in technology and how it can be used to capture the data they need to better tailor their offering to the individual needs of consumers.

By using technology and data effectively, the report says, retailers can take a range of actions from offering personalised discount vouchers to remodelling their store layout to match customer preferences.

The need to understand all of the technology channels is paramount including the use of social media, increases in online purchasing and technology in the point of sale.

While the recession acted as a catalyst for behavioural change, many of the changes were already evident with consumers replacing “conspicuous consumption” with “considered consumption”.

The report characterises the considered consumer as one less impressed by size, volume, unnecessary extras or even variety. Geography, seasonality and the fair treatment of suppliers are now major factors in spending decisions.

Significantly for businesses, consumers are unsure about how to put their new values into action and look to retailers to help them but more worryingly, BDO’s analysis suggests new consumers tend to jump from one retailer to another without any demonstration of brand loyalty.

Teen consumers will mix expensive designer clothing with items purchased from a value chain, positive proof, the report says, that we are firmly in the age of ‘Primarni’.

Over the course of this week, TheBusinessDesk.com is taking an in-depth look at the latest Transitions report from BDO.

You can read all the features and download a full copy of the report from our supplements channel. Click here.