BDO Transitions: Meeting the needs of the new consumer

VALUE for money is emerging as a key criteria for post-recession consumers, according to new research from accountancy firm and business advisors BDO.

The latest of the firm’s Transitions report, Transitions to the New Consumer, warns the “clued-up and considered consumer” will pose a series of challenges to the businesses that serve them.

Consumer websites increasingly allow potential customers to find reviews of products and services as well as unearth background information on the philosophy and image of the company.

As thrift and vintage trends take hold, retailers have to consider how to convince ethical consumers not to purchase charity shop ‘brand-me downs’.

Established brands also have to balance providing personalised service in stores while maintaining an appealing online presence.

In the report, BDO expresses confidence that UK operators can and will rise to such challenges but warns against any complacent belief that when the economy booms again old consumer habits will return.

BDO also believes there is opportunity for those businesses with the appetite to continually review and refresh operating models and market assumptions.

Transitions to the New Consumer recommends retailers do more to get to know their customer, developing “ultra-relevant” website landing and brand communication.

Showing understanding of product origins, investing in service training and maintaining flexibility in the face of fast changing consumer tests will also be critical.

This is the last in a series of features look at the findings of 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.