If you’re a consumer brand or retailer, you’ve probably heard the phrase “better customer” before.
Consumers are spending more time shopping online and buying more online.
And according to the consumer market research firm eMarketer, consumers spend more money online than they ever have before.
So how can you become a customer who can help you get the most bang for your buck?
Consumer staples industry analyst Jefferies is here to help.
“You know, we’re really big fans of the consumer lifestyle and we see consumers as a whole as spending more than ever before,” he said.
“The average American spends over $1,000 per year on the Internet.
It’s a lot of money.”
In the past, consumers were paying for goods and services online, but that has changed dramatically.
“People are buying things online for a variety of reasons,” he explained.
“There are a lot more ways to make money online.”
In fact, online retailing is growing faster than traditional retailing, according to eMarketers.
“It’s probably faster than any other industry in terms of growth,” Jefferies said.
He added that the internet has opened up more opportunities for consumers, especially with more and more people becoming interested in their hobbies.
“We’re seeing an explosion of new products, like the Amazon Prime Now app, that allow consumers to purchase online,” he told Mashable.
“Amazon Prime Now is a service that allows people to purchase items directly from their Amazon Prime memberships.”
With Prime Now, consumers can now buy goods online and pick them up in-store or at Amazon.com.
And with more than 20 million Prime members in the U.S., Amazon has the largest selection of products available anywhere in the world.
Consumer products sales grew in 2017, Jefferies noted, as consumers bought more and used their smartphones more.
So what’s behind the surge in consumer spending?
Jefferies believes that it has to do with the rise of mobile devices.
“Mobile is the biggest growth area for consumer spending,” he added.
“A lot of consumers don’t have a phone, and that’s one of the reasons they’re spending more on mobile devices.”
And as mobile devices have become more popular, they have been used to spend more on goods online.
“They’re used to buying things for themselves,” Jeffries said.
While the number of mobile phone subscribers in the United States has declined slightly since 2015, Jeffries believes that mobile has become a huge part of the spending trend.
“One of the things that has really changed over the past year or two is the growth of mobile,” he pointed out.
“With the growth in mobile, we see a lot less spending in physical stores.”
So, how can consumers become a more successful customer?
One of the best ways to become more effective as a consumer is to be proactive.
In the last couple of years, Jeffery has seen consumers become more willing to spend their money online.
Jefferies recommends that shoppers pay attention to the items that are offered on the website and make sure that the products that they purchase are not advertised in an unethical way.
“Be aware of what’s going on,” he emphasized.
“Look at the product descriptions.
Look at the ads and make it clear that you’re buying from a reputable company.”
And consumers should always check the packaging of products.
“If you’re not buying something, then you need to be clear about that and explain why you’re purchasing it,” Jeffery said.
This could be for a health product, or a specific brand.
“Take care of yourself,” he advised.
“I think we have to be very conscious of our health, but also make sure we’re using our dollars wisely.
Be careful what you’re spending your money on.”