Changing Consumer Demands For Technology

Consumer demands for technology are quickly changing. According to HSBC (n.d.), the consumer class is growing and “the number of people considered ‘consumers’ will exceed 90% of the global population by 2020 as the numbers of those living on subsistence incomes declines.” They assert that “once a consumer’s basic needs are met, they can think about purchasing a wider range of goods and services.”

Different consumers have different budgets. Companies need to market to the consumer that they are trying to reach. Individuals as customers are much more price sensitive than large corporations. Being able to bring their product to a customer at a price that they can reasonably manage will generate the demand for the product.

Changes in technology require companies to be agile in changing the systems in place. Some large corporations are not able to make the changes quickly enough to retain clients and thus are acquiring start-ups to fit the new technology in. The cost of acquisition is lower than the development costs for internal development.

Customers are desiring more customized and personalized products. Future in Focus (2015) explains “Consumers will increasingly look for products and services that align with their individual needs and preferences and give the consumer the power to alter or adapt features.” Companies that are willing to cater to these desires will be more likely to receive the increase in demand for their products.

Social media is growing and consumers are watching companies more closely. It has put power into the hands of the consumers and allows the consumer to influence new products and business trends. According to Talent International (2016), “businesses have more opportunity than ever before to foster consumer engagement with their brand.” Customers will require companies to be more transparent with their operations and company ethics. Companies who earn customer trust will be the first to receive the onslaught of their demand. The trust will build customer loyalty and spread product demand.

References

Burrus, D. (2016, June 16). Consumers are Driving Technological Change. Retrieved July 15, 2017, from http://www.huffingtonpost.com/daniel-burrus/consumers-are-driving-tec_b_10508560.html

HSBC. (n.d.). The Future of Consumer Demand. Retrieved July 15, 2017, from https://globalconnections.hsbc.com/grid/uploads/consumer_demand.pdf

McLaughlin, M. (2012, May 9). Consumer Demand and Innovation Keep Tech Flying. Retrieved July 15, 2017, from http://www.cnbc.com/id/47117209

Talent International. (2016, January 7). Consumers will define the future of the technology industry. Retrieved July 15, 2017, from http://www.talentinternational.com/consumers-will-define-the-future-of-the-tech-industry/

Future in Focus. (2015, October 10). 12 Values Driving Consumer Demand. Retrieved July 15, 2017, from http://futureinfocus.com/the-future-of-technology-12-values-driving-consumer-demand-for-technology/