Consumer-Driven Innovation in 2021: Consumer Expectations Are Shifting and Opportunities for Innovation Abound
CapTech Ventures, Inc. (CapTech) conducted its second annual consumer survey to understand how consumer purchasing behaviors, perceptions, and needs have evolved in 2021.
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Spending is Back, but with an Eye Toward the Future and a Focus on Essentials: Consumers have maintained a permanent shift in prioritizing their spending on essentials; however, in the past six months, spending on non-essential items has increased.
- Non-essential spending increased 7% from 2020 to 2021
- Travel increased 25% from 2020-2021
Being Accessible and Inclusive Has a Significant Influence on Purchasing: With less emphasis on health standards, being accessible and inclusive have become important factors.
- 64% ranked a business being inclusive and accessible to everyone, including those with disabilities, as influential on purchasing decisions
The Price Must be Right, But Availability and Trusted Brands Are Also Valued: Consumers continue to look for alternative shopping methods and tech solutions for everyday activities.
- 83% said price was a top influencing purchasing factor, while 55% rank trusted brand as a top influencing purchasing factor
- 69% are influenced by discounting or waiting shipping/delivery fees
Digital Savviness & Consumption Are Here to Stay: Streaming entertainment, ordering online, and mobile phone usage have all continued to increase from pre-pandemic use – potentially indicating a permanent shift in behavior.
- 66% would like to continue shopping online
- 45% would like to continue using curbside pickup or drive up using an app
Innovative Technologies Continue to Meet Changing Needs: Consumers are interested in continued and future usage of technologies like online chat, virtual appointments, and paying with a smart device.
- Almost half of consumers used live chat and made a virtual appointment in the last six months
Personalization and Convenience Drive Data Sharing: Compared to other purchasing influencers like availability and cost, consumers are less interested in personalization; however, consumers are willing to exchange data for a more personalized experience.
- 45% of consumers have used personalized correspondence, sales, ads, and product recommendations when making a purchasing decision
- 49% of consumers are willing to share data in exchange for discounts, perks, & convenience
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“We learned that personalization, accessibility, inclusivity, and innovation are key purchasing influencers as we approach 2022. Consumers have adopted new behaviors made possible by technology and these behaviors will likely continue to impact businesses in the long term,” Vinnie Schoenfelder, CTO, CapTech.