Consumers are increasingly spending more time online and on their mobile devices. Gone are the days where people look forward to devouring news every morning from their daily newspaper. Today, fresh news and latest information are readily available online, on numerous apps and social media, and on-the-go.
The Singapore consumers are not much different. The younger Singaporeans, especially the millennials, are not engaged in the traditional media such as newspaper and local television programs. They are also not spending time shopping in Orchard Roads in their spare time like their parents did. Shopping in brick-and-mortar shops to them is foreign; Shopping online is their norm.
The Singaporean parents are somewhat similar. Juggling with long work hours, taking care of young children and household chores, shopping at leisure is a thing of the past for these tired couples. With time-starved weeknights and weekends, many mothers have turned to online shopping or a quick dash to suburban malls near their residences. This group of consumers are more value conscious and will love a good deal. Vouchers, free shipping, big discounts are exciting offers for them.
It is no wonder then that Orchard Road has lost its appeal to most Singaporeans. Most retailers in Orchard Road is also having their presence in suburban malls; mostly offering the same goods. Compared to previous times, weeknights are quiet with long queues of cabs waiting for the elusive customers. Even weekends are not as crowded anymore. It has become more of a tourists’ destination than a shopping belt for the locals.
With the changing consumer behaviour, it is more crucial than ever for Marketers and Retailers to establish a presence in the relevant sales and communication channels that their customers are using. Pay attention to what are the apps, websites or services their customers are using in their daily lives and shopping journeys. Check out where and how do they conduct product research before they make a purchase. Some of their trusted platforms may be local websites or specific bloggers that influence their purchase decisions. Think hard about how best to deploy and use those channels to connect with the customers.
These lifestyle changes call for new ways to set the marketing budgets for brands and businesses. Set different objectives and key ROIs for the various channels so to best maximise the reach and drive sales.