We live in an on-demand economy, where consumers can have anything they want as soon as they want it. As this instant gratification trend becomes, more pervasive customer expectations are rising as well. Businesses in every industry have to meet these high standards.
New Technologies like geo-location, mobile, social and always-on connectivity allows customers to get access to information and services immediately. This technology has changed consumer behavior to the point that can’t be undone. Brands are now investing in micro-moments through anticipatory and relevant content, and they are offering tailored, on-demand services to beat out the competition. To keep the edge, brands need to be there, be quick, and be useful to the mobile consumer.
The demand doesn’t end with quick service. Customers also want brands to anticipate their desires. Smartphone users are 50% more likely to expect the ability to purchase something in real time, and 3 out of 4 users turn to their mobile phones to search for information to address their immediate needs. Brands must anticipate these needs to react quickly. For example, according to Google, search interest for “open now” has tripled in the past two years and searches for “store hours” has dropped. Customers who act in the moment want brands to cater to them in the moment.
Brands like Uber, Lyft, Postmates, and Amazon Prime are responsible for this on-demand mentality. People expect the actual product and services as quickly as the information and these brands are providing it. Google has found that mobile searches related to “same day shipping” has grown by 120% in the past three years. These searches occur more frequently in the morning. Indicating consumers realize they need something but would rather have it delivered than take the time to travel, wait in line, and travel back. Connected customers are willing to pay more for this feature.
Another trend we’re seeing is consumers want experiences over stuff and consumers are more impulsive when they shop for those experiences. For example, Google has found that searches relating to travel for “tonight” and “today” have grown by 150%. These trends also indicated a change in consumer planning behavior.
What does this mean for brands and technology investors?
Brands must make mobile micro-moments one of their biggest concerns to understand and design for the changing behaviors, expectations, and preferences of their customers. Brands must then design fast, efficient, useful experiences to engage the impatient mobile consumer. You may think your company has been doing well, but did you know that consumers will leave a site that takes more than three seconds to load? The industry average load time is 22 seconds. Brands must understand the mobile behaviors and expectations so that they can create mobile experiences, marketing and content that can be delivered in real-time, and immediate experiences that matter.
Those seeking technology investments and technology stocks should consider what different companies are doing to keep up with these changing expectations. If a company isn’t taking care of its mobile customer, it’s unlikely to be among the top tech stocks.