Consumer Behaviour Analysis in Retail: Implications for Marketing Strategies

Abstract

Comprehending consumer behaviour is a fundamental aspect in establishing a robust organisation. Organisations are affected by the constantly shifting market due to the dynamic behaviour of customers. Market segmentation and customer needs necessitate comprehensive analysis due to the introduction of new items, new attitudes, and changes in overall societal psychology. Upon doing an analysis of client behaviour, organisations must recognise the importance of developing a robust, adaptable, and efficient marketing strategy that will guarantee increased sales and profitability. This is accomplished by the implementation of deliberate planning and the process of identifying and analysing the specific market segment. In the contemporary and ever-changing company landscape, comprehending consumer behaviour is an indispensable factor for achieving success, as it serves as the foundation for effective planning and management. Market segments are frequently susceptible to change. There are specific periods of time during which a product can achieve its maximum potential. However, after this period ends, a significant portion of the marketed products see a sharp decline in profitability, reaching almost non-profitable levels. This is a result of rapid and unpredictable changes in trends. Consumers typically purchase things based on their perceived trendiness or coolness. Forecasting these changes is exceedingly challenging. Companies must do market research in a manner that provides the most accurate estimation of current and future trends in certain market categories.