What opportunities for businesses to start new brands start to enter the market. Should I enter the business market and build a new brand? This is a question of concern and concern of those who want a startup to build a service industry. Where is the opportunity for young new businesses to enter the market when there are countless big brands with experience and successful names in all fields.
But according to the report, it proves the opposite when the main shopping audience is gradually turning to the GenZ generation, the generation that is easy to change, easily follows new things, accepts trends easily, then this is a great opportunity for young corporations to build new brands for themselves. As long as your brand has an outstanding point compared to the competition, success is no longer a difficult thing.
To prove it, here is the reported data based on a survey of adult shopping trends in the US.
1. Factors that make consumers change shopping news brands
Targeted customer shopping is gradually turning to GenZ generation, they tend to be willing to change shopping brands according to many different factors. Shopping behavior is different from previous generations.. Here are some reasons Gen Z may be willing to change buying n brand new purchase
Value and social influence: Gen Z is often concerned with the social value of new brands. They tend to support brands that are socially responsible, such as protecting the environment, supporting the community, or showing respect for diversity and social justice issues. When a brand does not meet these values, Gen Z can easily switch to another brand that is more suitable.
Experience and convenience: Gen Z was born and raised in the age of technology, so they are especially interested in the shopping experience and convenience. They like to use apps and online platforms to search for products and compare prices. If a brand doesn’t offer a convenient online shopping experience or doesn’t have a compatible mobile app, Gen Z can look for other brands that better meet their needs.
Diversity and personalization: Gen Z values diversity and personalization in shopping products and services. They like to have lots of options to choose from, and want to find products that reflect their individuality. If a brand doesn’t meet this need for variety and personalization, Gen Z can look to other brands with product diversity and personalization options.
Technology and creativity: Gen Z is often interested in technology and creativity. They prefer brands that use cutting-edge technology and offer fresh experiences. If a brand doesn’t keep up with technology trends and doesn’t come up with innovative ideas, Gen Z can look for other brands that match their interest in technology and creativity.
Although this generation can easily change the brand name, it requires more creativity and originality, so businesses need to come up with smart marketing policies and campaigns to stand out in the market. also builds trust and creates engagement with Gen Z customers by properly meeting their needs and values to them.
2. In which categories do consumers easily change brands?
The category in which consumers easily change new brands can vary depending on many factors, including consumption trends, personal values, convenience, and brand interactions. Some of the following categories are easily affected and change shopping brands easily
Fashion: The fashion industry often has many competing brands and trends change quickly. Consumers, especially Gen Z, love to explore and change styles. They can easily switch from one fashion brand to another in search of variety, personalization and new trends.
Technology and electronics: The technology and electronics industry develops very quickly, and consumer trends in this field are also constantly changing. Consumers often want to own the latest and most advanced technology products. They can easily change brands to buy products with better features and value from other manufacturers.
Cosmetics and beauty: The cosmetics and beauty market is also very competitive, with the emergence of many new brands and changing beauty trends. Consumers often love to experiment and explore new products to find the right solution for their beauty needs. They may switch cosmetic brands in search of better quality products, more natural formulations, or in line with their values and environmental sensitivities.
Food & Beverage: The food and beverage industry is also highly volatile, and consumers are increasingly concerned about the origin, quality, and environmental impact of their products. They can easily switch brands to buy from organic farming producers, organic food brands, or community-supporting brands.
3. What are the opportunities for businesses to start a business?
For young businesses, as buyers change new brands easily, there can be great opportunities for those intending to enter the market.
Flexibility and Adaptability: Young businesses often have flexibility and the ability to quickly adapt to changes in the market. When buyers change brands easily, young businesses can quickly adapt to new customer needs and requirements, create suitable products and services, and attract customers.
Competitiveness: Young businesses can often compete effectively with larger businesses in an environment where buyers are prone to rebranding. With innovative outreach strategies, competitive pricing, and a focus on creating value for customers, young businesses can effectively attract and retain customers.
Innovation and creativity: Innovation and creativity are an advantage for young businesses in a market where buyers change brands easily. Young businesses can come up with new solutions, unique and groundbreaking products and services, aiming to solve customers’ problems and needs differently and better.
Build strong relationships with customers: As buyers have the ability to change brands easily, building and maintaining strong customer relationships becomes more important than ever. Young businesses can take advantage of this to create interaction and engagement with customers, through providing quality service, good experiences and dedication to customers.
Reach the target market: Young businesses can take advantage of buyers’ ease of rebranding to gain access and advantage in target markets. By analyzing and understanding customer needs and requirements, young businesses can create significant value and build a strong brand in the target sector.
However, it should be noted that the ease with which buyers change brands can also create challenges for young businesses. They must ensure that they provide value and a good experience to retain customers, while constantly working to improve quality and customer engagement to stay competitive.
Building a new brand is not an easy thing, they require businesses to have a suitable business strategy and differentiated product service quality to be successful in the fierce business market. .
As a leading partner of Amazon, Ecomstone has wings to bring Vietnamese brands to the international market. With many years of experience, many Vietnamese brands have been successful in this potential market.
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