THE MACRO IMPACT OF MICRO MOMENTS!BY Shwetha Satyanarayan | comments ( 0 ) |
I saw. I want. I bought! In a big leap from the usual store launches and exclusive previews of new collections, shopping, with its new age customers, has found new trends. For most millennials, who are often even termed the ‘digital natives’, shopping happens anytime and anywhere. It could be while riding a cab or sipping a hot cuppa in a coffee shop. Such small moments or micro moments like these that trigger the shopping urge in millennials are the new driving force of sales, several studies have confirmed.
So what are these micro moments? A micro moment is any moment that triggers the customer to use his or her mobile device on the fly. Consumers are so habituated to using their smartphones that they rely on it to learn new things, do something, or simply even buy something. And such reliance is the next big market to be capitalized on.
Zendesk India Country Head K T Prasad explains, “Modern day marketing is brimming with new opportunities and therein new concepts and phenomena are also taking shape. Micro moments are one such trend, more commonly known as the process of impulse buying, and are fast turning into an untapped opportunity for savvy marketers.” He further adds, “In recent years, mobile revolution has radically reshaped the shopping experience with industry figures showing that there are over 400 million smartphone users and close to 100 million active online shoppers in India alone. This presents a huge market for brands to tap into these micro moments and deliver a unique experience to the customer to deliver something targeted at the right time and right price.”
Prasad asserts that while micro moments can drive new customers to a platform it becomes equally imperative for companies to adopt new omnichannel customer support strategies to retain these customers and convert them into long-term relationships.
PREPARING FOR MOMENT
Indian Gifts Portal co-founder Tarun Joshi says it’s important to understand how very new the idea of micro moments is in the digital marketing world. For instance, if a customer wants to buy a gift, the mobile becomes the new shopping assistant and in such a case marketing is all about taking the search personally. “This is where your brand can tell its story. From ads to a product review, all information needs to be made available to convert an ‘I want’ moment to ‘I want to buy’. We can leverage a variety of mobile tactics—from high-impact ad placements in apps to hyper-targeted, location-triggered placements based on occasions and browser history,” he explains.
While impulse purchases account for a significant chunk of the consumer spending pie, technology makes buying smarter and more convenient for consumers. A key way to make this happen is based on exercises like increased visibility, build FOMO and a lot more via machine learning and INDIAtracking the purchase and browsing history of the consumer, Joshi points out. “Technology allows us to create stimuli to encourage spontaneous purchases. It allows us to track the history and patterns of a customer and customize the experience to the extent that you can meet a customer’s eye without forcing them to look up from their screens with the help strategic placement and promotion,” he says.
“The key rule is to be present at the right place and connect with the right consumers,” says Rahul Kumar, director and digital marketer of Digital Buddha. “A brand has to anticipate micro moments and be there to help when such moments occur. They have to provide a digital experience that’s relevant to consumers during that moment, and connect with them to enhance a brand presence and generate more sales,” he says. He suggests that seamless experience across all channels could have an impact.
Retailers are now beginning to understand that the future of retail lies in the smallest moments. It’s no longer critical for a shopper to be present in-store but rather for the store to be present wherever the shopper is.