Consumer Power and Technology in Retail

Consumer Power

• Consumers now have more power in the economy due to the increase in information access and the rise of online shopping.
• The ability to easily compare prices and product offerings across various retailers empowers consumers with more choices.

Impact of Technology on Retail

• The rise of smartphones and mobile technology has changed retail by replacing some traditional retail stores.
• Marketers are now focusing on goods that aren't easily replaced by digital products. and implementing digital-first strategies.

Internet's Influence on Economy

• The growth of the internet has led to an increase in product selection, shifting demand patterns, and raised privacy, security, and ethical concerns.
• It has not caused rising prices for most products.

Media Fragmentation

• Media fragmentation makes it difficult for marketers to reach a true mass audience.
• It also allows marketers to reach small, highly targeted audiences more easily.

Explore how consumer power has shifted due to increased information access and the rise of online shopping. This quiz also delves into the impact of technology on retail, the internet's influence on the economy, and the challenges of media fragmentation for marketers.