As we all see, feel and experience, consumer trends and actions are always changing. In a great read, McKinsey has released a new report, iConsumer: Digital Consumers Altering the Value Chain, detailing what they see as the 6 most prolific trends right now in digital consumer behavior. Down load the full report here, blog here, notes below.
· Device shift (PCs to mobile/touch devices): Smart phones have 60% penetration in the US. Over 30% of US Internet equipped households have a tablet, and mobile phones and tablets now make up about 44% of all personal computing time, nearly double from 2008.
· Communications shift (voice to data and video): Email and telephonic voice have fallen to 60% of our “communications portfolio”. Time spent on social networks has doubled, accounting for over a quarter of all our communications time. When we use phones, only 20% of the time is for talking (down from over 60% just 5 years ago).
· Content shift (bundled to fragmented): More sources have decreased the value (or necessity) of traditional “bundles” (newspapers, network TV stations, or big-box retailers).
· Social shift (growth to monetization): now that social networking represents almost a quarter of all Internet time (up 10 points since 2008), reaching over 75% of all Internet users, marketers are now on the hook for turning those audiences into revenue streams.
· Video shift (programmed to user-driven): Traditional live TV has remained flat, at times slipping in audience time. On the contrary, time-shifted DVR content, watching video on PCs and set-top internet video services such as Netflix, continue to show growth. How advertisers capitalize is TBD.
· Retail shift (channel to experience): As mobile grows, so too does its potential to transform shopping. Approx 50% of all smart phone owners now use their devices for retail research, and that number is expected to grow significantly.