5 things to understand about consumers – entrepreneur | Fin24
 
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5 things to understand about consumers – entrepreneur

Mar 10 2019 18:45
Carin Smith

Cape Town – There are five general truths that entrepreneurs should understand about consumers – especially when it comes to tech innovation – according to Craig Lubbe, CEO of BidorBuy.co.za.

He was one of the speakers at Africa Tech Week, which is hosted by the Department of Science and Technology (DST), the City of Cape Town and Topco Media.

Keep it simple

Consumers really like things to be made simple for them.

“You must make something that looks complicated from the outside look simple for consumers,” explained Lubbe.

Fast

You have to be able to provide in the need of the consumer as fast and efficiently as possible.

Access

The concept of something being out of stock has become irrelevant – especially with online options being available for consumers, according to Lubbe.

“If you are out of stock, your customer will probably be able to find a similar item for sale online.”

You always have to have stock and make sure consumers have options, he said.

Curate your offering

At the same time, with so many choices confronting consumers, it is important for a business to curate the offering for their customers.

“It should become an opportunity to delight your consumers with what you have on offer,” said Lubbe.

Make it personal

It is important to create a personal experience for consumers.

“Making it personal for consumers is a really powerful tool. If you do not understand your consumer and what they value, what is the point of innovation?” asked Lubbe.

“Meet consumers where they are at. Offer them the level of innovation that they are comfortable with.”

Following on from Lubbe’s presentation, Rory Moore of Accenture said it is risky for businesses just to play it safe. With technology growing exponentially it is becoming harder and harder to compete.

"Identify the value that is still trapped in your organisation. Disruption is happening so see how you can use it as a wise pivot," said Moore.

business  |  entrepreneurship  |  consumers  |  tech  |  small business
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