Category: Marketing » Consumer Behavior »

Application of Marshallian economics as an online shopping strategy

Online shopping facilitates buying and selling of products and services beyond the geographical periphery. The array of interdependence and parameters that emerge from coalescence among consumer purchasing behaviour, economics and human behaviour lead to the emergence of the Marshallian economics model. The advantage of this model is that it provides an idea of a marketplace consumer behaviour (Omotoyinbo et al., 2017).

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Using Psychoanalytic theory and Pavlovian theory by online marketers

The Marshallian Economic was propounded by Alfred Marshall in order to propose the buying preferences of customers in the situation of product purchase (Biswas, 2012). Based on the gaps found in the Marshallian Economics, Psychoanalytic Theory and Pavlovian Theory of customer behaviour model were developed to fill them. The customers are given utmost preference in this economic model. Moreover, the model finds aggressive use in e-retailing services.

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The use of the Veblenian socio-psychological model for online marketing

Traditionally, consumer behaviour theories emerged from different psychological, anthropological and economic theories as marketers applied them to understand consumer wants. The Psychoanalytic theory classifies human psyche into three dimensions:

  1. Id,
  2. Ego, and
  3. Superego.
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Factors affecting the online buying behaviour of Millennials and Gen Z

The buying process goes through a series of steps, leading to a purchase decision (Ordun and Ordun, 2015). The series of steps that lead to either of the two outcomes is very important for marketers to understand to avoid negative outcomes. To understand these steps, marketers should first assess consumer buying behaviour (Sivakumar and Gunasekaran, 2017). Both millennials (25-39 years old) and Gen Z (4-24 years old) are socially aware and technology-savvy generations.

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Influence of social media on the buying behaviour of Millennials

Social media marketing refers to the use of social media platforms for the purpose of sales promotion (Agrawal and Kaur, 2015; Duffett, 2017). This has completely changed the dynamics of the market by giving more power to the consumers. Moreover, social media-based marketing has also influenced the consumption habits and buying behaviour. It is providing consumers with a greater number of choices and giving them a scope to analyze and compare (Alves et al., 2016). While social media marketing strategies have been successful in influencing consumers of allied age groups and backgrounds, their influence is optimum upon the buying behaviour of Millennials. This is because they remain consistently updated about the latest information related to their preferred brands (Arora et al., 2018; Helal et al., 2018).

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Impact of social media on the buying behaviour of Generation Z

The phenomenal growth of social media has impacted almost every aspect of a young consumer’s life over the past two decades. Today, a significant number of youths spend a large amount of time on various social media platforms. Generation Z population has been surrounded by the internet for their entire lives (Greenfield, 2008). They use social media as a tool for receiving instant information. The term Generation Z refers to individuals born after the generation of the Millennials, who are born between 1995 and 2015 (Chen, 2017). They are expected to account for 40% of all consumers by the year 2020 (Finch, 2015). Moreover, a vast majority, i.e. 75% prefer to shop online rather than in-store, a trend that is set to grow in the near future (Sweeney, 2018).

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Factors influencing online shopping behaviour of Millennials

Online shopping has grown exponentially over the past two decades due to technological advancements. This is leading to a change in consumer buying behaviour. A previous article in this study showed that buying behaviours are different according to age groups. One of the major reason is the difference between responsiveness towards the brand image and advertisement (SivaKumar & Gunasekaran, 2017). There are several factors that affect the online buying behaviour of consumers. This article describes the factors that affect Millennials consumers’ shopping behaviour.  

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The difference in shopping behaviour of generation Z and the millennial

It has been seen that each generation have their set of values based on technology and exposure that alter their responses towards advertisements and brand loyalty (Acar, 2014). It is important for the e-retailers to stay abreast of the latest trends from the shift in generations. Gen Z is the newest generation and comprises of people between the age bracket 4 to 24 years. Whereas millennial generation comprises of those who are between 23 to 38 years of age. Consumers falling in these groups are young and influential.

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