Changes in the preparation phase of the purchase: the power of information

One of the major changes is the access to information. Economic uncertainty, a higher level of competition on the market and cost efficiency have increased the buyer’s appetite for information. Buyers use the internet extensively to gather information beforehand on potential new suppliers, to observe trends and their competitors and get inspired for their product development. Information helps reduce risks and increase efficiency. Buyers go out and look for advice before choosing. Social media plays a role but more than two out of three start with a search on Google”. Is the buyer planning to purchase a completely new product, his research will intensify. Whether buyers source on trade fairs, on business trips or private events, they come prepared and often have already done a pre-selection of the suppliers they want to meet.

In a CBI survey 38% buyers (94% below 35years but no difference by region) have mentioned that they primarily search for pictures, when identifying their needs for the new season. Pinterest is a great source of inspiration and has become very popular with buyers. It is a pinboard-style photo-sharing website that allows users to create and manage theme-based image collections. Buyers can browse through the images according to the type of product they are looking for until they find something they like. Then they can track the source of the photo and eventually the manufacturer of the product.

Buyers also use trade show catalogues - either online or printed versions - to prepare their visits. Since their time budget on the shows is limited, the catalogues help them make a pre-selection before they finally visit the trade fair

Source:

http://www.cbi.eu/marketintel/cbi-tailored-intelligence-re-thinking-the-traditional-market-entry-strategy-in-home-decoration-and-home-textiles/202927/platform/136093/database

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