Consumer Trends Reveal What’s Important for Products
If people start buying lower cost items with lower reviews in a particular category, they’re basically saying they’re not as concerned about quality for those products.
This influences sellers to focus more on commoditization or having different offerings with a lower cost.
One way to do that is to have offerings with different lifetime expectations, such that one product will last a long time and be the premier product, while the other won’t last as long and be a cheaper version, based on the materials it’s made out of.
Another consumer behavior you might see is a trend towards different features or capabilities within a niche or category. These features can become a requirement to get a reasonable amount of sales in that category.
This type of trend happens in the technology industry. A particular amount of RAM for a computer is a minimum. If a seller doesn’t have a least a certain number of RAM for the machine, or a certain number of CPU cores, for example, then people aren’t even going to consider that machine.
In addition to analyzing consumer purchasing decisions, it’s important to look at the data for what people search for, click on, add to their carts, and their dwell time on a page or how long it takes to add something to their cart once they find it, and if they move things out of the cart after finding something else.
All these aspects are part of consumer behavior data, and it’s important to analyze each of these factors properly, preferably using AI or machine learning.