A Smart Consumer Is a Challenge for Business

Abstract

The relevance of the research topic is explained by new trends of consumer behavior that affect the choice of products and purchase decisions. The article presents the outcomes of an analysis of the key features of modern consumers and their behavior. The features of the modern consumer as a responsible, digital, and smart one are associated with a changing structure of consumer value, the core of which is environmental friendliness, ethics, cost-effectiveness, and a healthy lifestyle. Changing key consumer features opens up opportunities but at the same time poses challenges to manufacturers. The purpose of the study is to reveal the impact of key features and demands of smart consumers on the marketing mix of manufacturers of goods and services. The methodological background of the study is an entirety of scientific ideas and conceptual developments of domestic and foreign scientists on the factors and motives of consumer behavior and customer relations management. The information basis is the analytical reports of marketing and consulting firms, expert assessments, and the findings of sample surveys. Findings: we have clarified the meaning of terms “connected consumer”, “digital consumer”, “smart consumer”, “responsible consumer”; have given an idea of the involvement of the Z generation in the sharing economy, have suggested an approach to the development of the company’s adaptation mechanism to consumer’s behavior and preferences. Conclusions: the application of the suggested approach will allow manufacturers of goods and services to understand the customer’s needs and develop a marketing mix with regard to features of the “smart” consumer, as well as adjust the product, pricing, and communication strategies.