The convenience economy is a service-based market landscape in which consumers expect to be able to find and purchase products when, how, and where they want to.
Traditional economic models put businesses in charge of deciding when and how consumers found and bought products. In today’s fast-paced, highly saturated economic market, consumers are empowered and in control.
Consumers expect to be able to purchase and receive products through the channels and on the timelines they prefer. If one brand or retailer doesn’t accommodate their needs, they can simply go to another.
The rise of ecommerce, along with near-immediate ways of purchasing products online, has bolstered the convenience economy, giving consumers even more options for choosing how, when, and where they want to purchase products.
Brands and retailers must adapt to consumer needs. Businesses that create streamlined, cohesive, omnichannel models are poised to win business within the convenience economy.
Things like direct-to-consumer (DTC) strategies, mobile commerce, curbside pick-up, and buy online, pick up in store (BOPIS) all help businesses bring convenience to consumers.