New buyer behaviours will force local companies to consider how they can be more globally relevant.
This is according to IBM's global CEO study, conducted with 1 400 CEOs across the world, including SA.
"More than ever, technology is driving new forms of consumer behaviour which will accelerate changes in business over the next two years," says IBM's SME director, Gary Carroll.
According to the study, one new behaviour pattern belongs to the information-savvy consumer. "There are so many sources of information these days, customers will now have researched products before even walking into a store," explains Carroll.
He says consumers can also buy a product from a foreign country online and have it delivered locally. "Local business will have to become more relevant in a globalised environment to keep up with this kind of buying behaviour."
The eco-friendly consumer is the second type the report identifies. "Consumers have become more environmentally conscious and some will only buy a product if it takes the environment and social responsibility into account," adds Carroll.
He says the environmental trend is more prominent in the emerging market space. "In African countries, for example, consumers will not query the speed of a computer processor, but will ask how much power it consumes."
The green agenda is also affecting the retention of skills in global organisations. "Big business is at risk if it does not accept a green programme. People are moving away from companies that are not environmentally conscious."
Internet required
Carroll identifies the reason countries like India are becoming more prominent in the global arena: "What is needed for companies to perform in a global environment is high-speed Internet access, at a low cost."
IBM has moved much of its business into the Indian IT market, because of the low costs of skills and Internet access, he adds. "This will be Africa's challenge. Eassy [the cable] will be an attractive option for the continent, but until then, it needs to prepare for a business boom when it arrives."
According to Carroll, the business model of the future, identified by the CEOs questioned, will be to keep up with multiple changes in business strategy at the same time. "All this driven by the way consumers are being kept up to date by technology."
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