Role of technology affect the decision making process ppt , school of management

1. Role of Technology in Shaping Consumer Behavior
Presented By: Golu Kumar
Shivam Shahi
Submitted To: M/s Riddhie Priya

2. Introduction
Technology has transformed the way consumers interact with
brands, products, and services. Emerging technologies such as
virtual reality (VR) and artificial intelligence (AI) have a
significant impact on consumer behavior. This presentation will
explore the role of technology in shaping consumer behavior,
with a focus on VR and AI.

3. Virtual Reality (VR)
VR is a technology that immerses users in a simulated environment. It has the
potential to transform the way consumers experience products and services.
For example, VR can be used to create virtual showrooms for cars, allowing
consumers to experience the car without having to visit a physical showroom.
VR can also be used to create immersive gaming experiences, which can
influence consumer behavior by creating emotional connections with products
and brands.
Artificial Intelligence (AI)
AI is a technology that enables machines to learn from data and make
decisions. It has the potential to transform the way businesses interact with
consumers. For example, AI can be used to personalize marketing messages
based on consumer behavior, preferences, and demographics. AI can also be
used to create chatbots that can provide customer service and support, which
can influence consumer behavior by creating convenient and personalized
experiences.

4. Personalization:
Netflix
One of the key ways in which technology has changed consumer behavior is by enabling
personalization. Netflix, for example, uses data analytics to recommend content to users
based on their viewing history and preferences. This has led to increased engagement and
loyalty among users, as well as a more efficient use of resources for the company.
Social Proof:
Flipkart
Another way in which technology has influenced consumer behavior is through social proof.
Flipkart, for example, uses customer reviews and ratings to help shoppers make informed
purchasing decisions. This has led to increased trust and confidence among consumers, as
well as a more competitive marketplace.
Instant Gratification:
Uber Eats
Finally, technology has also changed consumer behavior by enabling instant gratification.
Services like Uber Eats allow consumers to order food and have it delivered within minutes,
satisfying their desire for convenience and immediacy. This has led to increased demand for
on-demand services and a shift in consumer expectations.

5. Technology has had a profound impact on
consumer behavior in recent years, and this
trend is only set to continue. In this
presentation, we will explore current and
future trends in how technology is
influencing consumer behavior across
different industries.

6. Retail
E-commerce has transformed the retail industry, with consumers increasingly opting to shop
online rather than in-store. This trend is set to continue, with the rise of mobile commerce
and the use of virtual and augmented reality to enhance the online shopping experience.
Retailers are also using data analytics and artificial intelligence to personalize the shopping
experience and make recommendations based on individual preferences and behavior.
Travel
The travel industry has also been transformed by technology, with consumers increasingly
using online platforms to book flights, hotels, and other travel services. Mobile apps and
social media are also playing an increasingly important role in travel, with consumers using
these platforms to research destinations, share experiences, and make recommendations
to others. The rise of virtual and augmented reality is also set to transform the travel
industry, with consumers able to experience destinations in a more immersive way.
Finance
Technology has disrupted the traditional banking industry, with consumers increasingly
opting for digital banking services and mobile payment platforms. The rise of blockchain
technology and cryptocurrencies is also set to transform the finance industry, with
consumers able to make transactions more securely and efficiently. Data analytics and
artificial intelligence are also being used to personalize financial services and make
recommendations based on individual behavior and preferences.

7. Future Trends
Looking to the future, we can expect technology to continue to play an
increasingly important role in shaping consumer behavior. The rise of artificial
intelligence and the Internet of Things is set to transform the way we interact
with technology and make purchasing decisions. Virtual and augmented reality
will also become more prevalent, allowing consumers to experience products
and services in a more immersive way. Data privacy and security will also
become increasingly important, with consumers demanding greater control over
their personal information.

8. Impact of Technology on Consumer Behavior
Increased access to information: Consumers can easily research products and compare
prices online, leading to more informed purchasing decisions.
Personalization: Technology allows businesses to personalize their offerings to consumers
based on their preferences and behavior, resulting in higher customer satisfaction and loyalty.
Convenience: Technology has made it easier for consumers to shop online, leading to
increased convenience and flexibility in their purchasing behavior.
Impact of Technology Across Industries
Retail: Technology has transformed the retail industry, with e-commerce and mobile
commerce becoming increasingly popular. This has led to changes in consumer behavior,
such as increased price sensitivity and demand for personalized experiences.
Healthcare: Technology has enabled consumers to take a more active role in their
healthcare, with the rise of telemedicine and wearable devices. This has led to changes in
consumer behavior, such as increased focus on preventive care and self-monitoring.
Finance: Technology has disrupted the finance industry, with the rise of fintech and digital
banking. This has led to changes in consumer behavior, such as increased demand for
convenience and transparency in financial services.

9. Conclusion
Technology will continue to shape consumer
behavior across different industries. Businesses
need to adapt to these changes and leverage
technology to meet the evolving needs and
preferences of their customers.

10. THANK YOU