The market power of digital consumers in 24/7/365 connected world

• Published in: Megatrend Revija
• Main Authors: Rakić Mira, Rakić Beba
• Format: Article
• Language: English
• Published: Megatrend University 2019-01-01
• Subjects: digital consumers; social media; market power; connected world; marketing opportunities
• Online Access: https://scindeks-clanci.ceon.rs/data/pdf/1820-3159/2019/1820-31591902079R.pdf
• ISSN: 1820-3159; 2560-3329

This paper analyzes and presents the sources of the market power of digital consumers and marketing opportunities for companies in the 24-7-365-connected world. A research was conducted into the impact of students connected via the social media on changes at the faculty, civil society and social change. Market power is being redirected from companies to digital consumers. Key sources of digital consumers' power are their abundance, connectivity with other consumers, increased awareness, mobility, and as a result - the control of communications and the impact on organizations' business. Numerous, connected, informed and mobile consumers can control communications and the business of companies. Digital consumers have the power and it should not be seen as a threat but as an opportunity. This is why the sources of market power of digital consumers and marketing opportunity are presented as a honeycomb. The conclusion can be drawn that digital consumers have market power only if they are connected to each other and aware of their power. Figuratively speaking, "one bee can achieve almost nothing but the bee community can." the similar thing happens with digital consumers.