Introspection of the Consumer Behaviour for the last purchase.

ANALYSING THE CONSUMER BEHAVIOUR FOR THE LAST PURCHASE

My most recent purchase was a set of air pods from the Boult company. New Delhi-based Boult is a manufacturer of consumer electronics. Varun Gupta founded the business in 2017; as a result, we can conclude that it is a fast-growing Indian startup. One of the few Indian electrical brands with prices that have been compared to those of Chinese goods is this one. However, the brand has drawn so many customers to its boult items because of its excellent build quality and appealing appearance. In India, Boult is the brand that is expanding the fastest. Numerous audio goods from this company, including speakers, earbuds, and headphones, are selling like hotcakes.  Especially the boult air pods are high in demand amongst the youth population for its wide variety of designs, colour, durability and features. The price of boult products does not fall under cheap price range but still it enters the ‘affordable’ column.

Ø  ABOUT THE COMPANY   

High-end consumer electronics business Boult Audio creates and manufactures cutting-edge audio devices. Boult aims to produce the highest calibre products; we are the top suppliers of premium audio, offering a high degree of comfort coupled with a high calibre audio experience. We create and provide solutions that value innovation, exceptional value, and a highly positive customer experience because we are dedicated to giving new value to our clients. The company stands up to its tagline: “Boult in India, Boult for India.” It was launched in the year 2017 and has been flourishing ever since then. It has been rewarded as the fastest growing wearable brand in the year 2023. Since 2017 a total of 1.50 crore units of Boult products has been sold out. Adding to this, every 0.05 seconds 1 Boult product is sold into the market. Boult Audio, a locally-based wearables company, expects to generate Rs 1,000 crores in revenue in FY24, up from Rs 500 crores in FY23, thanks to higher sales of both truly wireless stereo (TWS) earphones and smartwatches.

Ø ABOUT THE CONSUMER BEHAVIOUR

The study of psychological, physical, and social acts that people take when they purchase, use, and discard goods, services, concepts, and behaviours is known as consumer behaviour. In other words, the study of consumer behaviour focuses on how customers decide what to buy and the variables that either support or impact their choices. There are various cultural, social, psychological, personal and economic reasons that affect a particular decision making thus affecting the consumer behaviour in the end. There are various models based on the factor of consumer behaviour that helps us understand tricks to know about consumer decision making.

Based on the last purchase, there were various factors that influenced my decision making towards the purchase and consumption of the Boult Audio Airbass air pods. The reason behind purchasing the product was that I had lost the previous air pods which was of Boat company. I already had a prior product to compare the other product with. I needed a set of air pods that is better than the one I had purchased and with a better bass quality. The boat air pods that have had used had a low connectivity and would easily get disconnected when I moved to the other room leaving my phone in the former room. It had a very poor connection and would pause automatically. The guarantee of the product was for a very short span of time, i.e., for 3 months. Since I had a chance to purchase air pods again, I needed a better version.

First things first, I made a budget for the air pods that I wanted to buy. My budget was set at Rs. 1500. The costlier, the better is what I believe specially when it is about an electronic commodity. The cheaper one will not be durable and most importantly will be full of hassle. After finalizing the budget for the product, I started looking for the product on various e- commerce apps like Amazon, Flipkart because I knew it would be at a discounted price rather than the shop centre in my city. I went to the e-commerce app and bridged the price range in between Rs. 500 to Rs. 1500 as per the decided budget. The products appeared as per my requirements. The next thing that I had to decide on was the brand I wanted to buy. The company Boat was straight away a red signal for me. I asked my fellow friends, cousins and my sister regarding which brand can fulfil my requirements of the set of air pods that I wish to buy. I got a lot of suggestions from the company Noise, Zebronics, JBL, Boat, Boult, One Plus, pTron, Mivi and other local e-commerce brands. Out of all, the maximum votes went to Boult and Mivi. Directly I started eliminating other air pod brands other than the two. I desired a set of air pods that lasts long on minimal charging and also easy to ft in my ears comfortably. I shortlisted seven air pods from both the brands. Even the colour factor played an important role in choosing the final product. I am not inclined towards bright, eye-catchy colours like red or green. I needed solid subtle colours like black, grey, white, dark blue. Out of the seven, four were Mivi air pods and three were from Boult. I then started to filter the products as per my demand. I had to keep the price range also in mind. Two of them out of the seven were out of my budget that is Rs. 1650 and Rs. 1700 respectively from the brand Mivi. Now I had five products to choose from, two from Mivi and three from Boult. I started looking at the product details like durability, guarantee, charging duration, colour, connectivity range, comfort, bass level, noise cancellation, playtime, voice assistant, microphone accessibility, water resistance and finally touch control. All these factors along with the price was the major factors that affected my decision of the product. The maximum content I got from the Boult Audio Airbass Y1 worth Rs. 999 after a disco unt while the original price being Rs. 5499. There was 81% discount on the e-commerce app called Flipkart. Even the customer rating was high for the product that I decided to purchase. Finally, I got my hands on the white air pods from Boult named Boult Audio Airbass Y1 with Zen ENC Mic, 40 hours playtime, within 10 minutes fast charging with Type- C cable, Bluetooth headset, wireless, water and swear resistant and 10m wide connectivity.

I guess that factors that influenced my decision was consumer taste and preference pattern, price, budget, brand, and my personal checklist for the product. The affordability criteria also play an important role in the purchase of the commodity. The latest trend also matters a lot. The social acceptance has a lot of point of reference. The consumer prefers those commodities that gives them the maximum amount of contentment and multiplies their utility out of the consumption. The basic trait of a healthy mindful consumer is to compare the price range of even the pettiest item of consumption and being in their limit of budget. The whole idea behind purchasing a durable commodity like furniture or electronics is to have guarantee of longer duration and accessibility for the commodity.

Ø ABOUT THE PRODUCER APPROACH  

The producer must have looked after the latest trend before manufacturing the product. He must have had the youth constraints and the uniqueness that the product must have to let the sales shoot up. Moreover, I believe that putting out the products on the e-commerce apps helps the sales go higher as compared to the shop sellers. Due to busy professional life, the customers cannot take out separate time to go and shop for their needs and desires. Hence, I guess the main strategy that the sellers might have in the contemporary world is making their goods available on the online sites that gives discounts required by the customers and the profits earned by the sellers.

The others things that is frequently asked by the customers is product durability, versatility, flexibility as per monetary negotiations. The consumers see to the range that the company can offer by being within their personal budget line. The budget here plays an extremely pivotal role as it permits us to see to extensive commodities produced by the brand. Consumer satisfaction is what counts in the end both for the producer and the consumer. According to me, monetary manipulation, marketing strategy and promotions, youth trends holds the crux as per the case of the purchase of air pods which is usually demanded by the teenage and the workaholic population.

CONCLUSION

Wrapping up my discussion on the consumer consumption pattern and decision making, I would like to add that a rational consumer will always inquire the utmost of knowledge before finalizing and buying a particular commodity, even if it is a cup of coffee. He or she will first see the price, then see the budget constraint, look towards the want satisfying power of the commodity and then further decide about buying the commodity or not. The future price expectations also play a very pivotal role. Even the urgency holds an integral corner. If it is a need, the consumer will have the product at whatever cost they are offered. Howsoever, if the consumer does not have an urgency of the commodity, he will take time to make the final transaction. Hence, the above discussed consumption is the latest purchase that was done and the factors affecting my decision has been discussed. The producer’s marketing strategy, bargaining habits, urgency to buy the product, future price expectations, comparative analysis, brand analysis needs to done by the consumer side.