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Impulse purchases could soon be a thing of the past thanks to the internet, as shoppers are more likely to consider a purchase over a short period of time than spontaneously click to buy.
Just 42% of purchases happen during the first hour of online shopping sessions, according to a new report from personalization platform Monetate.
Monetate analyzed data from the first quarter of 2016 and found that shoppers browse heavily during the workday – in fact, the biggest workplace distraction could well be shopping.
Desktops dominate during the day. Between 8 a.m. and 4 p.m., desktop's share of page views never fell below 75 percent and peaked at 84 percent around 2 p.m. Outside of typical work hours, mobile devices account for 40 to 45 percent of page views during commuting hours, early mornings and late nights....
Via Douglas G Hall
The American economy depends mightily on consumer spending, so this report bodes well for a healthier 2016, economists say. The wage gap and the economy’s failure to produce adequate income improvements even in a healthier economy have stymied spending for months. But that’s recently been changing, as reflected in this report.
Although there seems to be an increase in disposable income and wages, that could be a problem for retailers as more consumers are choosing to spend on experiences instead of accumulating material objects. Younger shoppers are especially prone to spending on experiences, according to a PwC survey published last year, which found that millennials said that more than half (52%) of their holiday spending would be experience-related, compared to 39% for older consumers.
Consumers are also choosing to save or pay off debt rather than spend, and when they do, they are increasingly favoring investing in home improvements. Retailers' recent earnings reports reflected these trends, as apparel-heavy retailers like Macy's, Kohl's, and J. Crew reported disappointing results while home improvement retailers beat expectations. These changes are forcing legacy retailers to reconsider their marketing strategies and physical stores, offering more value to the consumer with no-cost online resources and free in-store events....
Luxury in the form of premium experiences are seeing the most action in terms of spending, while high-end goods are lagging in comparison, according to new findings from a study by Boston Consulting Group.
The key finding of BCG’s Luxe Redux report is that there has been a shift in spending habits, where 55 percent of spending comes from luxury experiences rather physical goods. In addition, experiential luxury purchases grew 50 percent faster worldwide year over year than sales of luxury goods.
Key takeawaysDigital payments make up 53% of all transactions in Australia (and rising).
Convenience of digital payments rates highly with customers, but security does not.
Retailers have the opportunity to enhance user experience and reward customers by working with payment providers to gain insights from data.
The looming growth in digital payments offers many opportunities for retailers to understand and reward their customer, says a new Strategy& report....
New research from Accenture finds retailers must significantly enhance their mobile and in-store shopping experiences to match the way shoppers want to deal with retailers across multiple sales channels.
According to a survey of 750 U.S. consumers, 32 percent said the biggest improvement retailers need to make in the shopping experience is to enable the use of all three sales channels — physical store, online and mobile — in an integrated way. Yet a separate analysis of 32 major retailers found tablet and mobile phone users are able to start shopping on their devices and complete the cycle in-store with only 22 and 19 percent of retailers, respectively....
The holidays are almost upon us, and recent surveys confirm what many business owners have suspected: social commerce, and the use of mobile channels, is increasing and will have a huge impact on 2014 holiday shopping behaviors. The shift toward social shopping highlights trends that impact both business-to-consumer and business-to-business (B2B) purchasing.
As reported by MarketingLand, mobile and social channels will play a significant role in holiday shopping this year. In an online survey of 1,000 smartphone owners, sponsored by MarketLive.com, one in three shoppers stated they plan to make more than 50 percent of purchases via mobile devices. Thirty percent of respondents reported having made a purchase as a direct result of “engagement with a social networking site” within the past year. This is up from 18 percent the previous year.
And, as consumers become increasingly web and mobile-savvy, and vocal in their online reviews of their likes and dislikes, we will begin to see what some are describing as the “consumerization” of business-to-business purchasing behavior. So, while not all consumer shopping activities translate to the B2B purchasing model, many do....
If the U.S. economy is getting better, then why are major retail chains closing thousands of stores? If we truly are in an “economic recovery”, then why do sales figures continue to go down for large retailers all over the country? Without a doubt, the rise of Internet retailing giants such as Amazon.com have had a huge impact. Today, there are millions of Americans that actually prefer to shop online. Personally, when I published my novel I made it solely available on Amazon. But Internet shopping alone does not account for the great retail apocalypse that we are witnessing.
In fact, some retail experts estimate that the Internet has accounted for only about 20 percent of the decline that we are seeing. Most of the rest of it can be accounted for by the slow, steady death of the middle class U.S. consumer. Median household income has declined for five years in a row, but all of our bills just keep going up. That means that the amount of disposable income that average Americans have continues to shrink, and that is really bad news for retailers....
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In looking to solve this problem and figure out exactly what it is that is convincing consumers to buy online, BigCommerce commissioned a study into the modern consumer journey. We learned how, when, why and where U.S. consumers buy today –– and more so, what is stopping them from doing so.
This information is incredibly important for retailers looking to sustain and grow their revenue. In today’s omni-channel world, brands must be strategic about merchandising on their various channels and need to fully understand why or why not their customers are clicking the buy button –– no matter where it appears.
Check out the infographic below for key insights or read the full State of Omni-Channel Retail Report....
Consumers plan to use a combination of online and traditional channels to research and purchase gifts this holiday season, according to a recent report from the Blackhawk Network.
The report was based on data from a September 2015 survey of 1,140 adults living in the United States.
Some 73% of respondents say they plan to research gifts online this year, 66% plan to visit retail stores in person, and 46% plan to simply ask recipients what they want.
As for actually purchasing holiday gifts, 84% of respondents say they'll visit brick-and-mortar retail stores, 78% plan to shop online, and 20% will use a retailers' mobile apps....
More than 90% of shoppers say price is the top reason they buy an item from a different retailer after visiting a store without making a purchase, according to research from Cognizant. As many as 55% of shoppers leave and go to another retailer’s store if they feel the price of an item is too high.
When it comes to retailers that offer the lowest prices, there are still plenty of reasons consumers can be turned off from making a purchase. Almost half (48%) of shoppers say convenience is the top reason they will not shop at the lowest price retailer. Additionally, 32% of these shoppers prefer loyalty programs at other retailers, while 31% will shop at retailers with a better return policy....
Accenture went on a journey to understand consumer preferences to shop seamlessly across channels and the ability of retailers to deliver that seamless experience.
Consumer Research SurveyAccenture surveyed nearly 10,000 adult consumers in November 2014 in 13 countries around the globe: Brazil, Canada, China, France, Germany, Italy, Japan, Mexico, South Africa, Spain, Sweden, United Kingdom and United States.
The survey targeted respondents who shop in a multi-channel way and use the internet and their smartphones regularly....
The reason that consumers may purchase your product or services really boils down to 4 different factors. These include cultural factors, social factors, psychological motivations and personal motivations. If you think hard enough, every purchase you have ever made has come from one or a combination of these factors. Now lets take a deeper look into each of these factors and how they may relate to inbound marketing....
Mobile apps are expected to drive holiday sales as increasing numbers of shoppers expect to make purchases on a mobile app.
In fact, 54 percent of app users plan to do at least half of their holiday shopping on a mobile app, via smartphone or tablet, according to new data from Artisan Research.
In a survey of 500 consumers, 94 percent of respondents strongly agreed or agreed that they are purchasing and browsing products on apps more than ever before, and 91 percent intend to buy items from a mobile device this holiday season....
In an empowered age, people are exhibiting dramatically new habits in the way they become aware, consider, buy and advocate. These new habits supplement and do not necessarily in the near term replace the ways they traditionally evaluated and bought products and services. However, in time, we anticipate that these new behaviors are likely to become dominant.The three biggest shifts are enhanced expectations, connected experiences and self marketing.A simple example of a company that has both fueled and benefited from these shifts is Amazon. They both have created and responded to peoples expectations for speed, value and service, seamlessly connected all aspects of the “marketing funnel” and fed a habit of us marketing to ourselves as we search, evaluate and comment on products and services. Today 30% of all e-commerce searches start on Amazon versus only 13% on Google....
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Monetate research report highlights interesting e-commerce consumer buying habits and trends.