“What Consumers Really Want: The Surprising Facts” — iMedia Commerce Presentation
Understanding what consumers truly want is the key to success for any brand, and it was the central theme of a session led by Hayley Silver, VP of Insights at Bizrate Insights, at the iMedia Commerce Summit last week. So what do consumers really want?
Here are four places to start, based on the latest findings from Bizrate Insights’ customer survey program:
1. Support Mobile’s Growing Role In Omnichannel Shopping
If you’ve been to a marketing conference in the past five years, you have probably perpetually heard that it’s the “Year of Mobile.” Last year, Google even announced that smartphones have officially displaced desktop computers as the most searched-on device in 10 countries, including the United States.
According to Bizrate Insights, 63% of consumers use their mobile devices to check product availability before they go to a store. Once they get there, 21% use their mobile devices to assist their in-store shopping experiences, while 64% use them to do price comparisons while they’re in stores.
Consumers spend almost five hours a day on their mobile devices, according to Informate Mobile Intelligence research—a number that isn’t slowing down. Mobile is where people begin their search, discovery and decision-making, and it’s crucial for retailers to support a seamless flow between mobile devices and in-person experience.
2. Reduce Abandonment by Supporting Intended Buyers
Nearly one-fifth of the customers surveyed by Bizrate Insights left an online store despite logging on with the intention to purchase. Some people cart abandon because there wasn’t an available coupon or they got distracted. But far more people—45% of them—abandoned their visit because an item was out of stock or they couldn’t locate the item they were looking for.
If a shopper is not ready to buy or to pay a certain price, this may be out of your hands; but the other common factors that contribute to abandonment may be controllable:
- Marketers can offer to help locate an out-of-stock item, or promise to notify the customer when it’s back in stock.
- Since many abandoners simply need to confirm that an item meets their needs, consider offering more product details or photos.
- Try retargeting during business hours, since 57% of checkout abandoners would prefer to complete their order between 9am and 5pm.
- An additional discount is also a good strategy, though you don’t need to go overboard; 59% of those who need a discount would complete their purchase with the promise of 20% off.
3. Make Ratings Available
Even before they’ve hit an online store, 22% of people are inclined to look at store ratings in the search engine results—particularly Generation Y at 24%. Upon arriving at a retailer’s website 22% of online buyers seek out store ratings, and once they decide on a product that number jumps up to 42%.
Meanwhile, over half (54%) of online buyers seek out store reviews once they’ve found what they might buy. Retailers who have yet to implement store ratings and reviews may be missing a key resource for closing sales.
4. Offer Fast Shipping, But Prioritize Price
Is overnight shipping becoming the new norm? Perhaps. Expectations are high, particularly amongst younger shoppers—30% of Millennials say that same-day delivery is important to them.
However, for all generations, the price of shipping far outweighs the importance of speed. 74% of shoppers say that delivery cost is more important to them, versus 26% who value timing first. If one-day shipping simply isn’t feasible, retailers should consider reducing delivery costs first.
You can see the full presentation (narrated by Hayley) below:
Data is included below for the following 2 slides:
Table 1. PERCENTAGE OF ONLINE ORDERS BY DEVICE: MOBILE VS DESKTOP
SOURCE: Bizrate US Point-of-Sale Network of 5,000+ retailers. N=736,018,308.
NOTE: Mobile refers to smartphone and tablet.
Table 2. PERCENTAGE OF ONLINE ORDERS BY DEVICE BRAND: ANDROID, IPAD, & IPHONE
SOURCE: Bizrate US Point-of-Sale Network of 5,000+ retailers. N=94,894,732.
Latest posts by Hayley Silver
- “What Consumers Really Want: The Surprising Facts” — iMedia Commerce Presentation - April 19, 2016
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- Consumers Want Gift Cards This Holiday Season, But May Be Reluctant to Buy Them - November 23, 2015