Updated: May 13, 2019
Credit from Tracey Wallace
What customers want and what retailers are currently offering still isn’t matched up, even though as a business owner you do your best to meet their needs whenever and wherever you can.
As part of our new partnership with payment experts Square, we’ve surveyed thousands of shoppers and retailers to shed light on how we can connect the dots and make ecommerce a more seamless experience.
Modern consumer behavior has altered so drastically over the last few years that even in a healthy economy, retailers aren’t feeling the revenue benefits.
Is it that shoppers aren’t shopping?
The data suggests that isn’t the case. Instead, deep discounts have obliterated margins, as has free shipping for even the Amazons of the world (no, it’s not even profitable for them).
What’s the solution? Getting smarter about sales channel strategies. See, our evolving understanding of consumers’ behavior now suggests that shoppers browse and buy on various channels, making the whole buying process a long and complicated one. For retailers, being there at all of those touch-points is known as omni-channel selling.
We all have loyalty issues…
Few people are loyal to only one channel. Sure, price impacts conversion rates and abandoned carts, but so too do many other factors including the lack of a brick-and-mortar location, delivery lag and privacy concerns — 38% of rural shoppers said they were hesitant to shop online because of privacy concerns (from a survey conducted by BigCommerce and Square).
Of course, even with those issues at hand, more and more people are buying online in general — and doing it from wherever is the most convenient. Some are shopping from bed, in the bathroom, at work — no place is safe from our desire to hit the buy button.
The next question is, with more and more data about how consumer behavior is becoming more omnichannel — and where retail is trending — how will retailers alter their merchandising and channel strategies to better attract customers and provide that seamless omni-channel experience that is still much more consumer fantasy than reality?
We survey of over 1,100 surveyed business owners revealed that only 40% sell on social media and 16% on Amazon — so clearly much more can be done to get in front of the omni-browsing customer.
We dove into consumer behavior research by surveying shoppers on what impacts the consumer buying process. Why do shoppers make purchases online? Why not?
For those who do choose to shop online, how integrated into their daily lives has ecommerce become (spoiler alert: very!).
There are many different models for online retailing: social media platforms like Facebook and Instagram, marketplaces such as Amazon and eBay, and web-only stores such as Son of A Sailor. The one thing they all have in common? People. Customers. Folks who have a need and want to satisfy it.
The next wave of retail will be conquered by those who connect the dots from these various customer touch-points and provide a cohesive experience that delights shoppers — no matter where they interact with a brand.
With that, check out the following infographic on modern consumer behavior and a summary of the data below: