As online shopping becomes an integral part of consumers' lives, businesses face increased competition, compelling them to enhance the overall shopping experience and exceed customer expectations amid challenging economic conditions.
The latest Global Consumer Trends Report, a collaborative effort by BigCommerce and Retail Dive, offers insights gathered from over 1,300 individuals across North America, Europe, the Middle East, and Africa, each making at least one online purchase monthly. Let's delve into key findings and explore strategies to strengthen customer relationships.
- Online Shopping Dominates: A resounding 39% of respondents expressed a preference for online shopping, outpacing the 21% who favor in-person experiences. The surge in online preference is attributed to the convenience, flexibility, and enticing exclusive offers unique to the digital realm.
- Frequency of Online Purchases: A substantial 76% of respondents make purchases through websites, apps, or social media at least twice a month, with 49% engaging in weekly online shopping. Noteworthy sectors include apparel and accessories (47%), health and beauty (40%), and restaurant and grocery (36%).
- Subscription-Based Shopping: Groceries lead in categories shopped on a subscription basis (30%), followed by entertainment (22%) and cosmetics/body care (21%).
- Free Shipping Expectation: For 40% of respondents, the absence of free shipping is a major drawback in online shopping. An additional 35% are deterred by return fees. Over a three-month period, 26% abandoned online shopping carts due to high shipping costs. Businesses are encouraged to explore ways to minimize shipping fees or offer promotions to meet customer expectations.
- Research and Price Comparison: Consumers are diligent researchers, utilizing retailer apps (54%), mobile websites (50%), and desktop websites (49%). A significant 95% compare prices across competing retailers before making a purchase. While competitive pricing is crucial, businesses can stand out by focusing on a seamless user experience and robust marketing strategies.
- Rise of Buy Now, Pay Later: Among the surveyed shoppers, 23% have embraced Buy Now, Pay Later (BNPL) options. While credit and debit cards remain dominant (93%), the growing interest in BNPL suggests a potential shift in payment preferences.
In conclusion, businesses navigating the e-commerce landscape should prioritize convenience, offer competitive pricing, and stay attuned to emerging payment trends to foster stronger connections with the evolving global consumer base.
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