The retail sector is a hugely lucrative and competitive market so it is vital that retailers understand how consumers shop in the modern landscape. Bricks and mortar retailers face pressure from the expanding ecommerce market which thrive without overheads including property and fewer staff costs – in fact, over 23,000 UK shops are expected to close over the next 12 months.
Online sales are becoming increasingly important to retailers – the proportion of online sales of the total amount spent by UK consumers hit a record high in November 2018. This was partly down to the ever-increasing popularity of Black Friday amongst UK shoppers, who spent over £7 billion during the sale in 2018. To underline the importance of ecommerce, online sales during Black Friday rose by almost 12% compared to the previous year whilst the amount spent in bricks and mortar stores dropped by around 4%.
Just as importantly, shoppers must be fully aware of how they can maximise their spending to ensure that they get the best value for money possible.
Some items are worth spending more time researching before taking the plunge and finally making a purchase. Electronic items usually come with a much higher price point, so it is understandable that consumers do more research when preparing to make a purchase than if they are simply adding to their wardrobe. Consumers also tend to only make these purchases once every couple of years, so it is only natural that they spend more time looking into offers to ensure they make the correct choice. In fact, research shows that shoppers are most likely to browse several websites when they are searching for electronics items than products in any other category. Similarly, only 25% of electronics purchases are impulse buys, compared to around a third of total online purchases.
What are the benefits of research?
Regardless of what product you’re searching for it is important to fully research the market. Price comparison websites are an invaluable tool that allow you to get a snapshot of the cost of a product across several websites and retailers, whilst also providing you with all the information you need about the product itself and delivery options so you can make an informed decision which suits your needs.
UK price comparison website Money Pug explains that the popularity of these money-saving platforms is part of a shift to promote consumer empowerment. Previously, shoppers had little flexibility or choice on where they purchased products or services from, an imbalance that has reversed in recent years. With a growing number of comparison platforms and services including collective switching sites and mobile apps, consumers have greater control than ever before to secure the perfect deal for their needs.
Browsing the market ensures that consumers have:
- More choice about products and pricing
- More information about products
- Information on delivery options
- Information on the availability of products
There is plenty of opportunity for consumers to secure better value for money as research shows that 60% of shoppers head straight for their favourite stores or websites rather than search engines or online price comparison marketplaces. This is a real missed opportunity for shoppers to make considerable savings on deals.
Consumer trends to be aware of
Even once shoppers have fully researched a specific product, they should ensure that they are aware of the range of money-saving tips that other consumers employ to secure the very best deals.
Regardless of how a shopper has arrived at the decision to purchase a specific product, it is worth checking whether there are discount vouchers or codes available for that retailer or supplier. The process of signing up to some of these offers is simple yet can be financially lucrative so it is well worth spending a few minutes checking before you finalise a purchase. Currently just a third of shoppers search for vouchers before they make a purchase. It may even be beneficial to hold off purchasing an item if the retailer regularly offers discounts to ensure the best possible saving.
Equipped with these tips and insights, consumers can ensure that they secure great value savings on a huge range of products and services.
from Feedster https://www.feedster.com/all/insights-into-how-consumers-shop-in-2019/
No comments:
Post a Comment