We commissioned Redshift Research to poll over 200 online retailers — 100 in the US, 100 in the UK — to discover what consumer behavior trends are influencing their sales and what online strategies they’re using to gain a share of the consumer wallet. This series of blog posts will highlight the survey findings and help you improve your business
Let’s face it. Without customers, your business wouldn’t exist. It would be buried in the same cemetery as RadioShack, Myspace and Blockbuster. #RIP
A successful business needs to be able to swiftly adapt to new technology, behaviors and motives that influence its target market. Don’t be a thing of the past!
Let’s explore three consumer trends that should be on your radar to ensure your business doesn’t risk becoming extinct.
Plenty of Promos
Over 40% of our survey respondents said offering promotions is their top tactic for increasing conversion rates. Free shipping (25%) and low prices (18%) followed promotions as other popular methods to prompt purchasing activity.
Modern consumers, especially millennials, are value-driven. They like knowing they’re getting the most out of their dollar. Retailers can cater to these consumers by strategically incorporating value into their contact points with customers. Opportunities to do so include the use of daily deal sites, such as Groupon; flash sites, like Zulily; subscription services (for example, Dollar Shave Club); and loyalty programs, such as Amazon Prime.
According to 70% of respondents, PayPal is the second most commonly used payment method by customers, following only debit/credit cards.
It’s all about the convenience factor. Who wants to punch in a 16-digit credit card number in a minuscule mobile contact field over and over when you can sign in via PayPal, check out instantly and call it a day?
More than 40% of respondents said that mobile traffic accounts for 21% or more of their total web traffic. More than a third of US retailers are seeing 21-30% of their web traffic come from mobile devices.
To reach consumers, your site has to be mobile-friendly. Retailers are spending millions of dollars on mobile apps, but the survey results indicated that most mobile traffic on retailer sites comes through internet browsers.
Learning to adapt to trends — especially trends in consumer behavior — is key to success. Over the coming weeks here on the blog, we’ll dissect the marketplace, fulfillment and digital marketing results that came out of our 2015 Online Retail Survey. Can’t wait? Click here to see the full report.
Blog post by Jordan Nowlin, social media and blog manager, ChannelAdvisor