Retail is in a transformative period. Many pundits are quick to point to beacons or mobile commerce as being poised to revolutionize the retail space. Despite the advances in technology, consumer preference and adoption will drive change in retail. Yet, many retailers fail to understand consumer preference, which can create a rift between retailers and consumers.
Below are seven surprising statistics about consumers and their preferences. By understanding how consumers interact and engage, retailers can use this insight to better market to their desired targets.
1. Conventional wisdom states that women drive shopping trends, however, when it comes to e-commerce, BI Intelligence found men drive nearly as much spending online in the U.S. as women.
2. According to a survey by SeeWhy, men are more likely to make purchases on mobile device, as 22% of men made a purchase on their smartphones last year, compared to 18% of women.
3. Millennials remain the key age demographic for online commerce, according to BI Intelligence spending more money online than any other age group. Millennials spend roughly $2,000 annually on e-commerce.
4. Mobile apps are reducing comparison-shopping for consumers, so explains ComScore, as 46% of shoppers say that they are less likely to comparison shop when using a mobile app (largely because you must open a new mobile web window outside of that app).
5. According to Visual Website Optimizer e-commerce Survey, 28% of shoppers will abandon their shopping cart if presented with unexpected shipping costs.
6. Sixty-one percent of global respondents from a Retail Touchpoints survey said they would welcome the idea of online stores keeping track of their browsing and purchasing histories to speed up future shopping.
7. Fifty-one percent of respondents from the same Retail Touchpoints survey say that by 2020, physical stores will exist primarily to serve as showrooms, allowing shoppers to try out products before they buy them using alternative channels of purchasing and delivery.
Smart retailers should look to consumers as being the drivers of change and use consumer tastes to help shape an engagement strategy and a shopping experience that puts the consumer its core.