3 minute read
For some, shopping isn’t a one-off event – it’s habitual. They spend time every day browsing and buying online. Compared to traditional shoppers, people that shop daily are more accustomed to the online experience. They give retailers more opportunities to make a sale, they buy more products regularly, and have a higher lifetime value. Daily shoppers are dependable and can be a retailer’s most valuable customer.
To see a boost in revenues, retailers need to meet the expectations of daily shoppers. In our new study, The Big Ticket: What’s Stopping Shoppers, we found interesting insights into shoppers’ buying habits and what they expect from an online experience. Daily shoppers are seasoned online shopping veterans and to attract more, shoppers said retailers need to give them a variety of ways to shop and pay.
Incorporate an omnichannel strategy
Daily shoppers are more comfortable engaging with retailers across multiple devices. More than twice as many daily shoppers said they prefer researching on a mobile device compared to non-daily shoppers. By using multiple devices, frequent shoppers can shop how they want – regardless of where they are.
Habitual shoppers are also more interested in buying items online than average shoppers. From our study, 52% of daily shoppers prefer buying big ticket items online vs 22% of normal shoppers. But how many follow through and make a purchase?
Three quarters of daily shoppers said they have bought big ticket items online or plan to within a year, compared to only one-third of other online shoppers. In addition, people that shop every day are twice as likely to buy furniture or jewelry online.
A high willingness to buy expensive items online is music to retailers’ ears, however, they need to embrace cross-platform accessibility and incorporate an omnichannel strategy to attract more valuable shoppers.
Financing options can improve sales opportunities
The way people pay for products has changed a lot over the years, and up until recently almost everyone used credit cards when they shopped online. However, shoppers are now using a variety of payment methods and expect retailers to accommodate their preferences. For 40% of daily shoppers and 26% of average shoppers, a lack of payment options is a common frustration that leads to cart abandonment.
It doesn’t matter if someone shops daily, monthly, or yearly, the price tag of big ticket items can be hard to swallow. However, alternative payment methods such as point of purchase financing can be used to alleviate the pain caused by high priced items.
Allowing shoppers to finance expensive purchases will increase retailers’ chances of a big-ticket sale – especially for those that shop online every day. Daily shoppers are almost 20% more likely than less frequent shoppers to buy a big ticket item if financing was available.
In addition, breaking up the cost of big ticket items into smaller, more manageable payments would increase the likelihood of an online purchase for 79% of daily shoppers and 68% of regular shoppers. Although the cost of big ticket items can be overwhelming, financing is a great way to make it less intimidating.
To attract daily shoppers, give them what they want
Daily shoppers are comfortable using multiple devices and multiple payment methods, which means retailers need to sell through a variety of channels and offer flexible payments methods to create a unique tailored experience for everyone, and ultimately attract more of these profitable shoppers.
People that shop every day are very valuable assets. They give businesses more chances to make a sale and spend more over their lifetime compared to other shoppers. All in all, their consistent buying behavior can grow a business. If retailers provide them with the experience they want it will keep them loyal and coming back for more.
All the above statistics are from our 2016 Q4 data study – The Big Ticket: What’s Stopping Shoppers? The study surveyed 1,500 US shoppers, analyzing why shoppers abandon online purchases, and how alternative payments can improve conversions.
For more insights about shoppers’ payment preferences, buying behaviour, and preferred technology download the full report here.