The More Expensive the Purchase, the More Likely Research Happens
According to recent numbers released by Compete, consumers are more likely to research expensive items online than they are to research less expensive items.
The Compete Online Shopper Intelligence study shows that 81 percent of buyers conducted research before their purchase. In comparison, half of purchasers conducted research before buying less than $25 worth of merchandise. For purchases less than $10, 41 percent of consumers conducted research.
“It seems that the Internet has made researching products so easy that we will put in a little extra effort even if it means saving only a few dollars,” writes Debra Miller Arbesman.
Compete affirms the findings of past studies by showing that consumers are the most likely to conduct research before buying electronics (about 90 percent), followed by shoes, garden supply, health and beauty, and office or school supply.
Baby/children/toy, grocery, apparel, household essentials, book, and movie/music/video rounded out the list in that order, according to Compete.
Retail websites were the destination of choice for nearly 45 percent of consumers before making a purchase, followed by about a third of consumers who said they use search engines, and about a quarter who use e-mails from retailers.
“Given this behavior, it seems that it is very important for retailers to provide helpful, relevant, and up to date product information on their websites, optimize their SEO and SMO strategies, and also maintain regular contact with consumers via email,” writes Miller Arbesman. “Overall, one thing is clear: online shoppers take advantage of the plethora of tools and information available to them and nothing will stop them from seeking out the best deal.”
Interestingly enough, only about 5 percent of consumers said they refer to social networking sites for their pre-purchase research. Does this diminish all the recent emphasis on how consumers interact with brands and each other through these channels? Probably not. But it could draw a line between what it means to “research” via a channel versus what it means to “discuss” products and brands through a channel.
According to a recent study from ROI Research Inc., 49 percent of respondents said they discuss apparel on social networking sites to compare prices.
A recent report from Channel Advisor found that 58 percent of consumers who plan to buy gifts online conduct research online. Of this group, 59 percent use search engines.
The report also notes that 92 percent of consumers said they read online product reviews, and that 83 percent of this group are influenced by those reviews.
Sources:</strong
http://www.internetretailer.com/2010/09/09/consumers-chat-about-vehicles-and-vacations-online
http://www.bizreport.com/2010/09/the-persuasive-power-of-product-reviews.html#
