In the age of eCommerce, consumers are king.
In fact,
we've heard it said so many times that it's almost become tiresome.
But the truth is that it's truer now more than ever. With brands competing to win larger customer shares, consumers can now choose from thousands of brands for a similar product. And while we've all heard that the line between online and offline shopping is blurring, recent research from Bazaarvoice shows that this trend isn't stopping anytime
soon
Two-thirds of consumers prefer omnichannel shopping—66% of shoppers said they feel happiest with a hybrid of both in-store and online shopping, while 25% said in-store and 8% said online.
A generational gap exists as well: Most consumers ages 25-34 enjoy a hybrid of shopping methods (75%), and just over half (56%) of those ages 65 and older prefer a mix of both in-store and
online.
Almost two-thirds of shoppers use their smartphone in-store to look at price comparisons (69%), product reviews (60%), advice from friends/family (33%) and product demonstrations (30%).
Shoppers trust the opinions of others to help them make buying decisions.
When it comes to
product research, shoppers tend to trust UGC over branded content—seven of the top 10 types of research shoppers prefer to utilize before buying (e.g., product ratings, written reviews from verified buyers, expert reviews, questions and answers, recommendations from friends/family) are all forms of UGC.
Online research is universal—both online (79%) and in-store (59%) shoppers conduct research online prior to purchasing. Social media
increasingly influences shoppers—one in five consumers shop on social media including via Facebook Shops (41%), influencers’ Instagram Stories (37%) and sponsored ads on Instagram (36%).
Social media is becoming increasingly important for shoppers. In fact, one in five consumers shop on social media, including via Facebook Shops (41%), influencers’ Instagram Stories (37%) and sponsored ads on Instagram
(36%).
It's All TikTok, All the Time
TikTok, the short-form video app that made its billionth user last year, comes with all the bells and whistles of other social platforms: influencers, engagement, ads. But it also has something else: a whole lot of money-making potential.
According to
Zaza Digital ad agency founder Vladimir Bestic, TikTok is "no longer the channel for teenage dance challenges as people tend to believe." Instead, it's become "the most powerful advertising channel because of its explosive user growth and high levels of consumer spending and engagement."
And he's right—there are plenty of reasons why TikTok is so attractive to advertisers. For starters:
• A large audience: More than 55% of users are 25 or older while 37.90% are 35 and older. In the U.S., there are 186 million users—56% of the population!
• High consumer spending: 37% have a household income of more than $100,000, 9.6% have less than $25,000; users spend an average of 45 minutes on the app per day watching videos and hashtags like #TikTokMadeMeBuyIt showcase products bought on TikTok.
How to Make the New Customer Journey Work
Awareness: In the first stage of the consumer journey, potential customers become cognizant of a product’s existence. But in the era of social media, online searches and marketplaces, consumers have more avenues for becoming aware of products than only through commercials or promotions. In fact, 60%
of people have discovered their favorite brands by watching videos, reading emails and catching up on news feeds.
Brands and retailers need to take advantage of the multiple digital touchpoints available, identify the ones most relevant to their vertical and use them to make their presence known to consumers. This is also where having a multichannel commerce strategy comes into play, which could include everything from improving social
media footprint to investing in retail media — whatever gets more eyes on their products. But there’s no magic bullet for every industry or every product. The strategies you take to enter the consciousness of potential new customers will be specific to your business and only come from trial and error, testing and optimization.
Consideration: Once you’re aware of a product, it’s time to start
considering the options available to you. This is where research comes into play. Consumers will conduct ongoing research to learn more about the product and decide where to buy it. According to a study by Statista, roughly half of shoppers say they always research on the internet before planning a major purchase.
With this in mind, brands and retailers can stand out from competitors by providing customers with the information they need to
make an informed decision. Diversification of product content, such as detailed descriptions, videos, webinars and blogs, allows consumers to learn about products in varied ways that appeal to them. This content should keep them engaged and interested enough to go with the brand and retailer providing that experience.
It could also mean adopting advanced repricing strategies to place higher on a marketplace or being very clear with your
fulfillment and return policies so that customers know what they're getting into when they purchase something from you (which is just good business!).
Purchase: Consumers are looking for that perfect product to complete their lives. They want something that can do everything and do it well. It’s up to brands and retailers to convince them that they have what they
need.
When consumers make their decision, the work isn’t finished. It’s time to provide a friction-free checkout experience so consumers don’t get distracted by other options while they wait for their purchase to be processed. Optimizing the purchase process could mean allowing consumers to buy without signing in or offering multiple payment options. Go a step further and give consumers incentives to convince them to buy. This could include
offering same-day or free shipping, discounted pricing and promotions.
Delivery: When your customers click the “buy” button, they expect more than just a confirmation email. They want to know their order is on its way and when it should arrive.
Even in these times of supply chain problems, you need to communicate with your customers about their packages
and estimated delivery times. If there are any issues along the way, you should let them know immediately. If you fail to do so, they’re going to get angry and likely stop shopping with you—or at least avoid ordering from you again.
The digital journey is more complicated than ever before, but it offers more opportunities for brands and retailers to reach consumers on their unique purchasing paths.
In today's world, the digital journey is the most important part of the customer experience. Consumers have so many ways to shop online and in-store that they can feel overwhelmed by all the options. That's why it's important for brands and retailers to understand how consumers shop and create strategies that reflect their customers' habits.
By understanding what drives your customers' purchasing decisions, you can
make sure that your brand or retailer is reaching them at every stage of the journey
