How Consumers Research before Making a Purchase?
With Christmas just gone and New Year just around the corner, most businesses are eagerly interested in knowing how the consumers are likely to spend this year.
With one speculation doing the rounds that nearly 80 percent of consumers are likely to spend more this year as compared to last year and another speculation being that most consumers are likely to tighten their budget during this festival season. What is the actual scenario that is likely to prevail is the million-dollar question asked by almost all business entities.
Why is it necessary to understand how consumers do research before a purchase?
Today’s consumer has different sources through which they can obtain a plethora of information. Thanks to the internet and popular search engines such as, Yahoo Google and Bing including the impact of digital smart phones.
The modern consumer is not at the mercy of traditional methods of marketing techniques such as Radio, print ads or T.V. The current age consumer is not only tech savvy but is even equipped to obtain the information he needs at the click of a button thus being more empowered to take the right decision.
This shift from traditional to modern marketing techniques though very good for the consumers has made it essential for businesses to have their online presence felt along with their physical location.
The modern businesses face the danger of losing their business to competitors with a single backspace typed by consumers on their key board. This danger looms large if the website of the business is ambiguous, not appealing or even if the consumers find it difficult to traverse through the same. Without fully committing itself online, no business can hope to survive itself in the modern competitive business scenario.
Being connected with consumers by making use of these technical insights enables businesses to provide customers with local information online even before they actually enter the stores. Not only has this, customizing the consumer experience on the day of their actual physical presence in the stores also become equally feasible.
How Online Information Now Aids Consumers To Research and Purchase a Product?
- The general belief about consumers doing online research is that they are likely to visit only ecommerce sites where as in reality nearly 80 percent consumers finding local information by typing on search results online are likely to visit stores.
- Majority of shoppers are inspired to make a store visit after successfully finding information online about the availability of stock of a particular item, which they are searching for, the store location where it is available, and the pricing of the specific item satisfy them.
- Most shoppers prefer staying away from the local store once they know for sure that a specific item that they are searching for is not available online.
- The digital inventory ad is a great way for retailers to make consumers become aware about whether a specific stock is available at the local retail store or not.
- Grabbing consumer attention becomes easily feasible through smart phones. This can be done through search results, mobile apps, or site.
- Consumers are in a position to get a direct access of product ratings and different reviews about the product.
- Consumer expectation about stores has declined as they go to a retail store to just conduct the transaction.
Digitalization has virtually changed the shopping experience for consumers. With the consumer journey to shopping becoming mobile, only those businesses who are able to provide authentic, local online information by making their presence felt by attracting and engaging consumers can hope to stay ahead of the competition.