Are you providing an effective path to purchase?
The way consumers shop is changing rapidly, as more individuals are going online to make purchases and research products. This is creating new paths to purchase that retailers should watch. Knowing how consumers go from browsing to purchasing can help retailers better configure their ecommerce software to cater to these trends. The path to purchase encompasses the consumer journey from the moment they discover a product to the moment they buy the item in question.
To get from point A to point B, shoppers may research product information, compare prices between retailers, read consumer reviews and visit brick-and-mortar locations to see the item in person before deciding to buy. These days, this process takes far less time than it used to, thanks to the Internet and mobile technology, which means marketers need to find new ways to appeal to consumers.
Consumer need for speed
A study conducted by Parago, a retail incentive provider, at the end of 2013 examined the path-to-purchase habits of shoppers during the holiday season, arguably the busiest time of year for retail. The results showed that the average amount of time it takes consumers to make a purchase is 2.25 days, taking into account every step of the process from deciding on an item to researching options, choosing a retailer and completing the transaction at the point of sale. This leaves a pretty small window for retail marketing efforts, which will require businesses to match the speed at which consumers can now research and shop for small purchases such as clothing and big-ticket items like home appliances thanks to mobile devices, according to Chief Marketer.
Developing an omnichannel marketing approach can be a good way to drive business. Shoppers may be more inclined to purchase an item if they can do so on their smartphones and then pick up the purchase in-store, saving them time and making the entire process smoother. For this, it will also be important to have POS software that can offer secure, diverse mobile payment options.
Competitive edge can win over shoppers
Consumers have the ability to comparison shop instantly with their smartphones, and about half do so in-store, according to the study. This means they can also easily track down which retailers are holding sales and offering discounts. Since 88 percent of shoppers will look for coupons and other deals before they make a purchase, it may be worth exploring rewards options that give consumers the incentive they need to get to the point of sale.
