Researchers have found that as economic duress presses down on wallets, online shoppers increasingly scour the internet for the best value on their purchases, not just low prices, MarketingVOX?reports.
In essence, “Value is the new black,” proclaims the study by Penn, Schoen & Berland Associates, with sponsorship from LinkShare and gsi interactiveSM. The research branded this new breed of shopper a “value hunter.”
Value is defined as standards for quality, price, convenience and time. Consumers previously defined as “more likely to buy” goods online now pursue “value” to determine what their transaction will be, and upon what site they will make the transaction.Other findings:
- 72% of value hunters seek the best value, regardless of brand
- 51% pursue incentives, such as reward points or free shipping
- 63% have purchased something online they wouldn’t have normally because of a special offer
- 68% of online shoppers perceive “value” as online coupons and special promotions
- 45% of value hunters buy something once a week or more over the internet
- 47% of online shoppers prefer shopping online to shopping in-store
- 22% of shoppers plan to make more purchases online this year compared to last year
“Many of our clients are shifting their dollars from awareness-focused, online marketing to more action-focused, online marketing,” observed President Nick Pahade of gsi interactive.”There’s a shift in the way people are shopping, and retailers would be wise to adjust their efforts to adapt to these changes if they want to stay relevant.”
