Multichannel Increases the Time Taken to Make a Purchase
Half of consumers are now using at least three or more sales channels to make a purchase.
Unfortunately for the retailer, research conducted by Conlumion and Webloyalty found this has caused the shopping process to lengthen.
In 2012, 40.6% of buyers used catalogues, websites, smart phones, tablets, and visited stores before they made an expensive purchase such as white goods, this makes up five different channels consumers now use to make a purchase. When we look back to 2002, 10.1% of consumers were only consulting three channels. This means the consumer has moved from 5.2 days to buy home goods to 10.3 days.
Way back in 2002 65.7% of consumers used two channels, compared to 42.9% in 2012, and 20.7% consumers who only consulted one channel, which is now 7.6% today. The time spent to make a purchase has now stretched to 331 minutes, compared to 201 minutes back in 2002.
It may surprise many to find out it now takes more than five days for a customer to browse and research their choices. Retailers need to plan how they will engage their customers throughout this process.
Below you will find some other interesting figures from the Conlumion and Webloyalty research:
Stage one: Browsing
Physical store: 68.4% of consumers browse in store, down 17.3 percentage points from 10 years ago
Online: 59.8% of consumers browse online, up 31.9 percentage points from 10 years ago
Stage two: Research
Physical store: 34.7% of consumers research in store, down 20.4 percentage points from 10 years ago.
Online: 77.6% of consumers research online, up 38.8 percentage points from 10 years ago.
Stage three: Purchasing
Physical store: 79.8% of consumers purchase in store, down 8.7 percentage points from 10 years ago.
Online: 38.2% of consumers purchase online, up 26.2 percentage points from 10 years ago
Stage four: Collection
Physical store: 62.7% of consumers collect in store, down 10.1 percentage points from 10 years ago.
Online: 59.7% of consumers have items delivered to their home, up 9.2 percentage points from 10 years ago.
Stage five: Returns
Physical store: 59.6% of consumers return to the physical store, down 19.7 percentage points from 10 years ago.
Online: 58.9% of consumers have collected from their home, up 11.1 percentage points from 10 years ago.
(source of data - Internet Retailer)
While the majority of larger retailers are embracing the internet, smaller business are often left behind as they concentrate on one marketing avenue.
Published: 14th March 2013
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