Unveiling Consumer Behavior: 5 Eye-Opening Stats for Retailers

Unveiling Consumer Behavior: 5 Eye-Opening Stats for Retailers

According to EY’s Future Consumer Index, almost three in five (57%) consumers look to engage with online communities when making a purchase. Indeed, 61% of consumers report buying a product based on an influencer’s recommendation or promotion.

While online communities may be becoming more influential in informing consumers’ purchase decisions, it seems traditional digital advertising is becoming less so. Just one fifth (21%) report clicking and following an ad on social media.

Nearly three in five consumers look to online communities to inform their purchases

The research also looked at consumers’ attitudes to online privacy and third-party cookies. Those surveyed reported they find pre-filled shopping carts at checkout (36%), websites tracking user movement (30%) and tailored ads based on browsing/purchase history (22%) all worsen the online shopping experience.

An increasing proportion (61%) of consumers are concerned with ID theft/fraud (up from 55%), while 59% are concerned about data security and breaches (up from 53%) and 54% are concerned about the company they share their data with being hacked (up from 48%).

The research also looks at consumers’ attitudes to loyalty schemes, with almost half (46%) of respondents having redeemed a coupon or voucher they received from a retailer, but only three in 10 (31%) have downloaded a retailer or brand app. Respondents’ preferred loyalty features are free shipping (67%), followed by receiving lower prices in store on selected products (49%).

Bank holidays fail to bolster May retail footfall

Total UK retail footfall decreased by 3.2% in May versus the same month last year, as even improving weather and two bank holidays failed to persuade shoppers to make in-person trips to retail destinations.

Retail footfall in May did improve versus the month previous. April saw a 7.2% year-over-year decline in shopper footfall. In May, shopping centres saw the biggest decrease in footfall, with the number of visits dropping 4.5% year-over-year. Footfall on the high street dropped 2.7%, while retail parks saw a 2.3% decline in visits.

While the footfall figures were up versus a dismal performance in April, the year-over-year decline for May will be disappointing for many retailers.

source: https://www.marketingweek.com/purchase-decisions-politics-retail-footfall-5-interesting-stats/

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