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Consumers taking longer to consider online purchases
Consumers are taking longer than ever to make considered shopping decisions, according to new research from Rakuten Marketing's display arm, Rakuten MediaForge. This makes it more challenging for brands to keep a distracted consumer interested.
After being targeted by an online ad, consumers now take up to 233 hours - nearly 10 days - to make a purchase decision, according to Rakuten MediaForge.
However, the time taken was found to differ significantly across sectors. Surprisingly, the time to sale for travel was the shortest at 176 hours while fashion purchases were far more considered taking 282 hours.
An interesting finding is that consumers that engage with an interactive banner, defined as scrolling, hovering or watching a video within an ad, convert up to 44% faster than those who simply click.
"Brands therefore need careful planning to target consumers even more effectively, truly taking advantage of each engagement and reducing the delay to purchase," says Rakhee Jogia, Director of Display at Rakuten Marketing.
"With sales taking place across numerous channels, over a number of days, it's become ever more challenging for brands to keep the interest of distracted consumers. With the help of data insights and more creative placements, brands can deliver display campaigns that increase conversion levels."
The time to purchase insights were gleaned from Rakuten's portfolio of high street and emerging retail brands in the UK. The research also highlighted the importance of retargeting. Just over 14% of travel sales were made straightaway following retargeting, as were 8.3% of fashion and 11.7% of luxury fashion purchases.
Image via Shutterstock
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