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BizReport : Ecommerce archives : September 16, 2019

Studies: Savings, payment options key for online shoppers

It is no secret that online shoppers are quite savvy at saving money or that they want a seamless checkout experience. Two new report, however, underline just how much the right deals and offers, as well as the right payment options, can impact e-tailers upcoming holiday season.

by Kristina Knight

First, new data out from Valassis indicates that nearly two-thirds (58%) of shoppers cite lower prices as their chief reason to shop - and buy - online at non-Amazon retailers. And they aren't looking only for products in certain verticals. About half of shoppers are shopping across verticals online. Nearly half (48%) say that when they shop online they begin with a specific brand in mind, and about two-thirds of both Amazon (66%) and non-Amazon (59%) shoppers say they are more likely to buy based on price than on brand.

"While the online retail space becomes increasingly more crowded, there's still plenty of headroom for retailers to compete with even the largest of brands," said Dave Cesaro, executive director, vertical marketing, Valassis. "As the holiday shopping season quickly approaches, retailers should prioritize seamless online shopping experiences with valuable, omnichannel deals to attract and acquire new customers. Purchase decisions can be swayed if marketers are armed with the right online and offline insights, as shoppers use a mix of online media and print ads to find the most attractive offers and convenient services. This is especially true during the holiday gifting season." 

More from the Valassis research can be accessed here.

Meanwhile, new Bank of America data finds that businesses not offering consumers' choices in the payment realm may be losing out. That, because while one-third (37%) of shoppers say they'll still make a payment even if their preferred method isn't offered, nearly 20% say they don't may that purchase.

"Today's consumers are constantly looking for easier, faster and safer ways to shop - both in-store and online," said Sydney Ivey, general manager for small business at Bank of America Merchant Services. "Our goal at Bank of America Merchant Services is to help our small business clients meet their customers' evolving needs by providing market-leading payment, eCommerce and security solutions designed to help them improve efficiency and enhance the overall customer experience."

What are consumers' preferred method? Credit cards still reign supreme but it's important to note that the use of digital wallets like PayPal, Apple Pay and the like have doubled their usage for ecommerce.

More data from BoA's Small Business Payments Spotlight can be found here.

Tags: Bank of America, ecommerce, ecommerce payments, ecommerce trends, m:commerce, mobile commerce, mobile marketing, mobile payments, Small Business Payments, SMB payments, Valassis

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