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BizReport : Ecommerce : February 05, 2020

Study: Shoppers sense of value isn't just about price

New data out from IBM's Institute fo Business Value and the National Retail Federation indicates shoppers' perception of value isn't just about price. Researchers studied more than 15,000 consumers in nearly 30 countries about how their perceive value from favorite brands.

by Kristina Knight

Value and Purpose. According to new data out from IBM and the NRF most consumers fall into one of two categories: value-based buyers (41%) and purpose-based buyers (40%). But what do these two terms mean for businesses in the digital age?

Value based consumers are looking for convenience in how they buy and interact with brands and products while purpose based converse are looking for products, brands, and services that align with their personal values. According to the report:

▪ 53% of shoppers want products/services that 'simplify life'
▪ 50% are looking for brands offering clean products
▪ 46% want products with health/wellness benefits
▪ 45% look for products that are sustainable or environmentally responsible

Additionally more than half (57%) of shoppers say they're willing to change their purchase habits to help the environment and about one-third (35%) are 'always on' shoppers who buy things multiple times each week in what are called 'micro moments'.

"Thanks to mobile technology and social media, consumers have been rewired as it pertains to shopping, and it may usher in one of the industry's biggest shifts in consumer behavior. Today's always-on consumers come highly informed with specific demands pertaining to price, ingredients, delivery options, production methods, and much more. And they shop whenever and wherever the mood strikes," write the report authors.

More data from the report can be accessed here.

Tags: ecommerce, ecommerce trends, IBM, mobile commerce, mobile marketing, National Retail Federation, product value, retail trends

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