A Fun Day for Retail Research
Today’s a fun one for retail research.
First, I received an update from Compete’s blog deconstructing the myth of Cyber Monday:
There is a significant ramp up in both Attention and Reach from the period of November 15th through the 23rd, before both begin to trail off. On Thanksgiving, nearly 30% of every U.S internet browser visited one of the top 50 online retailers.
There are lots of great nuggets, so read the full post. I heavily recommend subscribing to it too. (I just added it to the Best Blogs Ever blogroll to the right.)
Consumers Willing to Pay at Least 20 Percent More for 5-Star Service than 4-Star Service
comScore asked the study participants how much they would be willing to pay for a particular service based on the quality of the service. The results showed that consumers were willing to pay between 20 percent and 99 percent more for an Excellent (5 star) rating than for a Good (4 star rating), depending on the product category.
Legal services had that highest 99% lift. Medical services were much lower at 26%, but such services had a much lower price point than I’d expect, so I’d have to see specifically what types of services were involved in these scenarios.