Report Finds Consumers Making Purchases More QuicklyBy: Chris Crum - March 19, 2014
Parago has a new report out indicating that consumers are shopping across channels more quickly than ever before, thanks to brick-and-mortar, online, mobile and social channels enabling them to quickly find good deals which can be be taken advantage of in little time.
The average time to purchase across retail categories is less than four days, even for big-ticket items like appliances, according to the report, which is based on a survey of over 1,500 people said to represent the U.S. consumer population.
65% of respondents said they’re more sensitive to price now than a year ago, while 88% look for deals, rebates and best prices before shopping.
Four out of five 18- to 49-year-olds own smartphones, with nearly 50% of all shoppers comparing prices in-store using smartphones, according to the report.
“Retailers have a lot to contend with in this new era of shopping: highly competitive prices from e-tailers like Amazon, rising smartphone adoption, the showrooming boom and incredibly price-sensitive consumers,” said Parago CMO Rodney Maso. “For retailers to thrive, they need to disrupt the path to purchase with a dynamic, real-time pricing model. Not just online, but in brick and mortar, too.”
“Our research shows that dynamic-price rebates are one way to respond to consumers’ demand for lowest price and protecting margins, unlike across-the-board online price matching,” he added.
Nearly all (99%) of shoppers surveyed with incomes at $50,000 and above shop from their computers, with two out of five shopping from tablets.
You can find the full report here.
Image via Parago