Following this announcement, the new findings were taken from a national customer study that found the majority of respondents (61%) have shifted their overall online spending habits as a result of a higher set of prices, which signals a need for brands and businesses to evolve with their clients.
The study was commissioned by Forter and conducted by Talker Research, and it revealed that nearly 9 in 10 respondents have seen their cost-of-living increase over the past 5 years, with the top three categories for online shopping being groceries (35%), clothing (27%), and home goods (17%).
According to the research, where and how clients shop is not only impacted by changing prices but also the generational preferences, as 16% of Gen Z respondents are shopping on social media platforms more often, compared to the 7% average across all the respondents. At the same time, 19% are also shopping on marketplaces more frequently, compared to the overall 11% average across all respondents.
In addition, payment preferences are also shifting, as 25% of all respondents are using BNPL in order to shop online, with Gen Z showing the most comfort with the service (53%). Of those using BNPL, 56% also chose the solution in order to optimise the manner in which they manage their costs.
Businesses and brands are expected to consider the perks and options they provide as levers to drive client loyalty and lifetime value. Multiple respondents mentioned they would be enticed to shop online from companies and firms on a regular basis if they offered free shipping (63%), frequent sales (36%), free and easy returns (34%), as well as loyalty programs (33%) and affordable goods (61%). In addition, emerging payment methods also attract clients to shop with brands, including businesses that accept digital wallets (20%), as well as those that deliver BNPL options/cryptocurrencies (15%), and store credit cards (10%).
Nearly half of all respondents (48%) also considered abusing retailers’ policies for their benefit, including reselling highly sought-after products (15%), as well as stacking coupons (50%). These tactics might vary across generations, as 20% of millennials considered opening multiple online accounts in order to reuse promotions, while 24% of Gen Z considered sharing passwords to online subscriptions with family and friends.
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