Our research showed to us:
Price reductions and deals are important to 91% of online shoppers
The research has revealed that 55% percent of consumers had already begun their Christmas shop by the end of November. Nationwide, Britain’s biggest building society, said £115m was spent by its customers between midnight and 5.30pm, or £110,000 a minute, up 38% compared with a normal Friday, on Black Friday 2016 so it is no surprise that the research found a vast 91% of online shoppers say price reductions and deals are important to them.
With discounts being the name of the game over the festive period, retailers need to do more to encourage eagerness to buy and remain brand loyalty. One way in which retailers can enforce this is with strategic loyalty card schemes which offer deferred rewards such as end of month money vouchers/ money off; So although prices are not the lowest amongst competitors, consumers have peace of mind that loyalty will be rewarded with savings in the long run.
Another way in which retailers can ensure they are profiting whilst offering competitively low prices is through the extra service charges by upselling before check out. During these 12 retail days we have previously revealed that over 43% of online shoppers never factor in delivery costs at Christmas and with nine in ten UK shoppers get their online shopping sent to their home address (so there’s no issue with adding more to carry!) retailers are offered a prime opportunity to profit in this time limited window.
The latest in Tryzens Expert Research revealed in the consumer’s hierarchy of needs showed that ‘best prices’ came within the top tier trumping other aspects such as ‘payment options, delivery options and loyalty programmes’ this further more projects the point that the first step to securing the consumers purchase is the price in the customers’ journey afore other implementations.
In conclusion fierce pricing wars are inevitable over the holiday season, but the way for them to stay afloat the rest is to think outside the box offer incentives that are hard to refuse whilst not losing sight of the basics- an easy to use, simple to navigate eCommerce experience.
You can download the full report of Christmas online shopping behaviour here
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