It is essential for retailers to understand how consumers in their space shop online in order to effectively retain and acquire customers. Instead of trying to utilise all available outlets, retailers should understand their particular customer niche and develop strategies unique to them. In an environment with tight consumer wallets and even tighter marketing budgets, retailers cannot afford to invest their money in resources their customers don’t use. Compete’s Online Shopper Intelligence study provides useful insights into the online shopping experience.
From instant price comparisons, to first-hand consumer reviews, to video demonstrations, shoppers have a plethora of information about any product only a click away. And indeed, consumers are taking advantage of this wealth of information. For instance, every month, over 80 million consumers use shopping comparison sites. Some sites, like Cnet, Yahoo! Shopping and Bizrate, each attract over 20 million shoppers. In fact, only 6 percent of consumers surveyed as part of the Compete study indicated that they conducted no research prior to their last online purchase. So, among the myriad online resources available, which do shoppers use most often?