Persistent inflation is pushing online shoppers to change their buying habits and hunt for deals, with nearly two-thirds of consumers having reported adjusting their online shopping behaviors due to rising prices.
Changing Consumer Behaviors
- Coupon Stacking and Reselling: About half (48%) of respondents said they’ve considered stacking multiple coupons or reselling highly desired products to save money.
- Top Spending Categories: The highest online spending categories are groceries, clothing, and home goods.
- Persuasive Factors: Free shipping (63%), affordable goods (61%), frequent sales (36%), free and straightforward returns (34%), and loyalty incentives (33%) are the top factors that persuade online shoppers to buy from a certain brand.
“The cost-of-living increase means that consumers are fundamentally altering their online shopping habits, brands that want to maintain customer loyalty and value in this macro environment must evolve, too. From the simple – but important – perks to the full checkout experience, consumers want more and better from their favorite brands.”
Doriel Abrahams, Principal Technologist at Forter
Private-Label Surge
As shoppers seek out bargains, many are turning to affordable private-label brands. The Food Industry Association’s recent Power of Private Brands report found that 55% of grocery shoppers have purchased more store brands over the past year, compared to just 28% who bought more name brands.
With inflation showing no signs of leaving, online retailers must adapt to shifting consumer behaviors and preferences. Offering competitive prices, promotions, and perks are key to retaining customer loyalty in the current economic climate.
Dia´s Weekly Download Edition #18
