Written by Giselle Abramovich, Senior & Strategic Editor at CMO.com:
Online shopping has become a multibillion-dollar revenue stream–not to mention it has completely turned the path to purchase on its head.
What retailer doesn’t want a piece of that growing pie? This is where multichannel marketing comes into play. Any successful online marketing strategy, however, begins with understanding–and then catering to–consumers’ various shopping patterns and preferences.
To start you on your way, here is a glimpse into the online purchase habits of the modern-day shopper.
1. Online shopping retail sales are predicted to grow steadily to $370 billion in 2017, up from $231 billion in 2012.
2. Consumers ages 25 to 34 lead the way in smartphone usage in-store, comparing prices, reading reviews, buying products, and engaging with brands on social media while in physical stores.
3. Seventy-two percent of Millennials research and shop their options online before going to a store or the mall.
4. Nearly 50 percent of Millennials say they regularly browse for items that they don’t necessarily plan on buying. Thirty-six percent say they only buy items they deem necessary–for which one-third are willing to pay full price.
5. Online retail revenue saw an 11 percent year-over-year growth rate for the first quarter of 2014, with online orders up 13 percent compared to the same quarter last year.
6. In the first quarter of 2014, retail revenue generated via a mobile device was up 35 percent over last year’s first quarter, with mobile owning 13.7 percent of total e-commerce orders in Q1 2013 compared to 18.5 percent during Q1 2014.
7. Adults 50 years old and above represent the Web’s largest constituency, comprising one-third of the total 195.3 million Internet users in the U.S.
8. Two-thirds of Americans 50-plus buy from e-retailers online.
9. Forrester found that more than three-quarters of 57,499 U.S. online adults surveyed had ordered products or services online. And while Gen Y adults (ages 24 to 32) are the most likely to have done so, Gen Xers (ages 33 to 46) spend the most.
10. With an average $561 in spending, Gen Xers spend about 15 percent more online than Gen Yers ($489), and roughly 25 percent more than the average online adult ($449).
11. Overall, satisfaction with online shopping is high, at 83 percent. However, it drops below 50 percent when shoppers are asked about, specifically, flexibility to choose delivery date; ability to choose a specified time of day for delivery of purchase; flexibility to reroute packages; and a green shipping option.
12. Indeed, today’s online shoppers are looking for a variety of flexible options from retailers; 62 percent also want to buy items online and make returns in-store, and 44 percent want the ability to buy online and pick up their purchases in a store.
13. Online shopping hit $2.29 billion in sales this past Cyber Monday.
14. Digital interactions influence 36 cents of every dollar spent in the retail store, or approximately $1.1 trillion total.
15. Eighty-four percent of store visitors use their mobile devices before or during a shopping trip. Twenty-two percent of consumers spend more as a result of using digital; just over half of these shoppers report spending at least 25 percent more than they had intended. And 75 percent of respondents said product information found on social channels influenced their shopping behavior and enhanced loyalty.