6 Things You Didn’t Know About Online Shopping
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Are you an online shopping enthusiast? If so, you’re certainly not alone. With the rise of online shopping, the global e-commerce market is growing at an incredible rate leaving traditional retail behind. With this comes several fascinating facts and figures you may not know. In this blog, we’ll look at 6 key things you may not know about online shopping. So, let’s get started!
Online shopping: Some unheard facts
Just like the Black Friday concept of the retail stores across the US that signify a shopping holiday by offering deep discounts to the customers generating huge sales, the online shopping fraternity has coined the term ‘Cyber Monday’. It refers to the Monday after the Thanksgiving weekend. It is a?24-hour shopping?event dedicated to online shopping. The concept has deeply influenced the sales figures of online businesses that have mushroomed in every nook and corner. Sales and discounts along with coupons, offers and promo codes go a long way in escalating sales of online businesses.
Nothing can be more attractive for customers if they don’t have to shell out that extra penny as a shipping charge. Online shopping has gained popularity all over due to the convenience it offers. With online shopping, the hassle of visiting the physical store no longer exists. Zero shipping is another welcome incentive for customers to make online purchases. Online retailers are experimenting with a host of things like discounts, price-slashing, BOGO sales to attract online clientele and drive up sales figures. One way to entice online shoppers is to offer them free shipping on volume sales. As per statistics, 55 percent of shoppers are likely to purchase if free shipping is offered.
The risk of personal and financial data leak is omnipresent in online shopping.?
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This is a big dampener for online sales. The security of the network used for shopping is supremely important. Though internet scams and cybercrime are rampant, they should not desist you from online shopping. By adopting some safe online shopping techniques like using a secure connection to make online purchases, knowing the merchant’s reputation, not falling prey to too-good-to-be-true offers and using an SSL-certified platform for purchase, one can avert any security risk associated with online shopping. As per figures, less than 20 percent of shoppers trust the internet for shopping.
With the advent of digital marketing, businesses have capitalised on the social media footprint of prospective shoppers. Popular platforms like Facebook, Instagram and LinkedIn have been exploited by small businesses and start-ups which cannot afford sky-rocketing advertising costs to drive sales. With this generation of shoppers that is ever present on social media, these platforms are a blessing for online businesses. These platforms provide the option of running paid ads in different formats to reach the right target audience using various demographic filters. Also, the computer algorithms of these platforms read the customer’s online behaviour and retarget them with the same ads over and over.
Online shoppers exhibit a Veruca Salt mentality when they shop online. Shopping is no longer confined to the fulfilment of needs and wants with online shopping. We often end up buying stuff that we may not need but just because it has an attractive offer linked to it, we make the purchase. Such impulse buying has increased drastically with the invasion of online shopping. All of us want instant gratification of wants and businesses have profitably exploited this by offering offers, discounts, same day delivery, and free shipping. This is enough to generate the craving for the product in the customer.
A customer adding a product to a cart and abandoning it midway without making the purchase is a constant challenge faced by many online businesses. The shopping cart is a wish list for online shoppers with many customers not returning to the cart to complete the purchase. About 70 percent of shoppers engage in such behaviour. Businesses try really hard to keep the customers hooked to their platform often with product variety, discount offers, flash sales and engaging content. But abandonment of the shopping cart is an unpredictable consumer behaviour that market researchers are continuously trying to assess.?
Online shopping has revolutionised the way we shop, making it easier and more convenient to buy what we need without having to leave the house. From the comfort of our own homes, we can now browse through thousands of products and purchase what we want at the click of a button. But there’s more to it than meets the eye. There are several things about online shopping that you may not have known.?