According to a new study from Bazaarvoice and richrelevance, conducted by JupiterResearch based on a survey of over 800 consumers nationwide, 48% of all online shoppers plan to spend less this year,
but 61% of those reluctant to make certain purchases can be positively influenced by online shopping resources. The study shows that consumers are finding significant value in online content tools
that connect them to the opinions and behaviors of other shoppers. These tools are particularly relevant to shoppers who are cutting back, as those affected by economic conditions seek more validation
for their purchase decisions.
Online shoppers, says the report, will be more reluctant to make purchases in the next 12 months primarily in:
- The automotive sector
- Travel
- Consumer electronics
Planned Spending Reductions in Next 12 Months by Online Shoppers |
Category | % Planning Reduction in Spending |
Auto | 50% |
Travel | 46 |
Consumer
electronics | 43 |
Financial services | 40 |
Fashion and style | 39 |
Durable goods | 39 |
Home improvement | 38 |
Computing products | 37 |
Entertainment | 32 |
Telecommunications | 30 |
Education services | 26 |
Health products | 22 |
Housewares | 21 |
CPG | 14 |
Pharmaceuticals | 14 |
Source: Jupiter
Research/RichRelevance/BazaarVoice, February 2009 |
Consumers looking to reduce their spend are shopping around; 42% visited 3 or more sites to research
their last purchase, and nearly all consumers are spending more time online prior to purchase.
Shoppers who research their purchases online look to content sources that help inspire,
discover, and confirm their choices, including:
- User ratings and reviews
- Recommendations based on other consumers' purchasing behaviors
- Recommendations
based on others' browsing behavior
Multiple Sources Used by Online Shoppers
To Find Products |
Information Source | % of Online
Researchers |
Store/retailer websites | 89% |
Search engines | 86 |
Manufacturer websites | 78 |
User ratings and reviews | 77 |
Purchaser's recommendations | 66 |
E-mail recommendations | 61 |
Best sellers | 59 |
Source: Jupiter Research/RichRelevance/BazaarVoice, February 2009 |
In the 2008 Retail Consumer survey, Jupiter Research found that only 33%
of online shoppers had made up their minds about the price they were willing to pay for their purchase in advance of going online to research. Even fewer began their research having made up their
minds on:
- Which item or title to choose (31%)
- Which brand to buy (23%)
- Which store they would use (16%)
- When to make their purchase
(13%)
This shift in behavior provides retailers with an opportunity to engage shoppers through content that connects them to products and builds their confidence in these carefully
researched purchases.
Brett Hurt, founder and CEO of Bazaarvoice, notes that "... the benefits of user-generated content are amplified in a bad economy... companies have a tremendous
opportunity to provide them with the authentic user-generated content that is proven... "
David Selinger, CEO of richrelevance, concludes that "... Personalized recommendations are
emerging as must-have functionality for 2009, driven by the value they deliver to the consumer experience."
Please visit Bazaar
Voice here for additional information