Today’s “super shoppers” can either make or break an online retailer.
A Worldpay survey released Monday found that just 13 percent of the world’s consumers generate nearly two-thirds (62 percent) of global revenues for physical products purchased online.
Compared to the remaining 87 percent, this group of super shoppers spent $372 billion in a 12-month period, versus $231 billion. In addition, 85 percent of super shoppers buy something online on a weekly basis or everyday (15 percent). With this in mind, e-tailers are advised to support all payment methods, offer goods that reflect quality and value, and establish seamless checkout experiences.
The United States is home to a small niche of super shoppers, with a mere 18 percent of the nation’s Internet users falling under this category. Of those, less than half (48 percent) said that credit cards were their top payment method, while 52 percent of global super shoppers had the same preference. For the checkout process, if their preferred payment method was unavailable, 72 percent of American super shoppers would abandon their purchase, compared to 52 percent of their global peers—most of whom said they would buy the same item from a different website while 17 percent went out and bought it from a brick-and-mortar store.
According to Tim Denison, market research firm representative for Ipsos, super shoppers are “unconstrained by time and able to satisfy their cravings for instant gratification any time of day or night,” and they, “take the time and trouble to research the best products and find the most competitive prices available, relishing the process as well as the output.”
With super shoppers on the rise, e-tailers may have to revamp their strategies by stepping up their digital presence and winning over consumers’ budget preferences.
“Instead of trying to appeal to the richest shoppers with luxury merchandise and premium price points, online retailers should focus on offering an array of quality goods at a fair price that delivers high perceived value,” said Monica Eaton-Cardone, chief operating officer at Chargebacks911.
She also suggested that the more payment methods that are accepted, the better the chances of closing a sale, but that e-commerce businesses should offer 24-7 live support as well as flexible refund policies to prevent fraud incidents.
“Some consumers resort to chargebacks when they’re dissatisfied with a merchant’s policies or their purchase experience, or because they’re unable to reach a customer service rep after hours,” Eaton- Cardone said. “By working to improve customer satisfaction and proactively identify and mitigate fraud, online retailers can optimize profitability while attracting and retaining these sought-after super-shoppers.”