As part of our state of the industry series, we gather the latest trends and insights in retail and summarise that data as key stats that marketers can digest easily and quickly. Our March edition covers everything from why we buy online, what we buy online, how we decide what to buy online, the role of mobile, how retailers are tackling current challenges and opportunities, and an outlook on online buying in China and the USA.
Following a tough 2018, retailers are now faced with the challenge of accurately measuring online and offline attribution among a customer base that is more demanding than ever. Today’s customer expects a frictionless, efficient online customer journey that prioritises speed, quality and experience. In order to thrive, marketers need to be aware of the latest trends that are defining how customers are interacting with brands online and forming their purchase decisions. Here are some of the key findings in our latest report:
- 73% of consumers are more likely to purchase a product or service if they can watch an explainer video beforehand
- Men spend 68% more time than women online, and are more likely to buy higher-priced items such as luxury products and electronics; on the other hand, women tend to buy more lower-priced items, such as cosmetics and food
- 57% of consumers rate price as a key influencer when deciding which website to buy from, followed by enhanced delivery options and easy return policies
- By 2021, 72% of all eCommerce will take place on a mobile device
- Global annual spending on artificial intelligence (AI) by retailers is estimated to reach $7.3 billion by 2022
- 51% of Americans prefer to shop online, and 96% of Americans have made at least one online purchase in their life
- China has leapfrogged the US to become the largest eCommerce market in the world and accounts for 83% of all online retail sales in the Asia Pacific region thanks to brands such as Alibaba and JD.com
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