Physical retail shops are still the most used platform for consumers around the world. But this situation is being rapidly changed due to the advancements in technology. To speed things up, the recent pandemic has contributed tremendously to the shift from physical retail to online business forms. If we rewind back a year, the biggest e-commerce market belonged to the United States of America but now China has taken the lead and many countries are steadily closing the gap as well.
It is high time that the sellers know their targeted customers to give their most desired products as more of their consumers are turning to online shopping for best experience. This is where online shopper profiles come in, it helps the retailers to understand their customer’s online shopping behaviour and adapt a suitable e-commerce business model which will help them boost their revenue by many folds. By collecting the profile of an online shopper, retailers can develop newer e-market strategies focussed on their customer’s satisfaction, hence, yielding more revenue.
Let us now look at the online shopper profile grouped by different categories.
Shopper Profile Based on Nationality
Before we jump right into it, let us get some global numbers out of the way. The e-commerce market size is nearly 4 Trillion currently across the globe. Out of which, the United States alone contributes 300 Million shoppers, which is 91% of the country’s population.
Clearly, America is spearheading the market. Following them are the United Kingdom, Sweden, France, Germany, and Japan. Other notable nationalities include China, Russia, and Brazil. E-commerce markets in many Asian countries have improved in a notably short period of time. This is heavily due to the recent pandemic. But veteran sources have it that this sudden influx in the growth of e-commerce is here to stay and will not drop down immediately.
Shopper Profile Based on Gender
The difference between the amount of Male and Female shoppers is not huge by a margin. Globally, 68% of Men are online shoppers while 72% of women are the same. Though Women win this competition, we are free to say that it is not by a bigger margin. But the main differences in gender show up in the things they tend to purchase online.
Men have more money spent on electronic devices and computer accessories, the number of purchases made by women in this area is low comparatively. Men also outshine Women when it comes to household goods purchases. Whereas Women tend to spend more on clothes, fashion accessories, and learning materials.
To summarize, Men typically purchase heavy-duty and heavy-weight items, while women spend more on day-to-day things such as clothes and groceries.
Mobile Shopping Profile
Mobile online shopping has turned huge in recent days. In fact, it is found out that 67% of users do casual window shopping on mobile as a leisure activity. And out of that, 77% of users are more likely to make an impulse purchase or come right away within one hour to make the purchase.
Globally speaking, 49% of users shop from Mobile instead of a desktop or laptop. Therefore, almost all major e-commerce sites are optimizing their websites for mobile phones. Mobile sales are also dominating by contributing a whopping 54% to the total sales made in the e-commerce industry.
According to recent research, it is found out that 65% of people compare rates online while shopping physically and 51% of people out of this have made the purchase online rather than from the physical place which they originally intended to.
Deserted shopping carts:
The main explanation for discontinuing a grocery cart is Unforeseen expenditures.
56% of the cart abandoning accounts for unforeseen expenses. And that’s also a positive excuse. Nobody wants to be struck by unwelcome surprises right as they are about to shop excitingly.
Be frank and up-to-date with this type of mindset. You might waste time if integrity isn’t your thing. With an expected 68% withdrawal rate, online retailers could lose 3 billion or even more annually.
Some themes appeared in 2018 and continued to be prominent in 2019. One example is chatbots. In the last 12 months, 60% of users have been using chatbots to find responses. And the chatbox is the favorite support platform for Millennials.
A huge part of the reason ai systems are so common is that speed is still part of the picture when customers want a response. It just takes about 11 minutes to feel irritated and hang up while people wait to talk to a support person on the line.
But on the other side, in a few milliseconds, a virtual assistant will reply.
Cyber Monday & Black Friday:
You ought to be ready to go for wild shopping while shoppers prepare for shopping.
Black Friday and Cyber Monday are by now the busiest interactions of each year. Were you aware that this vacation was attended by 174 million Americans in 2018? All spent $335 per person in the household.
However, over the weekend 93 percent of the major consumers, thousands 24-35, expect to buy. As well as the median spent per citizen is $419.52.
The prospect of shopping online (Gen Z)
Even though Generation Z’s original players are now ancient, their influence of expenditure is no chuckle. Marketers must consider the particular desires and buying patterns of this population in order to remain competitive.
This cohort, born after 1998, is estimated to have a purchasing power of $44 billion. 93% of parents state that their Gen Z child has an effect on household expenditure. And within about a few years, 40% of all online buying would be dominated by this era.
The mobile of 95 percent of this population spends about 10 hours or more a day.
In reality, this increase in business to consumers (aka B2C) in India is due to current online shoppers who stock up vital goods because of the coronavirus epidemic and the government lockdown (to check its spread). Thus it comprises 2 other segments, but – except the one that frequently buys through. It will be useful to check – even after the coronaviral crisis has ended, how many shoppers in both segments are shopping online for all their needs.