High earners more likely to research a product online before buying, finds new study
High earners are much more likely to research a product online before making a purchase new research has found.
A study by Hitachi Consulting UK has revealed those individuals surveyed who earned over £100,000 per year said that they “always” looked for information online before making a purchase.
In addition, 43% of the same high earners regarded recommendations received through social media sites as “very important” when choosing what to buy, compared with just 24% of 18-24 year olds. They also considered a positive in-store experience as being “especially important” with 80% revealing that poor customer service would be enough to prompt them to leave a shop, even if they had the money to hand and the item that they wanted was in stock.
The survey of 1,000 UK consumers aged between 18 and 55+ was in support of Hitachi Consulting UK’s research into the ‘Shopping Particle’, the term used to describe the exact moment in every retail transaction when the customer makes the decision to buy a particular product, whether online or in-store, at a particular price and from a particular retailer.
Never Miss a Retail Update!The study gauged consumers’ perceptions and preferences on different aspects of the shopping experience.
Chris Gates, director of retail at Hitachi Consulting UK, explained: “With so much information now available, today’s retailers have the perfect opportunity to see the shopping experience through the eyes of their customers and to understand their wants and needs like never before. For retailers, this level of insight is crucial, as it will enable them to understand their consumers’ preferences and to create a personalised experience that delivers the right information at exactly the right time.”
“For example, it may be a surprise to find that so many of Britain’s high earners are relying upon online research and social media sites when choosing which products to buy, yet this is exactly the sort of information that retailers need in order attract and retain loyal customers. All of this information is actually available right now, but retailers will need to take an innovative approach to collecting, organising and analysing all of this data in order to satisfy their customers, strengthen their brand, and boost the bottom line.”
