Merchants Need to Keep Up With Evolving Consumer Expectations
Consumers continue to shop, albeit more conservatively, in spite of cost-of-living increases. Worldline, in partnership with Retail X, released a report, “Expectations of Online Shoppers: Today, Tomorrow, and Beyond,” which dives into how consumer demand is evolving and how businesses can keep up.
The study surveyed 1,000 consumers in France, Belgium, Portugal, Spain, the UK, and the Netherlands. For the most part, the data found that customers are price sensitive, with 56% of respondents saying they were making fewer purchases. And when shopping, many said their main focus was on value. In Portugal, more than 50% of respondents noted using more coupons and discounts than before.
Because value and price sensitivity is at the forefront of spending, shoppers have looked to cross-border commerce. According to Worldline, roughly half of respondents surveyed said they shop outside of their own markets, at least several times a year. This shopping behavior was seen mostly in Portugal and the Netherlands .
Millennials were most likely to engage in international shopping compared to their older and younger co-horts. Nearly three-quarters (71%) of respondents in this demographic said they shop internationally several times a year, compared to 60% of Gen Z who agreed.
Convenience was also top-of-mind for many consumers. Nearly a third of respondents said that mobile payments have made it easier to keep track of their spending.
Online Shopping Trends In The U.S.
In the U.S., convenience is also the driving force behind online shopping. According to separate data from Adtaxi’s Annual E-Commerce Survey, 79% of U.S. consumers cited convenience as the reason for shopping online. That’s because it offers them a lot of flexibility, including being able to compare prices, look at consumer reviews, and find coupons, which is not often easy to do when shopping in-store .
Similar to Worldline’s findings, Adtaxi also revealed that many consumers rely on mobile for their online shopping needs. Some 78% of respondents said they used their mobile device when making online purchases.