New research from Mirakl shows that inventory and product selection are essential to customer loyalty as 98% of shoppers will do the same or more online shopping this holiday season
BOSTON, PARIS, LONDON – October 2, 2018 – Mirakl, the leading global marketplace solutions provider, today announced survey findings showing that online holiday shopping will rise in 2018 and be increasingly dependent on enhanced online product selection and inventory availability. The Mirakl Holiday Season Shopping Survey 2018 studied the 2017 behaviors and expected 2018 behaviors of holiday shoppers across the U.K, U.S. and France, as well as the factors that will generate greater online customer satisfaction during the upcoming holiday shopping season.
Ninety-six percent of respondents carried out at least a quarter of their holiday shopping online last year. Additionally, the report’s findings concluded:
- Among the age groups surveyed, 25 to 34-year-olds did the most online shopping last holiday season with 55% doing more than three quarters of their holiday shopping online.
- Fifty-three percent of U.S. and UK shoppers do more than 75% of their shopping online, compared to 41% of French shoppers.
- Nearly 40% of online shoppers experienced an item being out of stock while shopping on a retailer’s site; 80% of these shoppers defected to another retailer’s website to purchase the product.
Moving forward, over a third of shoppers plan to do more gift buying online this year; this figure rises to half when looking at 18 to 34-year-olds. Pricing and selection are key factors in a consumer’s purchasing decision. With time an increasingly precious commodity, shoppers expect retailers to be a one-stop-shop, offering complementary lines, related products and a wide selection per category. Unfortunately, this isn’t always the case:
- Nearly 40% of shoppers, including 45% of UK shoppers and 42% of U.S. shoppers, encountered a retailer’s website lacking a product or range of products that they expected.
- Fifty-five percent of consumers have stopped shopping with a retailer because a competitor offered a better selection of products (70% of Gen Z shoppers have done so).
- Eighty-six percent said last year they checked prices on Amazon before completing the purchase elsewhere.
These findings point to the significance of product range and availability, and the need for retailers to provide contingencies for popular products. Retailers can utilize an online marketplace strategy to close the assortment & availability gaps, without overhead, and can also drive more store traffic by letting customers ‘click and collect’ marketplace orders. Additionally, marketplaces make it easy to test new products and brands at no risk, and marketplace sales offer a higher profit margin than dropship or owned-product sales.
“This research offers valuable insights into the benefits of a superior product selection and inventory as retailers approach their most important season,” said Adrien Nussenbaum, U.S. CEO and co-founder, Mirakl. “The results make it clear that retailers must give their customers the choices they want in order to thrive amongst online competitors during the holidays. We believe that the best way to do this is by leveraging a network of sellers to quickly and easily expand your product and services assortment – avoiding inventory and overhead costs.”
About the Survey
Consumer survey conducted by Research Now asking 1,532 shoppers across UK, France and Germany in February 2018.
Mirakl powers your platform business strategy by allowing you to quickly launch an online marketplace. Marketplaces allow companies to easily add products and services by connecting third-party sellers and service providers. The Mirakl Marketplace Platform automates the hard things about marketplace management: Seller onboarding, service quality control, and order distribution; on a turn-key solution that’s easy to integrate into any e-commerce platform. Mirakl Catalog Manager makes it easy to manage product data quality at marketplace scale. Over 150 customers in 40 countries trust Mirakl’s proven expertise and technology including Urban Outfitters, Hewlett Packard Enterprise, Best Buy Canada, Carrefour, and Walmart Mexico. For more information: www.mirakl.com
Ketner Group Communications (for Mirakl)