New research commissioned by Mirakl, the leading global marketplace solutions provider, has found that while consumers across Western Europe are shopping more than ever, they are increasingly on the lookout for a bargain and not afraid to shop around. Eight-five percent of 25-34 year olds say they often check the price of an item on Amazon before completing their purchase elsewhere, and 71% of shoppers admit they have stopped shopping with a retailer because another website offered a better price.
Young professionals were the most demanding shoppers, with 32% saying they shop with more than 5 retailers a month on average (compared to 20% of Gen Z saying the same and 21% of shoppers aged 55 and over). And if a retailer fails to deliver, they aren’t afraid to talk with their feet; 89% of consumers say they have experienced an out-of-stock product with 73% completing the purchase at another retailer website. One third vocalised that this makes them less likely to shop with that retailer again in the future.
With the increase of the on-demand and platform economy, more and more customers are looking for retailers to offer complimentary services alongside their products. Sixty-four percent of 25-34 year olds said they would be interested in purchasing services alongside their goods, such as installation for a washing machine, tennis lessons alongside new rackets or beauty services alongside make-up items.
For Mirakl, the responses demonstrate the need for retailers to focus on providing better product choice at competitive prices, and consider how they can provide even greater value by offering related services.
Key findings from the survey, canvassing 1,000 shoppers in the UK, Germany and France in February 2018, can be found below:
- 92% of consumers shop around to find the best price with a quarter saying they always do this
- 85% check prices on Amazon before completing purchase elsewhere
- 68% of shoppers admit to adding additional products to their online cart they didn’t intend to buy when they started their shopping session.
- 77% of 35-44 year olds have stopped shopping with a retailer because a competitor offered better prices
- 62% of 18-24 year olds have stopped shopping with a retailer because a competitor offered a greater selection of products
- 89% of shoppers have experienced an out-of-stock, with a third saying they are less likely to shop with that retailer again.
Nick Bareham, Mirakl, UK Country Manager, commented: “It’s clear that even in the experience-led world of modern shopping, consumers still seek a bargain. And with Amazon increasingly becoming the first destination for product searches, the risk to UK retailers is that they never get the chance to win the sale. The good news is that when offering choice and competitive prices, the research suggests consumers will remain loyal to a handful of sites – suggesting it’s not too late.”
Retailers should focus on delivering value for their customers, going stock-less can eradicate those out-of-stocks which result in a poor customer experience and if they aren’t already, consider offering services alongside their products to upsell customers at the crucial time.”