New Research: The 2017 Consumer Trends Report

January 31, 2017
 

Kibo is pleased to share our newest research on consumer desires and expectations. As a follow up to our consumer trends report from last year, the 2017 edition sheds more light on the customer and helps demystify the kind of technology needed to provide shoppers with the experiences they want.

Kibo’s Consumer Trends Report, 2017 Edition
Many organizations have omnichannel plans or implementations in progress, and this year’s report explores the pulse on consumer trends to help business decision-makers determine and understand how to best move forward with omnichannel initiatives as they head into 2017. Most specifically, this year’s survey revealed the following:

  • 94% of consumers do research online before visiting a store
  • 81% of consumers said they have looked up inventory on a retailer’s website before visiting the store and 80% are less inclined to visit a store if a website does not provide current product availability
  • 92% of consumers reported interactive content influences them to make a purchase. In the past six months, 93% of consumers have reviewed product ratings before purchasing an item

What is the number one factor influencing purchasing?
Between choice of payment, brand of website retailer, brand of product, online shopping experience, speed of delivery, range of delivery options, and price, 70 percent of consumers said price is the most important factor when making purchases online. Product brand is the second most important factor— influencing 12 percent of consumers—and retailer brand the third most important factor at six percent. The results this year are quite similar to last year when looking for the number one factor influencing purchasing. Price is the clear winner for two years in a row, showing a trend in the direction of price over loyalty.

While price is the number one factor in the above options influencing purchasing, our research discovered other factors that influence a customer on their path to purchase. In the 2017 Consumer Trends Report, learn more about the importance product reviews, personalization, and simplified shopping carts play in the buyer’s journey.

Finally, many in the industry are accepting the importance of a cohesive online and eCommerce strategy that drives consistent experiences for their customer (as evidenced by the first two stats of this blog). This report’s recent results point to the desirability of a unified omnichannel shopping journey giving equal importance to both. The report goes into detail about how the consumer is using omnichannel in store, their fulfillment expectations, and their reasons for using Buy Online, Pick-Up In Store.

As consumer behaviors, expectations, and demands continue to rise, the retailers and manufacturers equipped with the latest data will stand to win in the new year. Gain full access to all the research by downloading the report here.