Many studies addressing consumers’ online vs. in-store buying behaviors miss one critical insight: how consumers research the products and services they want to buy is an entirely different activity than actually buying them. This comes into play especially when one considers upscale products and services and the shopper segments who buy them, which also tend to have higher household incomes.
In a presentation that was recorded at the Luxury Interactive conference in New York City on September 24, 2013, Bob Shullman, Founder of the Shullman Research Center, presented insights gleaned from a recent survey his firm conducted with more than 1,300 consumers about how they shop, with a special emphasis on their researching and their buying behaviors. This presentation focused on how consumers prefer to research what they plan to buy, compared to how they actually research and buy. For those marketers looking to increase online sales, Shullman focused on the obstacles that inhibit consumers from buying online, and what needs to change from the consumer’s perspective to convince them to feel more comfortable buying online. We have the recorded version of Shullman’s presentation for you here.
Shullman’s study looked in-depth at four different segments of individuals: the average American adult (a sample of all American adults with household incomes (HHI) between $0 and $500K; 500 interviews); those with HHI of $75 – $250K interviews (500 interviews); those earning between $250K – $499K (250 interviews); and those earning $500K+ (also 250 interviews). Watch the video here to see the trends that emerged through this comprehensive research, including how comfort levels with online research and online buying change as income levels change.