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Retail Intelligence

Price Is Deciding Factor For Consumers Making A Purchase

According to a new report by e-commerce partner Webloyalty, price is the 'deciding factor' when it comes to consumer purchasing decisions.

The report, entitled The Unfaithful Consumer, surveyed 1,496 Irish adults to decipher the issues affecting consumer brand loyalty and found that almost three in five (57%) say they will shop around to get the best price.

When it comes to determining where to shop, just under half (45%) will seek out retailers offering the best bargains. The benefits of online shopping continue to be poplar among shoppers, with 51% saying they will first visit a physical retailer and then search online to find a more competitive cost. However, when it comes to online shopping, the cost of delivery is a big turn off, with 15% of consumers admitting as much.

However, the report also found that consumers look for more than just a competitive price when making their purchasing decisions.

According to the Webloyalty report, 58% say that a price increase of more than 10% would make them switch to another provider and rude staff would drive over half (57%) to take their custom elsewhere. A dirty store is also off-putting for 41%, while failing to have any online ordering facility was identified as an issue for almost a fifth (19%) of respondents.

When it comes to finding out about brands or retailers, over three quarters (76%) of shoppers admit they are influenced by reading website and social media reviews while over half (54%) will base their purchasing decisions on online customer reviews.

Commenting on the research Guy Chiswick, Managing Director of Webloyalty Northern Europe said, “This report is very telling of the consumer mindset when deciding where, and from whom, to buy. Today we are really spoiled for choice and an all-round great shopping experience is key to maintaining and building a loyal customer base.

"Retailers must consider the whole shopping experience, from price to customer service to physical presence. Price may well be the ultimate deciding factor, but the path to purchase is paved with lots of obstacles. The report clearly shows that poor customer service, high delivery costs or an unkempt store can quickly drive customers through competitor’s doors,” he added.

© 2016 - Checkout Magazine by Niall Swan

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