Friday, December 19, 2014

Customer Decision Making Process: What information drives consumers' online buying decisions?

Interesting blogpost I found from Forrester's website. This Christmas season is obviously crucial for most retailers results. The shopping frenzy makes it one of the busiest time of the year for retailers. More and more, customers tend to shop online instead than in malls and stores. But what information drives customer to shop online. What are the key information that will trigger the sales for e-retailers. Here is an interesting chart: 
What is interesting, is how there key aspects of the decision making process need to be taken into consideration into the website's strategy. Hence, by advertizing clearly the information about the shipping costs, customer reviews, product information, and clear return policy, one e-retailer will limit the bargain of buying online, and hence maximize the chance the customer to buy online.

Especially, if these information are clear, it will limit the risk the shopper to go to different online stores to compare, which is a real risk in the e-commerce world.

Also, what is interesting, is to see that brick&mortar retailers, which are facing high competition of e-retailers, should actually leverage this information. Thanks to mobile technology, they are able now to provide a lot of information on product reviews, and product information on store. They also have most of the time clear return policy, which is easier as you may deposit it in the nearby store.

Very interesting stats.