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Consumer Buying Habits All Business Owners Need to Know

May 9, 2020 by in category eCommerce, Industry Solutions, Web Design tagged as , with 0 and 1
Home > Blog > eCommerce > Consumer Buying Habits All Business Owners Need to Know

Identifying consumer buying habits can give you an edge and help you spread brand awareness.

If you’re like many marketers and business owners, you want to find a way to deeply connect with your target audience. Resonating with customers means you need to understand their goals, pain points, and struggles as a consumer. As a result, you’ll have an easier time creating products that match their needs.

The first step to understanding the people who visit your website is to take a look at how they make buying decisions online. Individual industry statistics can vary, but the numbers we are going to look at today will help you find new ways to forge connections with your audience while analyzing their buying habits for future campaigns.

Let’s dive in!

60% of People Abandon Their Cart for 1 Reason

Shopping cart abandonment is one of the most common problems that eCommerce businesses face. Potential customers land on their website, browse the storefront, add some items to their cart, then leave and never come back.

It turns out that generally, 60% of people that abandon their shopping cart do so because of extra fees like taxes and shipping. There are several reasons why this can occur. For instance, are you adding shipping on to the order right before you ask for their credit card information? If so, that could have a significant impact on how many people abandon your checkout page.

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Resolve these issues by showing the item price with tax and shipping directly from your online store. Showing consumers their total from the start will help them avoid surprises and encourage them to complete their order.

Additionally, you can start a retargeting email campaign where you reach out to customers that sign up for an account but don’t complete their order. It’s acceptable to send about 3 emails during the first week of abandonment. You can even add an extra discount to give them one more reason to come back and finish checking out.

Blog Content Builds Trust and Encourages Sales

Content marketing is a vital pillar you need to grow your business. Customers are less interested in simple storefronts, and more invested in companies that create interactive experiences with diverse content through social media, email, and on their website.

Blog content is a great way to not just encourage sales, but build trust with your audience. Your articles will show people browsing your online store why they should have faith in your brand. It’s easy to say, “try this product,” but you must give consumers a reason to trust your recommendation.

You can also build your SEO ranking by creating an evergreen blog that features information relevant to your industry. As more people search for the keywords you used in your post, the more traction you’ll get from Google, which helps with traffic and sales.

56% of Social Media Users Experience FOMO

Are you familiar with the acronym FOMO? FOMO stands for Fear of Missing Out, and it’s a psychological phenomenon where people are more likely to buy a product because they don’t want to miss out on the experience.

FOMO can occur for several reasons. The most common instance takes place on social media, where users are always sharing new products and experiences. As a result of all of the sharing, a whopping 56% of social media users experience FOMO.

Building social proof can help cement these ideas and encourage consumers on the fence to complete their order. You can build social proof by adding testimonials to your website, or by encouraging existing customers to leave reviews on your website. These social cues help show consumers that they are making the right choice by shopping with your company.

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Personalization Results in More Engagement

Finally, it’s important to note that consumer buying habits are often determined by personalization. Personalization is the process of creating marketing campaigns that are based on how you segment your leads. For example, you could segment consumers based on their location or the content they browse on your website.

Research shows that 99% of marketers say personalization improved customer relationships. If you want to build meaningful connections with your target audience, you have to appeal to their individual pain points and goals.

Extensive customer research can help you create personalized content. Once you have an understanding of the people visiting your website, you can create segments based on their demographics or behavior on your website.

Back to You

As your business grows, you’ll have to continue researching and updating your customer profiles. The buying habits of your visitors will change as more people start engaging with your site.

Identifying consumer buying habits can give you an edge and help you spread brand awareness while establishing yourself as a reputable figure in your industry. Remember that this kind of development doesn’t happen overnight. You need to spend time learning and fine-tuning your marketing strategy, but you can use this information to exponentially grow your brand.

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