1. 81% of consumers conduct online research before buying.

Today’s shoppers are resourceful creatures. At the mall,
they’re scanning barcodes into their smart phones. They’re
trawling through online reviews. They’re also comparing prices
and delivery options to find the best deal. According to an
infographic compiled by MineWhat.com, 81 percent of shoppers
won’t make a purchase until they’ve researched online. Gone are
those days when customers would blindly buy from retailers they
trust. Today, shoppers will search for the best price, or the
best customer experience, or the fastest delivery, and they
don’t care who offers it.

2. 77% of consumers say they retract their loyalty faster.

Despite the estimated $90 billion a year that US marketers
spend on non-cash-reward loyalty programs, old loyalty results
are waning. According to new research by Accenture, 77 percent
of consumers said they retract their loyalty faster today than
they did three years ago. In the same survey, US Millennials
aged 18-to-34 said that their purchasing decisions were based
on factors including: product experience, data security,
customer-service experience, and even corporate social
responsibility.

3. 68% of consumers never come back for a second purchase.

Have we entered the age of one-hit-wonder shopping? Magento
Business Intelligence conducted research that revealed 68
percent of consumers never return for that second purchase.
What’s more, there’s a mass abandoning of loyalty schemes being
felt across all markets. A reported “millions” of customer
loyalty points are left dormant in hotel and airline accounts
right now, as customers search for better deals elsewhere.

These statistics might seem scary, but at Magento we see an
opportunity. Consumers have tons of information at their
fingertips, but so do businesses. It’s time for the modern
merchant to think like a customer, and use data to gain a
competitive advantage.

Effective, data-driven organizations can use technology to
learn more about what their customers want. You need to learn
who they are, where they came from, when to best re-engage
them, and the products they tend to buy at each transaction.
And that’s just the tip of the iceberg.

This isn’t easy. It requires regular analysis of transactional
data, and augmenting it with third party data sources including
advertising channels and Google Analytics. There is one easy
and affordable solution that does all this (and plenty more).

Join Bob Moore, head of Magento Business Intelligence, for
Magento Business
Intelligence
 Essentials deep dive webinar
on August 22, 2017
. Register now!