Customers are a company’s most important resource. A strong and loyal customer base means increased sales and better output. Building customer relationships is very important for business growth. For this, you need to know and understand your customer’s needs and buying behaviour. This is at the core of every successful business. Once you understand your customer’s behaviour, you can use it to attract potential customers, engage the existing customers and sell your products more effectively. Here are five important, yet little known facts about online shoppers.
1. They shop during lunch hours
People are most likely to shop online during their lunch hour. According to Infinite Analytics, an analytics company, 11 a.m. to 2 p.m. is the time when e-commerce websites witness the most traffic. The research also revealed that after 2 p.m., as evening approaches, the traffic starts to peter out. The least traffic is during the morning hours.
For sellers, this is good insight into customers’ shopping behavior. If you are listing new products or employing product ads to promote your products: plan in advance to ensure that your products gain maximum visibility. This is also a strong indicator as to when to roll out the discount offers. Most e-commerce platforms trigger their discount sales to coincide with these timings. So, it is a good idea for sellers to participate in these campaigns to increase sales.
2. COD still holds sway
According to Ernst & Young, Cash on Delivery (COD), is one of the key growth drivers of e-commerce and accounts for 50% to 80% of online transactions in India. COD is a risk-free transaction for a customer who is still testing online shopping.
Many shy away from sharing their credit card or debit card information online. Also, slow Internet connectivity and complex online transaction processes can make the buying experience quite a task. COD makes people more comfortable about shopping in online stores. Payments are made only after the product has been delivered at the doorstep, thereby mitigating any risks of losing money.
3. It’s all about discounts
Everyone loves a good deal. Discounts are one of the major factors that attract people to shop online. In fact, a recent study conducted by YourStory in collaboration with Kalaari Capital, revealed that 32% of Indian shoppers viewed a product catalogue online at least once a day. The study also indicated that there is a pattern where customers are making many impulsive and unplanned purchases based on what they like while browsing. The same study found that 74% of shoppers preferred shopping online because of discounts!
4. Your customer is most likely a woman
Women in India are becoming financially and economically more powerful and their purchasing power has increased. According to Ernst & Young’s recent article, Gender Inclusiveness: Women’s Growing Role in the Buying Decision, urban, earning women already form an important consumer segment and a significant market for the e-tailing industry in India.
Today, Indian women are increasingly influencing buying decisions and contributing to the economic prosperity by becoming a fast-growing consumer market.
A report commissioned by PE fund Everstone Capital reveals that women will make India 25% richer by 2025 by making a significant impact as consumers. For a seller, this means increased potential. Sellers can build a large and loyal consumer base by engaging women customers and selling products under women-specific categories.
With increased awareness on what influences your customer’s buying decision, you can enhance the buying experience by meeting their expectations and needs. Understanding your customers can also help you identify risk factors that cause customer churn and implement measures to preempt it. Moreover, you can pinpoint all selling opportunities, enhance brand loyalty, reputation and acquire new customers through word-of-mouth marketing.