Despite claims that the retail sky is falling, traditional retail continues to account for most consumer purchases. And there’s plenty of reason for that.
Sure, consumers are comparing prices online. Their mobile devices allow them to walk into your outlet, look at the prices of your products and conduct an online search to ensure that your price point is in line with competitors’.
But that’s not the end of the world.
This post explores the importance of price points and why you may have an edge, even if the price of your items may not be the lowest.
Content counts.
While consumers are conducting price checks, they’re also using their trusty mobiles to research the content of products, location of manufacture and other considerations increasingly important to the modern consumer.
Nobody wants to contribute to sweatshop labor and nobody wants to eat something which contains mystery ingredients they can’t pronounce. Consumers now are looking at more than price. They also want to know that what they’re buying is ethically produced, nutritionally sound and of a quality that merits buying it.
Product reviews.
Something else today’s savvy consumer wants to know about products is what their fellow consumers think of them. Online reviews have incredible clout when it comes to customer conversion.
Reviews read online are the “word of mouth” of the 21st Century. Regardless of what you’re selling, your customers want to know about the experiences of other shoppers. In fact, positive reviews have been found to be the most important factor influencing conversions.
Keeping that mind is crucial to your success and something you should always be aware of. That means tracking online reviews of the products you’re selling, as well as reviews of your outlet. In today’s market, those reviews drive a great many sales.
So, does price matter?
Sure, it does! But it doesn’t matter as much as many would have you believe. While consumers continue to be price conscious and certainly perform comparisons, price is only the third most important deciding factor in consumer purchases.
Reviews are the primary driver of consumer conversions, with product content coming second and finally, price.
Today’s market realities are smashing conventional wisdom about consumer behavior and decision-making. An awareness of what really matters to your shoppers is how you’re going to succeed, moving forward. Once again, the Trifecta of 21st Century Consumer Conversion is organized in terms of importance, like this:
- Consumer reviews
- Product content
- Price
Shoppers are willing to pay a little more for products which respond to their need for ethically-produced products and products of a high quality, conforming to their preferences. They care what other people think and take reviews so seriously, that this is the number one deciding factor driving conversation.
Bringing up the rear is price. While price still matters to consumers, reviews and content are front of mind in their purchasing decisions.
Clip Strip Corp. is a leader in retail POP display supports which create sales floor consistency and a premium consumer experience.