The 10th annual Accenture Holiday Shopping Survey reveals that consumers will shop at multiple retailers to find the best price The vast majority check Amazon.com before looking or buying elsewhere.
Amazon is the Google of online shopping. It is surprising that we did not start to say "amazoning" instead of "shopping" yet. The just released Accenture Holiday Shopping Survey(*) reveals that 84% of shoppers this year said they check Amazon.com before looking or buying elsewhere. Amazon has the first chance to make the sale in a vast majority of online transactions.
Amazon is probably already leveraging this privileged situation. The lowest price does still matter to a lot of consumers. This is why you often find Amazon products show the same price that competitors offers. There is a lot of analytics going on in the background to make that sale.
The Accenture Holiday Shopping Survey also found that 42 percent of consumers this year said they rarely or never expect to pay full price for an item during the holiday season.
In addition, two-thirds (67 percent) said they will purchase items from different stores or websites to get the lowest price, and nearly three-quarters (72 percent) said they would be enticed by promotions or coupons to shop at a store they have not used in the last year.
“The good news is that U.S. consumers plan to spend more and are increasingly willing to share personal information to receive offers – but they remain focused on frugal bargain hunting,” said Jill Standish, senior managing director of Retail at Accenture. “The clear opportunity for retailers is to learn all they can about their customers and use these insights to provide the personalized and timely deals consumers are seeking. By optimizing inventory and marketing, they can increase the profitability of each customer visit to their store or website and maximize each click.”
Approximately two-thirds (65 percent) of survey respondents plan to shop on Black Friday 2016 and 36 percent of shoppers believe the best deals will be available on that day. A slightly smaller percentage (47 percent) of shoppers are likely to shop on Thanksgiving Day/night but 72 percent plan to do so online (versus 60 percent in 2015).
The trend of keeping stores closed on Thanksgiving Day is according to this survey not what consumers want. Only 25 percent of shoppers believe that Thanksgiving should be spent with family versus holiday shopping. This percentage was even lower for 18-24 year olds (just 17 percent).
The number of people who said they plan to shop on Cyber Monday increased 11 percent this year, to 57 percent.
“We live in a world where consumer behavior and expectations are changing daily, requiring retailers to be truly insight driven,” Standish said. “The reality of the always-connected consumer is evidenced by the fact that Thanksgiving, traditionally considered family time, is now increasingly regarded as another opportunity to bargain-hunt. With the majority of shoppers planning to do Thanksgiving Day shopping online, retailers may want to review online and offline strategies to engage consumers and drive sales.”
Read more Black Friday 2016 news.
*For this year’s survey, Accenture queried a representative sample of 1,500 U.S. consumers online in September 2016.