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How eCommerce Has Changed Our Buying Habits

Posted May 30, 2018 by Joanne Miller to Consumer 0 0
This post was written by a EasyFinance.com Community member. The views expressed below may not reflect the views of EasyFinance.com.

eCommerce isn’t just about buying books on Amazon anymore, and while it’s true that only 11.9% of purchases are online purchases, there is more to eCommerce than meets the eye. Savvy online companies now offer such enticements as buy now pay later, free shipping, and shopping clubs. These benefits attract buyers and increase conversions. Additionally, just because a purchase wasn’t made online doesn’t mean that some sort of online shopping wasn’t involved. If you want to keep your business competitive, it’s best if you know at least some of the ways that eCommerce has changed our buying habits. And if you’re interested in implementing some of these practices, here are three that give you the most bang for your business development buck.

1. Online Searches, Local Purchases

According to Apparel Mag, people may not always buy the items they want online, but you can almost bet that their online research influenced their offline purchases. About 43% of buyers researched an item online before buying it offline. Therefore, wise business owners align themselves and their businesses with this shift. They create content that helps to educate people about their goods and then encourage these same shoppers to make purchases in their brick-and-mortar stores by offering incentives. They also optimize their websites so that local shoppers can find them. Additionally, shopping has become more social, with buyers posting their finds on social media and sharing photos of purchases with friends. But this doesn’t just have ramifications for purchases. It also affects which products get developed. Stores like Walmart will crowdsource product information to help them create products that resonate with buyers.

2. Pay Later Options

Buy now pay later option gives your customers the opportunity to buy something they need now and pay for it later. It’s a form of credit that your customers can use but it’s not a credit card. Instead, the option to pay later is on the checkout page or near the shopping cart. It’s a service called Buy Now Pay Later (BNPL), if you’re interested in the mechanics of the transaction, check out this diagram by DebtRescue. The customer fills out a credit application form of sorts and then finds out if he/ she qualifies for credit right then and there. If he/ she does, then there’s a redirect back to the original site to pay. If there is no credit approval, the customer will be asked for another form of payment at checkout. This service allows customers to make purchases when they’re short cash. For merchants, the benefit lies in increased conversions and a higher transaction value.

3. Reviews and Other Information

An article on the English Online website points out that online reviews have a significant influence on shoppers. Shoppers turn to review sites like Yelp or TripAdvisor to get a grasp of what a business has to offer. Up to 75% of all consumers will purchase a product after they have read a review good example of this is shein reviews and you can have many more on the Internet. The takeaway? If your business doesn’t have reviews, find ways to get them. It’ll help your bottom line in the end.

Concluding Thoughts About eCommerce

eCommerce has changed many aspects of business, including consumer buying habits. More and more, online customers allow their Internet research to influence their buying habits. Additionally, services that allow customers to pay later for items they buy now has had a big effect on many businesses’ bottom line. Finally, not all purchases take place online. Many buyers research online and then buy offline. The smartest business owners and managers do everything they can to capitalize on this trend.

About Joanne Miller: Joanne's primary focus is on finances, technology, and small business. She is a freelancer and writer in love with startups, blockchain and helping others get their ideas off the ground. Joanne unwinds with a glass of wine on a cool breeze in her summer garden.

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