A recent American study suggests that `Price’ is the deciding factor that can influence online purchases. The findings come from the 2016 BigCommerce State of Omnichannel Retail Study.
Most important factors that influence online purchases
While price remains a major influencer, the survey discovered that shipping cost and speed (80%) and discount offers (71%) are also very pivotal in the decision-making process.
Interestingly, the least influential factors include advertising and recommendations from social media.
Out of the 1000 people surveyed, 80% of the respondents to the BigCommerce survey reported they buy online at least once a month; 70% of respondents to the Internet Retailer survey said the same; and 64% stated they shop online more frequently now than three years ago.
Given that we live in a much more price-conscious and digital age, price will undoubtedly continue to be the most important factor over the long term. With choice being more accessible now than ever, retailers have to get their pricing, shipping costs, and availability right, which leads to more dynamic pricing strategies. Check out our blog post on why price is the most important factor for consumers for a more in-depth understanding of the topic.
