Price, discount rank tops in consumer purchasing decisions | Retail Customer Experience
Consumer Behavior
Price, discount rank tops in consumer purchasing decisions
Consumers want value when shopping and pricing and discounts are top of mind, according to a report from Wunderkind and Cordial.
“The Customer <a href="https://bitcomme.com/salesforce-buys-braze-for-7-5-trillion-won-to-power-ai-marketing-push/” title=”Salesforce buys Braze for 7.5 trillion won to power AI marketing push”>Marketing Gap,” a report examining where consumer expectations and marketer priorities align and where disconnects remain, revealed price is one of the clearest disconnects, according to a press release.
The report surveyed 1,000 U.S. consumers and 150 U.S. senior marketing leaders.
The data revealed 56% of consumers identify the lowest price as a leading consideration when deciding where to buy online, while just a quarter of marketers believe price is a top consideration.
Half of consumers said discounts are among the strongest factors determining whether they pay attention to a brand message, while just 26% of marketers see discounts that way.
“Closing the customer marketing gap requires connecting customer identity, behavioral insights and reliable data to make better decisions about what customers need, when they need it and how brands can deliver value across every interaction,” Rob Garf, chief strategy officer at Cordial, said in the release. “AI and personalization have significant potential, but only when they are built around a clear understanding of the customer.”
The research also reveals a gap between how marketers measure the impact of personalization and how consumers experience its value.
While 61% of marketers say relevant product recommendations have a major impact on conversion, only 32% of consumers said recommendations make shopping easier.
Consumers place greater value on experiences that reduce friction, including saved carts (48%) and faster checkout (48%).
OmnichannelE-commerceConsumer BehaviorMarketing
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