Shopify have published its Black Friday Cyber Monday global research survey, and one of its main revelations is that shoppers are demanding products that last.
78% of Black Friday Shoppers Want Products That Last
The results also showed that businesses are seeking a connection with customers across more channels, while consumers are becoming much more climate-conscious in their shopping habits.
Brand Loyalty ‘Up for Grabs’
Interestingly, the survey also discovered that consumers are more open to changing brands than they used to be. Shoppers are spending more time searching for higher quality products before investing their money and their loyalty. A significant 46% of those surveyed said they would change brands for a higher-quality product, while 26% said they would switch brands to receive future discounts.
This means businesses have an opportunity to win over more consumers through the quality of their offerings and the value they provide through promotions and discounts.
Consumers ‘Voting With Their Wallets’
The President of Shopify, Harley Finkelstein, had some advice for retailers, saying: “Black Friday Cyber Monday is more than just a weekend – it’s a season. It is without a doubt the biggest commerce event of the year. I’ve said this before: modern retailers need to sell wherever their customers spend time – online, offline, and everywhere in between.
“If you’ve built a community and a direct relationship with your customers, you’ll also secure their loyalty. Consumers are voting with their wallets to support the brands they love that reflect their values.”
Excitement Grows for Black Friday Cyber Monday
Some interesting stats discovered by the research include 40% of consumers being willing to pay more for climate-conscious products, although 84% said they will be comparing prices before they buy.
With 68% of consumers saying they are more likely to shop during sales to save money, it is no surprise that 73% of businesses are planning for a big Black Friday Cyber Monday.
Image: Envato Elements
When consumers start factoring in durability, the purchase decision becomes more about total value and less about the initial cost. They are open to paying more upfront if it means that product will last significantly longer. That’s how I look at my purchases.
Not surprising, the economic conditions are not good right now. People do not want to just spend mindlessly.