The rapid growth of online shopping has transformed consumer behavior significantly over the years. From the first online purchase of a CD in 1994 to today’s global e-commerce sales of over $6.3 trillion, the evolution of the shopper has been remarkable. A recent report titled “The Future Shopper” sheds light on the current trends in consumer behavior, based on a survey of 31,500 shoppers across 20 countries.
One of the key trends highlighted in the report is the concept of “Compressed Commerce.” Today’s consumers expect fast delivery, with 31% of them wanting their online orders to arrive in less than two hours. Additionally, speed is crucial in the entire shopping experience, as 63% of consumers want to move quickly from being inspired to making a purchase. Brands and retailers need to streamline their processes to meet these expectations and reduce the gap between brand loyalty and actual purchases.
While online spending has slightly decreased from 58% to 53% this year, there is a re-emergence of interest in physical retail stores. 64% of global consumers prefer shopping from retailers that have both physical and online stores. This shift indicates the importance of maintaining a presence in both realms to cater to different consumer preferences.
The report also highlights the rising consumer expectations, with shoppers seeking not only competitive prices but also faster delivery, clarity on delivery times, and the option for deliveries to any location. Surprisingly, many consumers express dissatisfaction with the current online shopping experience, desiring more entertainment and unique offerings. This sentiment is driven by a desire to indulge in memorable experiences in light of recent global challenges.
Marketplaces remain a popular shopping destination, with 29% of consumers making purchases through platforms like Amazon and Alibaba. While social commerce is gaining traction worldwide, only 7% of purchases are currently made through social media channels. However, a significant percentage of shoppers express interest in shopping more through social media platforms in the future, indicating a potential shift in consumer behavior.
An intriguing concept mentioned in the report is “shopping after death,” where AI technology could continue making purchase decisions on behalf of a deceased individual based on their past shopping habits. This idea resonates with nearly half of global consumers, highlighting the evolving nature of consumer behavior and technology’s impact on commerce.
Overall, the future of shopping is dynamic and multifaceted, presenting challenges and opportunities for both consumers and retailers. As technology continues to advance, it is essential for brands to adapt to changing consumer preferences and provide engaging shopping experiences across various channels. The journey of the Future Shopper is far from over, with new trends and innovations shaping the way we shop in the years to come.