As we looked at in last month’s blog, most consumers don’t shop online for low prices. Instead, they turn to internet shopping to compensate for myriad deficiencies a brick-and-mortar store may face, such as lack of product selection, short staffing, high shipping costs, long delivery time, etc …
With that said, the best was to bolster business in the long-run should not be a strategy that consists of lowering online prices to engage in an all-out price war. Rather, the key to long-term success is an approach that focuses on key changes to a businesses’ infrastructure. These changes can encompass anything from adding new lines of merchandise, improving shipping time, and even being aware of items that move faster online to adjust in-store prices accordingly.
So, let’s look at some key reasons consumers shop online. And as a retailer, consider how you could incorporate any of these “online advantages” into your brick-and-mortar establishment to generate long-term success (data compiled from Forbes.com):
- For food and beverage items, shoppers surveyed said a better online selection was the reason they turned to the internet in lieu of some in-store purchases.
- For cleaning and paper products, free shipping was the reason 16% of shoppers purchased their items online instead of in-store.
Nonetheless, some items do sell online better due to lower online prices:
- Twenty four percent of shoppers said they purchased books, consumer electronics and entertainment items online because of their lower online prices in comparison to in-store prices.
- Also, 18% of shoppers said for new items, which can encompass toys, sporting gear, and health and beauty supplies, they again turned online for lower prices.