News • 08.08.2022

Survey: Most consumers say they buy based on experience vs. price

99% also said they regularly shop online while 97% have purchased through social media

One big and many small blocks with smiley faces on them...
Source: Shubham Dhage / Unsplash

Bazaarvoice has released its latest research, based on a survey of more than 10,000 global shoppers. The report reiterates the importance of engaging shopping experiences and proves that ‘online shopper’ may in the future become a redundant term, as almost all consumers are shopping on the internet. Now, they’re looking for brands and retailers to take their e-commerce experiences to the next level with rewards programs, gamification, and AR and VR, and – eventually – opportunities in the metaverse.

Global survey highlights include:

  • Experiences are priceless: Even with rising inflation, 98% said there is at least a certain case where they would buy something based on experience vs. price.
  • Rewards programs are a win-win: 80% of consumers have spent more money than planned while shopping in order to unlock a brand or retailer’s reward. 65% say they’re more likely to purchase something if they can participate in a rewards program. 
  • Brands need to step up their gamification: 70% of shoppers said they would enjoy gaming elements while shopping online, 42% said in-store, and 36% said in-app. 72% said they would spend longer in an app or on a website if they received points that converted into a discount in return. 77% said they would submit UGC to gain a reward.
  • Take shopping into the future: Live shopping (51%) is the shopping experience people are most excited about for the future, followed by virtual reality (VR) (43%), augmented reality (AR) (33%), and the metaverse (32%). 59% want AR/VR in physical stores.
  • Move to the metaverse: Globally, 0% of people said they have never heard of the metaverse. However, 44% of Americans said that while they’re aware of it, they don’t understand it. 30% in the U.S. think it will be regularly used by most people in 3-5 years, 10% think it will happen within the year, and 11% don’t think it will ever be widely used.
  • NFTs are not going away: 59% of Americans said they know what an NFT is, 22% said they kind of do, and 15% said they don’t. Half (53%) said they’re going to buy an NFT in the next 12 months, while 22% said they are planning to in the coming years, meaning over three quarters say they’re going to buy one at some point.

“Consumers no longer need to be convinced to shop online for products, but brands and retailers have to up their game (literally) to keep them there,” said Zarina Lam Stanford, Bazaarvoice CMO. “Consumers are ready and excited for these tools to not only entertain them, but also help them make more confident and informed purchases. Sellers need to experiment with how these technologies can enhance their shoppers’ experience and drive sales.”

The full report can be found here.

Source: Bazaarvoice

related articles:

popular articles:

Thumbnail-Photo: Attracting young customers with sustainability and metaverse...
22.01.2023   #e-commerce #retail

Attracting young customers with sustainability and metaverse

How ByondXR wants to shape the future of e-commerce

In marketing, standstill leads to regression faster than in many other sectors. Strategies that were the cutting edge ten years ago often no longer work today. "Generation Z" in particular has its own very specific demands with regard to ...

Thumbnail-Photo: MWC Barcelona
23.01.2023   #Tech in Retail #mobile shopping

MWC Barcelona

27.02.2023 - 02.03.2023 | Barcelona, Spain

Where technology, community and commerce convergeMWC Barcelona is the largest and most influential event for the connectivity ecosystem. Whether a global mobile operator, device manufacturer, technology provider, vendor, content owner, or simply ...

Thumbnail-Photo: How to win the Amazon algorithm
20.10.2022   #online trading #event

How to win the Amazon algorithm

Salsify webinar on 27th October 2022

Amazon’s data shows that 70 percent of Amazon customers never click past the first page of search results. But how can your brand’s products reach - and stay on - the first page of search results? Product content is a main component ...

Thumbnail-Photo: Launch of Walmart Land and Walmart’s Universe of Play...
14.10.2022   #omnichannel #food retail

Launch of Walmart Land and Walmart’s Universe of Play

Roblox community members can check out the Walmart ‘isles’ to collect verch, catch top music artists and unlock exclusive interactive content

Recently, Walmart announced the launch of two new immersive experiences in the metaverse mega-platform, Roblox. Called Walmart Land and Walmart’s Universe of Play, the spaces offer unique interactive content and entertainment for customers, ...

Thumbnail-Photo: E-commerce: Success with digital specialty shops?...
16.01.2023   #online trading #e-commerce

E-commerce: Success with digital specialty shops?

Three small retailers show how they celebrate online success with unusual products

In the German retail sector, digitization has never arrived across the board. Many smaller retailers in particular still do not have an online shop. On the other hand, there are retailers who show how to gain a foothold in online trading – ...

Thumbnail-Photo: Kraft Heinz optimizes product content for 3000 SKUs to win on the...
07.12.2022   #e-commerce #digitization

Kraft Heinz optimizes product content for 3000 SKUs to win on the digital shelf

Salsify assists Kraft Heinz in delivering a consistent brand experience across every digital and physical retail channel

Salsify, the Commerce Experience Management (CommerceXM) platform empowering brand manufacturers, distributors, and retailers to win on the digital shelf, announced it is helping The Kraft Heinz Company update retailer product content in just ...

Thumbnail-Photo: ISE – Integrated Systems Europe
23.01.2023   #Tech in Retail #event

ISE – Integrated Systems Europe

31.01.2023 - 03.02.2023 | Barcelona, Spain

ISE 2023 will showcase the world’s leading technology innovators and solution providers which include industry-leading brands such as Absen, Blackmagic Design, Barco, Christie, Crestron, Google, KNX, Lang, LG, Logitech, Panasonic, Samsung, ...

Thumbnail-Photo: Aldi Bus: Retailer celebrates Cheapest Supermarket of the Year win...
24.01.2023   #customer satisfaction #customer relationship management

Aldi Bus: Retailer celebrates Cheapest Supermarket of the Year win

Aldi Bus takes customers from competitor stores to shop at the cheapest supermaret

Surprised supermarket shoppers were today given free bus rides to the cheapest store in town, after Aldi was crowned the UK’s Cheapest Supermarket for the second year running.  The cheeky stunt by Aldi featured bus stops placed outside ...

Thumbnail-Photo: Christmas World
23.01.2023   #event #marketing

Christmas World

03.02.2023 - 07.02.2023 | Frankfurt, Germany

The trade fair for the busiest time of the yearChristmas World focuses on the strongest-selling and most emotional time of the year and exploits the success factor of experience at the point of sale like no other consumer-goods trade fair. This ...

Thumbnail-Photo: Why a PIM solution is essential for your ecommerce strategy...
24.11.2022   #e-commerce #customer relationship management

Why a PIM solution is essential for your ecommerce strategy

Salsify's webinar on effective product information management (PIM) on Nov. 30 at 4 p.m.

Effective product information management (PIM) is the cornerstone of your brand’s ecommerce strategy. Accurate and relevant product data helps brand manufacturers win on the digital shelf by convincing shoppers on all channels and touchpoints ...

Supplier

salsify
salsify
7 rue de Madrid
75008 Paris