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

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