- 2020 brought consumers and brands the most digital first Christmas shopping season.
- Consumers make purchase decisions in the “chaotic middle” phase – namely exploration and evaluation.
- “Cheapest” versus “Best”, what wins in consumer searches worldwide?
- If you’re still looking for ways to tweak your digital strategy for the holiday season, we’ll just give insights into the missing pieces.
This week we’re taking a strategy-intensive look at the critical stages that shape your consumers’ buying decisions and how you can drive down sales by improving your digital marketing strategy to get resonance through sales.
In 2020, consumers and brands experienced the most digital Christmas opening season, and consumers are making purchase decisions in the “chaotic middle” stage – exploration and evaluation.
According to Google’s behavioral analysis, people are not interested in the “cheapest” products / services despite global economic pressures. In the following graphic, the search trend “cheapest” and “best” worldwide is indicated to determine this observation. This again underscores the needs of consumers for high quality products, services and communication. Brands, are you listening?
‘Authority bias‘(Being influenced by an expert or trusted source) is one of the most important cognitive biases influencing purchasing decisions. If you’re still looking for ways to tweak your digital strategy for the holiday season, let’s give you some insight into the missing part – influencer marketing.
Influencer Marketing: The global industry with sales of $ 15 billion
Trust has been a major factor influencing consumers shopping online in 2020. This has added more fuel to the influencer marketing industry, which is set to be a $ 15 billion global industry by 2022.
Three crucial facts about influencer marketing 2020
Gartner’s The latest report looked at the scale of influencer marketing and the waves it made in 2020. Here are three important facts:
- 79% of consumers followed the influencer content
- 43% of these consumers want to see more influencer content in at least one product category
- Almost two-thirds of GMOs said they would increase their marketing budgets in 2020
While the report also found that 50% of marketers struggled to spot fake followers and content, these recommendations were also highlighted:
- Introduce initial, low-risk strategies to combat micro-influencers who, through their sphere of influence, offer lower costs and high reward prospects
- Establishing phases in which influencer marketing can add value in the buying cycle
The website experience and online shopping
Nearly 70% of consumers I thought their purchase was most influenced by the brand’s website. These statistic in itself has led brands to focus more on their digital strategies to:
- Minimize fiction in the online shopping experience
- Improving product knowledge for consumers
- Increase the click rate by identifying and fixing silos in the CX
Some key results from Gartner were:
- Of the 91% of retailers using sort / filter options on their website, only 37% of B2B websites and 13% of banking sites have benefited from it
- 84% of retail websites offer autosuggest search, but only 41% of B2B websites use this feature
- Essential elements of a website were: social media, store locators and customer service tools
The top action points websites need to generate conversions:
- Optimization of the search algorithm for improved product recognition
- Minimizing the number of clicks it takes to land on a product conversion page
- Keep loyalty program pages and high traffic pages accessible with one click
PickZ readers for the week
This week our readers have been busy improving their strategies with our weekly insights, COVID-19-related digital behaviors in 2021, and advanced digital marketing.
- Key Insights: Exclusive highlights on market information and e-commerce
- COVID-related digital behaviors that won’t go away in 2021
- Global topology International digital marketing