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Facebook has a new research report, in collaboration with Kantar, what to look for how the evolution of digital media has disrupted the modern shopping process, and what retailers and marketers need to plan for within their process.
This, of course, has been further exacerbated by the pandemic, with an increasing number of buyers turning to online discovery and buying channels instead of physical stores. And while it has been a necessity for the past twelve months, it has also awakened many consumers to its convenience, which will lead to a lasting, accelerated shift to online spending, which all retailers should pay attention to.
Facebook’s research report focuses primarily on users in Hong Kong and Taiwan, but the results have implications for all regions and consumers, with a series of key notes and directions on the rise of e-commerce, changing expectations in product discovery and the changing role of brand relationships within this process.
You can check the full report here, but in this post we are going to look at some key notes.
First, Facebook notes that the increasing acceptance of online content formats has also led to new opportunities for product discovery and exposure.
“New digital formats, especially video and live content, enable new ways to engage and bring back online audiences. As video formats increase, the overall digital environment becomes more comprehensive than ever from live video recordings.”
We already have platforms as seen TikTok and Facebook incorporates new forms of live shopping, where products discussed within the broadcast can be purchased there and then within a few clicks. The report suggests that formats such as these will become more popular over time, providing a more immersive and engaging aspect of the online shopping experience.
The report also looks at the key drivers for purchasing, pointing out that ‘convenience’ is the key driver – an area that online brands have yet to address.
According to the report:
“Since convenience is the main driver of online shopping, it’s an indication of how much further online shopping channels need to go before it becomes a reliable replacement for offline shopping. Consumers have high expectations and are not willing to lower it when they do not shop online. “
Accordingly, the report also notes that even the slightest inconvenience in the purchasing process can lose your sales.
‘In Hong Kong, a basic requirement is without problems. 1 in 3 will abandon their carts if the settlement involves too many steps, while another one in 3 will expect the payment verification process quickly and require no action from them. In Taiwan, as mobile computers are catching up with computers as the main means of shopping, the availability and convenience of mobile payment methods is critical. ‘
Being able to physically look at an item and take it with you every now and then remains an important consideration and an important point for physical shopping. New developments like AR want to bridge this gap, along with processes like live-stream shopping, but the answers here emphasize the need to ensure that your purchasing process is as seamless and integrated as possible, to reduce the gap wherever you can.
An important advantage of online shopping, however, is the ability to compare prices and get the best deals in fewer steps.
“As buyers become more prosperous and sophisticated, their considerations increase. In addition to price, consumers worldwide prefer factors such as convenience, purchaseability and variety when choosing a retailer. Mature consumers have developed more complex consideration factors, not just looking for the cheapest products, but more subjectively looking for the ‘best’ products. ‘
Which suggests benefits for buyers, but for brands, this may not be the best news, because as the report also finds, brand loyalty is also declining.
“According to the Nielsen Global Consumer Loyalty study, only 8% of consumers consider themselves committed to their favorite brands. With the variety of choices offered in consumers’ lives today, coupled with rising spending power on product costs, brand linking becomes effortless and less risky. ‘
Consistent with this, the report also mentions key factors for improving brand loyalty, which should be taken into account in all brand and customer service strategies.
“It’s crucial that brands meet every driver to instill brand name in buyers and to rekindle opportunities for repurchases, right after the first purchase is made. By getting the key managers right, it will also improve the brand – buyer relationship improve where brand love is. will blossom out of it. ‘
In summary, consumers have more choice than ever before, and getting them back to your brand, convenience and service remain the key, even in an online shopping environment.
The full report contains four separate blog posts and contains a series of additional insights on the changing behavior of consumers. It is worth reading if you want to build your online brand and sales process.
You can Facebook’s complete “Shopper Journey Disruption “ report here.
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