Bazaarvoice, Inc., a provider of full-funnel authentic user-generated content (UGC) solutions, has released its annual Shopper Experience Index, based on a survey of more than 1,000 UK shoppers. As a special addition to the report, 100 British brands were also surveyed. The results revealed that as shoppers weigh their purchases more carefully in the current economic climate, they are spending less. They’re also relying heavily on UGC such as ratings, reviews, and shopper photos, while utilising social media at every stage of the shopping journey, from discovery to purchase.
Survey highlights include:
Consumers are changing their shopping habits due to the current economy: 77 per cent of consumers claim to have changed their spending habits due to the current economy. They are choosing to make fewer purchases and spend less on practical (59 per cent), delayable (67 per cent), and non-essential (81 per cent) products. Over half (55 per cent) have maintained the same spending habits when it comes to essential products, but 22 per cent are even reducing spending on those. To reduce their spending, nearly eight in ten (77 per cent) of consumers are also open to trying a different brand for products they regularly buy.
Social media has become a search engine as well as a checkout counter: Less than half (41 per cent) of shoppers agree they’re more likely to find products and services on social media than any other channel. One in four say they often research a product through social channels, and 39 per cent say social media impacts their purchasing decisions.
Social media’s generational divide continues via eCommerce: Globally, 73 per cent of shoppers aged 18-24 have purchased something on social media in the last year, the same could be said for only 25 per cent of global consumers 65 and older. Three-quarters (76 per cent) of those global respondents aged 18-24 also say that they are more likely to discover a product through social media than any other way.
Consumer trust and confidence in their purchases rely strongly on user-generated content: 70 per cent of shoppers feel more confident in a purchase when they view UGC, and 32 per cent say they are relying more on this type of content in the downturn to make the right purchases. Nearly two-thirds (62 per cent) say they trust UGC more than brand-provided content on product description pages, and 39 per cent claim they are unlikely to buy a product without shopper content to inform their decision.
“This year’s study underscores the economic impact of shoppers’ behaviours profoundly,” said Zarina Lam Stanford, CMO at Bazaarvoice. “As consumers around the world continue to rely on fellow shoppers for advice, and social media as their first source for product discoveries, purchases, and even brand loyalty, it is high time for product and brand practitioners to reassess our content and channel strategies to heighten shopper engagement and decisions.”
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