There have been plenty of predictions for the commerce industry in 2016. From drones and year round same-day delivery, to AI and wearable technology woven into our everyday fabrics. Google, Amazon and the like have all made strides in these arenas, but outside of those technology behemoths, 2016 has been a relatively slow shopping year from the point of view of retailers.
The Guardian recently blamed this on deep discounting trends, which began during the recession, have yet to let up, even though the economy is relatively healthy and consumers likely have more to spend. The pricing race to the bottom is cutting into the margins of most small and mid-sized retailers –– and it’s a bit unclear for most on who to back out of this situation. It’s one thing to lower prices and an entirely other to raise them.
In looking to solve this problem and figure out exactly what it is that is convincing consumers to buy online, BigCommerce commissioned a study into the modern consumer journey. We learned how, when, why and where U.S. consumers buy today –– and more so, what is stopping them from doing so.
This information is incredibly important for retailers looking to sustain and grow their revenue. In today’s omni-channel world, brands must be strategic about merchandising on their various channels and need to fully understand why or why not their customers are clicking the buy button –– no matter where it appears.