Tag Archive | Buying Behaviour
Most companies are looking for ways to increase revenue. At this stage in our technology-driven society, we know that companies must rely on their customers to do so. Many companies attempt to increase their number of customers or their purchase frequency. But the most efficient way to increase revenue is to increase the average purchase per customer.
Retailing is not the industry it used to be. The internet has changed the way that consumers buy goods and in turn how retailers sell to them. And the changes keep coming, such as Amazon.com’s recent release of an application enabling shoppers to instantly check prices on their own site, which means many consumers will window shop in-store, then buy online later if it is cheaper. In many cases, even if the price is the same or slightly higher they will choose to buy online as Amazon does not collect sales tax in most states. Even more troubling for brick-and-mortar stores, Amazon is offering discounts to users of the app and asking them to report the in-store prices of goods so the site can ensure it is offering the best deal to customers. What this means is increased direct competition for retailers who are already struggling.
The current economic recession has brought about a drastic change in today’s consumer buying behaviors. With limited funds and often tight budgets, B2B buying has become more complex than ever before. The complicated way in which consumers make buying decisions is also becoming the norm for business professionals looking to make a purchase. After all every business professional is a consumer. These acts often include constantly comparing prices and researching countless options and reviews of products and services.