The good news for marketers is that consumers are more open to purchasing large items, those costing over $500, than they have been in the recent past. Even better, businesses that are selling these large-ticket items have about 79 days to attract shoppers who are in the buying state of mind. The results of the GE Capital Retail Bank’s Major Purchase Shopper Study also shows that more consumers are starting their research online which means retailers need to strengthen their websites in order to connect with these potential customers.
This study focused on the behavior of over 2,200 purchasers in several major retail segments ranging from jewelry to bedding to electronics. Depending on the product category, the purchase cycle can be as short as 40 days or as long as 137 days. The more expensive the product, the longer the purchase cycle lasts. Consumers also noted that the need to replace or the desire to upgrade drove the purchase decisions. In 25% of these cases, the purchase is part of a ‘larger project’, a detail which suggests that businesses could position themselves to make an even bigger sale. Shoppers consider about 5 vendors – 3 online and 2 traditional – before making a decision.
These consumers note the value of online research which allows them to consider several options, to be become educated, and to compare prices. They expect to find the following details on a vendor website:
- Warranty information 66%
- Pricing details 52%
- Model information 51%
- Payment/financing data 47%
Retailers should be improving their websites to reflect the kind of information that shoppers are seeking.
To learn more about Jewelry Purchasers or Touchscreen Tablet Shoppers, check out the AudienceSCAN reporst available on the Research Store at ad-ology.com.