2018 Global Path to Purchase Survey: What Do Consumers Want?
“What do consumers want?”
It’s a question that plagues retailers. And how accurately they can answer it has a tremendous impact on how they compete in the marketplace. With e-commerce and digital channels paving the way for retailers to expand their businesses to other countries, retailers also need to consider consumer preferences and expectations in new regions and countries. The question then becomes not only what do global consumers want, but “do consumers there want what they want here?”
iVend Retail's 2018 Global Path to Purchase Survey revealed some interesting facts about how shopping journeys differ in select countries, as well as what motivates people in those areas to take particular steps on their path to purchase.
Meeting Customer Expectations in Canada, Mexico and the United States
Throughout North America the definition of a great shopping experience can differ over just a few hundred miles:
- More than 90 percent of Mexican consumers respond to offers on social media, compared to only about 60 percent of U.S. and 54 percent of Canadian consumers.
- Another difference among shoppers in North America is their response to retargeting ads. The majority of Canadian and U.S. shoppers, 60.4 percent and 54 percent, respectively, say they don’t click on retargeting ads. Conversely, only 8.4 percent of Mexican consumers can resist retargeting ads, with 47.2 percent finding the ads attractive and enticing.
- The survey revealed that virtually all consumers, no matter where they live, who join loyalty programs were motivated by discounts and free items. But it also showed Mexican shoppers are two times to three times more likely to join a loyalty program for a sense of community than U.S. or Canadian shoppers are (23.6 percent vs. 11.2 percent and 8.8 percent, respectively).
- Around the globe, 71.6 percent of consumers shop on smartphones when at home, traveling or during free time. This number is much higher in Mexico(91.6 percent), but lower in the U.S. and Canada (68 percent and 58 percent, respectively). What motivates consumers to shop on their smartphones in different regions also varies: 56 percent of Mexican survey respondents said it saves time for other activities, compared to only 16.8 percent of U.S. and 14.4 percent of Canadian consumers.
Of all the things you can learn from our survey, a key takeaway should be that there's value in understanding the “average” global shopper as well as how consumers in different regions or countries may deviate from the norm. Use this information to create a retail strategy that takes these similarities and differences into account.
How Closely is Your Business Meeting Customer Expectations?
In light of consumer trends differing in different geographic areas, it’s necessary to tailor your retail strategy to your customers — whether they live in different parts of the same U.S. state or in different parts of the continent. Ask questions to evaluate how closely you're meeting their expectations. Do consumers in different parts of the world use your e-commerce site in the same way? Should you direct shoppers from different countries to sites tailored specifically to their online activities, whether primarily purchases, product research or bargain hunting? Are you investing in retargeting ads in a part of the world where shoppers typically don’t click? Or are you missing out on this opportunity in areas where they do? Do you know why your customers join your loyalty program or shop on social media?
The answers to those questions could give you an advantage in capturing consumers’ attention, winning their business, and earning their loyalty — anywhere in the world. Know your customers and deliver what they crave.
Mia Farber is the vice president of global marketing for iVend Retail, an omnichannel retail management solution.
Related story: Getting Mobile: The New Omnichannel Retail Experience
As Vice President of Global Marketing, Mia is responsible for providing leadership and executing on marketing strategy for CitiXsys globally. She brings 10 years of marketing experience for B2B and B2C technology companies in the retail, supply chain and food & beverage sectors. Her expertise lies in developing award-winning content and delivering data-driven demand generation campaigns. Mia works closely with regional sales teams to develop strategies for demand generation and has a keen eye for regional marketplace variances having worked in the USA and abroad in Africa and Latin America.
Mia holds a bachelor’s degree in Sociology from Wellesley College in Wellesley, Massachusetts, USA and attained her Master’s Degree in Business Administration (MBA) from the Kenan-Flagler Business School at the University of North Carolina, Chapel Hill, USA.