Skip to main content

Online shopping for premium products increasing globally


Today online shopping culture increase globally, as people gets exclusive product ranges and compelling deals to make purchase effectively. While online has been growing as a channel in several developed markets in recent years, it’s broadening in scope, and is fast becoming a popular shopping destination for consumers around the world, particularly those looking to purchase premium products.
According to a recent Nielsen survey, 45% of global consumers say they are shopping for premium products online from their home country e-retailers, whereas almost a quarter (24%) say they’re purchasing from overseas e-retailers. Consumers from developing countries like India (72%), Turkey (66%) and Indonesia (58%) are the most likely to shop online locally for premium products.



Why people prefer online?
Online shopping is being popular among all age group. There is an exponential growth in this kind of market. Online marketplaces are building trust and giving convenient opportunities to their buyers. Today shoppers are smart, they search and compare products before making the final payment. Some people still have fear and don’t like to buy products online but others are frequent buyers. Below are some advantages to prefer online shopping.  


  1. Product Options: Physical stores have a limited stock. They only keep those things which are common and most selling. While online shopping showcase variety from their stock and different stores. You can browse and select products as per your choice, budget and latest trend.
  2. Convenience: Online shopping is easy; you can do from anywhere anytime just few clicks on your laptop or mobile and you get your product as per your choice.
  3. Better Prices: In online shopping you didn’t get the exclusive products also get compelling deals on wide range of products.
  4. Easily Replacement and Refund: Product replacement and refund is simple in online shopping but you have to read the policy before purchase the product. Online retailer provides you product replacement warranty for a limited time period. In this period if you find the product has defect and malfunction then you can replace the product as per product replacement policy.
  5. Crowd & POS Queue: Most of us hate crowd and point of sale queue. This is common during festivals and special occasions. In the crowd, shopping becomes a tough task. In this situation in a local market, you won’t able stand in your favorite store due to limited space and less attention towards you. Parking of vehicle may become another issue in peak hours.

Apart from this they are also seeking “premiumness” coming from value in combination with satisfying the need for convenient lifestyle solutions. The key attributes that consumers around the world say they are seeking in premium products are superior quality (56%), performance (51%), design (43%), experience (42%) and brand (42%). Notably, around two in five global consumers (41%) say they are willing to pay more for organic and all-natural ingredients. Similarly, 38% of consumers say they are willing to pay more for sustainable goods and 30% are willing to pay more for socially responsible products.

Also as per our latest survey communication design and effective messaging also play a role in influencing consumers in their trial of new premium products. Close to half of consumers (46%) said recommendations and encouragement by friends and family influenced their decision to try out new premium products. According to 36% of consumers product research is an important factor when they consider to purchase a premium product. Likewise, many consumers (32%) rely on online advertising, television advertising (31%) and in-store advertising (25%) that deliver the right engagement and outreach for premium products.

In certain FMCG categories consumer mindset is shifting from luxury image towards specific functionality and convenience offering that a product is able to provide under it’s ‘premium’ claim. Therefore, it is important that manufacturers understand how consumers ascertain value to a given product category and what kind of elements differentiate premiumness.
Original Source:

Comments

Popular posts from this blog

Achieve the goal with automated marketing

As a business, you know how hard it is to keep up with customers today. People have become research obsessed for most purchases and expect brands to assist them in a personally relevant way at every stage of their purchase journey.   Machine learning is one automation tool that can boost your efforts to meet people’s high expectations. Machine learning can help to create automated marketing campaigns, at scale, that place the right message in front of the right customer at the right time at the right price, delighting people and delivering the business results marketers want. We talked  with top brands decision makers who have adopted machine learning to improve their marketing, we’ve found that the top-performing brands are applying these below rules and asking themselves these questions to achieve goal with automated marketing: Optimize your campaigns for growth : Machine learning is only as good as what you ask it to optimize. Top perfor...

Facebook reported planning to launch smart video calling on your TV and anywhere in your home

Facebook could be working on a new streaming TV device that could set out to rival the likes of Apple TV and Fire TV. A new report suggests that an upcoming device will be part of the company’s Portal lineup. It’s said to come equipped with a camera for video-calling and far-field microphones to detect audio. Variety  reported  that Facebook is also in talks with streaming services such as Disney, Netflix and other media companies to develop exclusive content on the platform. The device will run on a modified version of its mobile app rather than running on Android TV. The device is meant to be placed on the top of the TV which means its design could be in the form of an attachment to the top edge. Apart from the camera and microphones, the device may pack a speaker system as well. Since video calling is going to be a focus with the device, it would be preferable not to rely on the built-in speakers of the TV or external ones if it wants good quality echo ...

Enhance your business with customers behavior data

Today business using big data & machine learning to learn about customers behavior. With customer behavior analytics, business is able to make data-driven decisions because they have an individual-level view of their customers. When business know exactly what customers want, what they do and look for, and how they may act in the future, they are in a better position to create personalized customer experiences and increase customer loyalty. McKinsey  found  that 50% of companies making use of customer behavior analytics are likely to have sales significantly above their competitors, 6.5 times more likely to retain customers, and 7.4 times more likely to outperform competitors in making sales to existing customers. Overall, organizations that correctly utilize customer behavior analytics are 19 times more likely to achieve above average profitability. If you want to enhance your business performance and make improvements in your marketing campaigns, then, her...