Why the Voyado shopping index?
To succeed as a retailer or e-commerce brand today, understanding how consumers behave is crucial. That’s why our annual index report is packed with insights based on 12 months of data collected from 164 million purchase occasions. And this year, we’ve got some news! Besides comparing age groups and genders, we look at four different industries: health and beauty, sport and fashion, DIY and home improvement, and lastly, electronics. Another exciting addition is that we identify differences between countries. Where in the world do people shop the most, for example, and where do people buy fewer items per shopping occasion? All of this so you can easily benchmark against the average. Eager to know what the numbers say—and how to act on the findings? Let us give you a little sneak peek!
Key takeaways on consumer behavior
There’s a lot to discover from the statistics and analyses in this year’s index report. Here are some of the conclusions—and the tips and tricks to help you grow your business.
- Optimize SMS and email marketing
Email and SMS send-outs have increased significantly in volume, but there are a few things to consider to optimize the outcome. Don’t bore and bombard your customers with poor communication and irrelevant product recommendations. Instead, ensure you can collect, store and leverage customer data—and combine it with modern product discovery. Advanced product discovery processes historical behavior data to understand the customer’s intention in real-time, increasing personalization and relevance in your communication. Simply tailored recommendations, exactly when the customer wants them. Besides this, it’s crucial that email and SMS marketing complement each other and is used wisely not to cause a lack of trust. When to use what? Find the answer in the index report!
- The importance of abandoned cart emails
The average email click rate has dropped significantly, but when it comes to abandoned cart emails, it’s the total opposite. These emails are being clicked on more frequently! Why? Because what they communicate is nothing but super relevant to every customer. There are ways to gain even more from these emails, though.
- Divide your cart abandoners into segments like cart value or product type, and send different messages to each group to optimize the effect. For example, offer a modest discount for high-value abandoned carts or reach out to low-value shoppers more quickly than others.
- When reminding customers about something they forgot to purchase, seize the opportunity to suggest other things they’ll probably like too. How? By adding personalized product recommendations to the email! You make the most of your data and increase your conversion rate—at the same time.
- A big shift in shopping behavior
One of the biggest conclusions from this year’s index is that people shop more often but buy fewer products and spend less money per shopping occasion. A change in consumer behavior that probably has to do with inflation and the rising cost of living. Could it be that people don’t collect their purchases in one place anymore, but instead are on a constant hunt for the lowest prices? A behavior that leads to a lot of small purchases scattered at many different places. And can the fact that people receive more emails and text messages lead to more impulse purchases? Probably. Since the shopping frequency has gone up, there’s a great chance to increase the average receipt (every time someone shops!). Learn how in the index report!
Get your copy of the shopping report
There is much more to explore in the Voyado shopping index! Download it right now for all the detailed statistics on consumer buying behavior, inspiration for your own marketing possibilities, and the top takeaways for a successful 2023. Just click here!