Brick and Mortar Still Resonates With Consumers

Consumer Buying Patterns are Changing...

A new study published in December of 2016 by the Pew Research Center highlights vast changes in consumer buying habits in recent years. New technologies have led to drastic changes in the way consumers evaluate and ultimately make purchasing decisions. Understanding some of these changes can help you and your retail jewelry store adapt and thrive in this changing marketplace.

First: Online Shopping is Growing Rapidly...

Pew found that nearly 8 out of 10 adults surveyed are online shoppers. 79% claim to have made an online purchase while 51% claimed to have purchased via mobile phone. When this question was first posed to consumers back in 2000, only 22% claimed to have purchased online.

Second: Despite The Growth of Online Purchasing, Consumers Still Prefer Brick and Mortar...

Interestingly, nearly 2/3rd's of the respondents indicated they prefer the in-store purchasing experience versus buying on the internet. In other words, consumers would rather touch the item and make a purchase in a store versus buying online.

Third: Despite the Affinity for Brick and Mortar Shopping, Buying Decisions Occur BEFORE Entering the Retail Store...

Here is where the rubber meets the road...Consumer prefer an in-store experience for sure; however, the same number of respondents (2/3rd's of those surveyed) will compare prices and options prior to entering the retail brick and mortar establishment. Put another way, only 21% of shoppers claim to enter a retail store without comparing prices of retail items online.

The Bottom Line...

Retailers must understand the need to create an internet experience for consumers that is inviting and engaging. Consumers view the retailer website as an extension of the in-store experience as the ultimate buying decision starts online long before the consumer sets-foot in the retail store.

GemFind is Ready to Partner With You.

If you would like more information about how to capitalize on the changing consumer buying habits, contact us online, by phone 800-373-4737, or by email. We're here to help!