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Many dot-com pundits spelled the death of brick-and-mortar retail years
ago. Consumers of technology products were assumed to be tech-savvy
enough to skip visiting their local Wal-Mart. However, many consumers
enjoy the social aspect of shopping, while at the same time others have
integrated the web into their shopping process.
Now that over half (50.1%) of Americans with home PCs agree that “My
computer is a big part of my life,” it should be no surprise that it
plays a big part in their shopping behavior. This is based on 7,958
households with Home PCs that were surveyed as part of the most recent
MetaFacts Technology User Profile survey.
American consumers have been well-trained to wait for lower prices.
Technology companies have further reinforced this through continued
emphasis on “the next big thing.”
Nearly 8 times as many consumers agree than disagree with the statement
“I hold off on buying technology products until their prices come down.”
More than four in ten (41%) of home computer owners agreed with this
statement, while one in twenty (5%) disagreed.
Best Buy customers aren’t as hesitant about shopping for technology
products as are customers of other major retailers. Perhaps the “Geek
Squad” has helped. Just over a third (36%) of Best Buy shoppers
agree, much less than the 43% of Wal-Mart and Walgreens shoppers. Nearly
ten times as many Wal-Mart and Walgreens shoppers agree than disagree
with the above statement.
Further, retail consumers are strongly incorporating the web into their
shopping, even while some shoppers strongly value the social interaction
of shopping.
Why is this important?
As technology product shoppers transform what they value – low prices,
brands, social interaction – as well as their sophistication with
integrating the web into their buying processes – then this can split
the market into pieces. This can leave some retailers following their
customers, instead of the other way around.
There’s a sizable group that have integrated the Internet into their
retail buying process. Over a third (35%) of American shoppers prefer to
do their buying research online and then purchase in person. This is
four times as high a rate as among those that don't. Among the major
retailers, Best Buy has attracted most of these, with 41% that agree
while 7% disagree.
Low prices resonate with many buyers. Nearly 3 in 10 (29%) agree with
the statement "low prices are more important than brand names." Almost
three times as many agree than disagree. 14% of Barnes & Noble online
buyers disagree that low prices are more important than brand names, a
small number, but the largest among the national online and retail
outlets. The national rate is 11%.
Many buyers value in-person social interaction in their shopping
process. 29% of shoppers with home PCs agree with the statement "I enjoy
shopping in person because I can talk with and meet people," compared
with 15% that disagree.
Dell or Amazon shoppers are less interested in the social value of
shopping than most other consumers. More Dell & Amazon customers
disagree than agree. One-fifth (21% of Dell and 20% of Amazon shoppers)
disagree, higher than the 15% national rate. |
