Facebook has released new research report, together Kantarwho looks at how the development of digital media has disrupted the modern buying process and what retail brands and marketers need to plan in their process.
The pandemic has, of course, exacerbated it. More and more shoppers are turning to online bargains and buying channels instead of physical stores. And while it has been essential over the past 12 months, it has also aroused many consumers from such convenience, leading to a sustained, accelerated transition to online loss that all retailers need to consider.
The Facebook research report focuses primarily on users in Hong Kong and Taiwan, but the results have implications for all regions and consumers. It has several key observations and indications of increased e-commerce, changing expectations in finding products, and brand relationships in the process.
You can review the entire report here, but in this post we look at some key remarks.
First, Facebook notes that the increasing adoption of online content formats has also led to new opportunities for product discovery and exposure.
“New digital formats, especially video and live content, offer new ways to attract and keep online audiences coming back. As video formats increase, from top-down video viewing to streaming, the overall digital environment is becoming more engaging than ever.”
We have already seen platforms like TikTok and Facebook includes new streaming formats from which shipped products can be purchased from time to time with a few clicks. The report suggests that these types of formats will become popular over time, offering a more engaging and engaging perspective in online shopping.
The report also looks at the key factors in shopping and states that “convenience” remains a key factor – an area that still needs to be addressed by network brands.
According to the report:
“Given that the most important driver in online shopping is convenience, this is an indication of how much other e-commerce channels still need to go before they are a reliable compensation for offline shopping. Consumers have high expectations and are reluctant to count them in online shopping.”
Accordingly, the report also states that even the smallest acquisition costs can lose your sales.
“In Hong Kong, a free checkout is a prerequisite. One in three rejects their shopping cart if there are too many steps at the checkout, while the other three expect the payment verification process to be fast and require no action. In Taiwan, as a mobile phone reaches desktops as a dominant way to buy, . “
The ability to look at goods physically and take them home from time to time remains an important consideration and a physical purchase. New developments such as AR seek to close this gap, as do processes such as streaming shopping, but the responses presented here emphasize the need to ensure that the Purchasing Process is as seamless and integrated as possible so that this gap can be closed anywhere.
However, the key advantage of e-commerce is the ability to compare prices and get the best deals in a shorter period of time.
“As buyers become wealthier and more sophisticated, so do their considerations. In addition to price, consumers prioritize factors such as convenience, affordability and choice when choosing a retailer. Adult consumers have developed more complex considerations not only in search of the cheapest products, but also more subjectively in the “best” products. “
As for the benefits for buyers, but for brands, that may not be the best news because, as the report noted, brand loyalty is also declining.
“According to Nielsen’s Global Consumer Loyalty Survey, only 8% of consumers consider themselves committed to their most loyal favorite brands. With a variety of options available in consumers’ lives and increased consumer power in relation to product costs, brand switching becomes effortless and less risky.”
Accordingly, the report also mentions key factors to improve brand loyalty, which should be taken into account in all brand building and customer service strategies.
“It’s crucial that brands meet every driver, to awaken brand love among buyers and raise opportunities for repurchases right after the first purchase. By getting the main drivers right, it also improves the brand-buyer relationship in brand love flourishes from it.”
In summary, consumers have more choice than ever before, and in order to get them back to the brand, convenience and service continue to be key in online shopping as well.
The full report includes four separate blog posts and includes several additional insights into changing consumer behavior. It’s worth reading if you want to build your brand and sales process.
You can check Facebook is full “Buyer’s trip disruption “ report here.