The economy’s effect on e-commerce
While the world’s economies reel and Wall Street struggles to keep afloat, how will the online world be affected? Whether you’re a pro-blogger, an Internet marketer, or an online retailer, the state of e-commerce is an important barometer (more purchases means more ad spending, and more profit for everyone). Knowing this, E-consultancy came out with its Online Shopping and Credit Crunch Survey Report a while back. Surprisingly, the results show that online spending will suffer less than traditional retail.
This study was conducted in the UK and with a sample of 1,346 individuals ages 16 and up. Of those who participated, 65% said conceded that the economic woes will change the way the spend money. However, 56% have stated that they will not change their spending online, with some even saying they’d like to spend more on the Internet. The report attributes this to “a perception that there are more bargains to be had online, through the increased ease of shopping around and comparing prices between retailers.”
About 62% said they try to read other people’s reviews before buying something. Breaking it down into sexes, 64% of women were more inclined to read online reviews, compared to 58% for the men. People are researching and comparing carefully across different sites, and among all considerations, price tops the list. Also, there were actually more women than men who said they were likely to lower their overall spending while the economy recover. Other reasons why people prefer to shop online are the convenience of 24 hour shopping (67%), and lack of crowds (68%), especially during the Christmas period. Hopefully, this means we can still look forward to a merry Christmas this year.
