PERQ, Data Reveals Online Shoppers are Not Always Ready-to-Buy

August 13, 2018  by Laurie Northington in Business Strategy, Industry   

The research, which looks closely at click-to-conversion behavior as well as the overall online experience, found key patterns in the way consumers approach researching and shopping for big-ticket items. The data points out flaws in long-held assumptions about what consumers want to do once they’ve reached a website and has implications for the efficacy of artificial intelligence in helping engage these website visitors.

“A common misconception for big ticket retailers is that their website visitors are ready to buy and are close to the bottom of the shopping funnel, which means that many of these businesses are approaching web engagement in the exact opposite direction of how their customers are behaving,” said Muhammad Yasin, vp of marketing.

“Our data reveals that most of these online web visitors are in the process of educating themselves, and doing extensive research before they finalize the purchase in person. This presents a major opportunity for businesses to nurture consumers they may otherwise lose before they make the decision to buy,” added Yasin.

According to PERQ, insights on automotive retailing show that, rather than going to dealer websites for purchasing tools, like credit apps and trade-in appraisals which is what conventional wisdom assumes, 77 percent of car shoppers on dealership websites are actually at the beginning or middle of the process and are interested in tools that help them make a decision. In home furnishing, retailers traditionally treat websites as static, digital brochures, while leasing companies fail to engage apartment shoppers early in their research with compelling website content that helps spur the consumer’s decision.

Global researcher Gartner says that next-generation customers strongly desire self-service and don’t see the need for a salesperson for tasks that they can accomplish themselves. AI-powered websites featuring online customer journeys help streamline a shopper’s propensity for self-service by using historical data to hone down choices and next steps and to drive relevant CTAs dynamically for each consumer.

Key data highlights:

• Conversions increase 50% when websites are optimized for mobile. That includes a 95% increase in banner performance, 167% for sidebars, and 7% for buttons.
• Sidebar click performance improves 200% when moved from top left to bottom right.
• Likelihood to buy increases by 66% for consumers that engage with two CTAs, while the likelihood to buy for those that engage with five CTAs goes up up to 230%.

“It’s no longer a ‘buy now’ world, especially for retailers who need to capture high research customers and guide them into their brick and mortar location,” said Yasin. “Our data shows that today's websites must be driven by AI technology as a way to adjust the consumer story and stay relevant to the specific needs and interests of buyers.”

PERQ reviewed consumer data captured from 8 million CTA renderings from more than a half-million visitors on PERQ’s website platform. Data collected includes all types of lead formats, and during all phases of the consumer journey.