Friday, 4 April 2014

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Retail’s transformation to the virtual world internationalized retailing much faster than the traditional way of business expansion across the borders and the building of Multi-National Organizations.

Management Masala Honey I Shrunk Our Wallet Men Vs Women Online Shopping Trend ANJANI KUMAR SINHA
Online retailing was invented by Michael Aldrich, an English entrepreneur, in 1979.  This was far before World Wide Web (WWW) was launched and was based on videotex technology, which used TV as a medium of communication. The first internet based online shopping system began in 1994 with key players such as Pizza Hut, Amazon.com and eBay.

While the in-store retail sales is expected to grow at 4.1% in 2014, as reported by the National Retail Federation, Goldman Sachs reports that the worldwide retail web sales is growing at 19% annually.

Moreover, Asia Pacific region shows an upward trend in the growth of online retail sales. For instance, in India alone, nearly one million large and small retailers are estimated to be making use of online retail space for selling, according to a recent report by the Internet & Mobile Association of India (IAMAI).

Rapid growth in online retail sales due to expansion of digital technology has crowded the online market place. With increase in demand, online retailers ought to understand the consumer buying behavior.

Customer buying behavior analysis in retail stores is primarily based on the sales data study, CRM program, store observation, customer’s eye balls study and primary research.

However, with digital technology in place, we have now multiple ways to do dipstick analysis with more concrete and goal oriented approach.

As per Walker sands’ 2014 future of Retail study, consumer electronics is the most purchased category online, followed by books and apparel.
Management Masala Honey I Shrunk Our Wallet Men Vs Women Online Shopping Trend


Men Vs Women Online Shopping Trend

A report by Payment Sense suggests following trends
1. More women than men shop online
2. Women are bargain hunters
3. While men are more likely to use social media sites Reddit, Google+ and LinkedIn, the number of women on Pinterest, Twitter and Facebook far outnumber the men.
4. Women are more likely to use coupons with 34% of women using them vs. 26 % of men
5. Women take an average of 14 mins to complete a purchase vs just 10 mins for men
6. The majority of men said their most costly purchase over the past six months was between $1000 and $2500, compared to a range of $100 and $500 for women
7. 71% women say the item they last purchased online was on sale compared to 57% Men

Info-graphic from the Payment Sense report is below:

Men are from Reddit and Women are from Pinterest [infographic] men are from reddit and women are from pinterest
By Anjani Kumar Sinha (anjanisinha@managementmasala.com)




Related Article :How Millennials Gen Y Loyalty is a Challenge for Brands
On 4/04/2014

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