Bizrate: Low Online Prices Drive Gen Y Shopping
September 2, 2015,
LOS ANGELES-When it comes to shopping online, Gen Y is by far the most price sensitive when choosing where to shop, while baby boomers and seniors often choose brands that treated them well in the past, according to a survey by Bizrate Insights.
The survey of more than 13,000 e-commerce shoppers found that the lowest price or lowest total cost influenced 43 percent of Gen Y consumers, 39 percent of Gen X, 35 percent of baby boomers and 31 percent of seniors when choosing a retailer. Retailers that treated consumers well in the past convinced 16 percent of both baby boomers and seniors to chose them, followed by 12 percent of Gen Xers and 9 percent of Gen Yers.
“When affordability is less of a factor, the lasting impression of having been treated well is the leading influencer of loyalty,” said Hayley Silver, vice president of Bizrate Insights, a division of retail marketing solutions firm Connexity (formerly Shopzilla). “True brand loyalty is generated by meeting and exceeding customers’ expectations when the transaction is completely done.”
The Bizrate Insight Loyalty Study focused on shoppers who bought items that could be purchased from multiple retailers. The study was offered at the point of sale to customers purchasing from a retailer in the Bizrate Network of more than 5,000 e-commerce retailers in the U.S. and Canada. Data from this study was collected during this year’s third quarter and garnered 13,031 responses.