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55% Of Consumers Are Influenced by Company Values When Making Purchasing Decisions

55% Of Consumers Are Influenced by Company Values When Making Purchasing Decisions

More than half of consumers are influenced by a company’s values when making their decisions on what to buy, a new survey has revealed.

The survey, carried out by consumer reviews platform Feefo, quizzed 2,000 respondents on their spending habits with 55% of consumers considering their perceptions of a business and their company values to inform their purchase decisions.

According to the report, 79% of consumers have abandoned their shopping cart before making a purchase; nearly two-thirds (63%) said this was due to the high costs of shipping. Feefo’s study revealed how brand loyalty is now under threat in the world of online retail, with nearly a third (30%) of consumers demonstrating that they would be willing to choose a competitor brand if they experienced just one instance of poor customer service.

Richard Tank, Feefo Head of Digital, said: ‘Consumer confidence and trust is essential to developing an online business that grows, and lasts. 

He added, ‘Brands small and large must do everything they can to build relationships with their customers, to ensure they keep coming back for more. Listening, learning and developing more personalised customer experiences is key to long term success. Technology as an enabler, must be fully utilised in order for online businesses to achieve this.’

Feefo also explored the online shopping habits of consumers with the majority beginning their searches for purchase on either Google or Amazon. More than 40% use Google while 38% choose Amazon as their first port of call with their online shopping and research.

Richard added: ‘While Google’s online monopoly on the web has long been documented, it’s clear that Amazon is now just as prominent as the search engine, even though it’s technically an online retailer.

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‘It’s important to recognise that while consumers may start their search on these websites, they often end up buying from somewhere else. Today’s digital landscape is ever-changing and businesses have to meet the needs of their customers across the whole purchase journey in order to maintain sales and brand loyalty.’

The research also showed the most common annoyances for online shoppers. The biggest customer service gripe for 30% of consumers is being passed around between call centre operatives. Automated voice systems were chosen as the second biggest annoyance for 21% of respondents, with 53% of respondents revealing that their most common frustration when shopping online is not being able to find any answers to their questions. Finally, 80% of customers said they read FAQs during their shopping process – giving further key insights to ambitious eCommerce stores.

Source: www.feefo.com

How do consumers think and behave across the purchase journey? [Infographic]

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