Paying less for more and bragging about it has become a trend in itself. Consumers are educated on pricing strategies and are now prioritizing value. With more options and information at their disposal, consumers prefer to do their own product research.
This is because consumer values now encompass a variety of attributes. Consumers now expect the price to reflect their mission: value(s), convenience and experience.
The traditional path to purchase has changed and now includes extensive research. 81 percent of shoppers do online research before committing to the purchase. 89 percent of these customers begin their buying process with a search engine. In just a few clicks, consumers can gauge whether they are overpaying and explore alternatives until consumers achieve their missions. 75 percent of people don’t think that quality necessarily goes hand in hand with high prices. The proof is in the rise of alternative brands that may not have the cache of their established competitors but come in at a lower price point or offer another unique selling point.
The introduction of smartphones, which coincided with a global financial crisis, enabled consumers to become more price savvy and informed than ever before. Modern shoppers don’t want to pay full price and they aren’t afraid to share their opinions through reviews. 36 percent of 25 to 34 year olds in the UK use review sites such as TripAdvisor and Yelp. Cost transparency will continue to climb in consumer priorities in 2019. The modern shopper will only be willing to pay full price if their other missions are fulfilled.
John Watton, Director Digital Marketing EMEA at Adobe Systems says “Consumers have become savvier, they want, and have the ability, to get the best offers, products and price wherever they go, not just on one channel or in one store. This puts the pressure on brands to ensure customer experience is optimized for every channel.”