New Report by 2 Visions Finds Promotions Influence Purchasing 2x More than Product Uniqueness or Scarcity
CHARLESTON, SC, May 8, 2023 /PRNewswire/ – A recent national study conducted by 2 Visions on more than 2,200 American ecommerce shoppers reveals that 62% of apparel shoppers in the United States wait for discounts before making a purchase. The research, conducted in April 2023, also found that shoppers are approximately 2x more likely to buy a product with a 20% discount over a non-discounted, average-priced alternative and 2.8x more likely to buy on a 20% discount when the product’s original price was perceived as above average.
Researchers discovered that when offered a 50% discount, shoppers were 99% more likely to make a purchase compared to a product with a 20% discount. The study also uncovered generational differences in trust for coupon codes, with Gen Z trusting them the most, followed closely by Millennials. Gen X and Baby Boomers trust coupon codes the least, with Baby Boomers expressing the least trust overall for coupon codes.
Researchers also explored a range of topics in the report, including:
Yates Jarvis, Principal at 2 Visions, emphasized the importance of deeper research-driven insights for modern-day personalization, AI, and customer-centric marketing strategies: "We're finding that ecommerce targeting has really ramped up on the back of behavior-based experiences, but we're seeing significantly stronger performance when brands introduce and star preference-based experiences," Jarvis said. "This Q2 2023 report highlights promotional and discounting distinctions in ecommerce purchase behavior that shift from target audience to target audience. You can imagine how powerful this is when applied to a brand's personalization strategy."
The report is specifically designed to aid senior ecommerce leaders in their strategic planning. The findings presented offer a snapshot into consumer preferences, enabling ecommerce decision-makers to sharpen their discounting and promotional strategies for 2023.
About 2 Visions
2 Visions is an award-winning consulting and research firm specializing in helping direct-to-consumer (DTC) ecommerce brands grow by developing their in-house capabilities for long-term success. Founded by Yates Jarvis, who has worked with notable companies such as TGW, Ancient Nutrition, Kay, Jeep, and Spanx, 2 Visions focuses on high-touch teaching and side-by-side collaboration to empower brands to avoid costly missteps and build profitable ecommerce strategies.
The firm's unique consulting approach involves working directly with senior leadership and key employees to pursue high-leverage opportunities, enabling brands to scale faster and more efficiently. On the research side, 2 Visions offers in-depth, granular market research, which serves as a secret sauce for clients aiming to improve personalization, AI, and targeted journeys in ecommerce customer experiences. Their research enables clients to uncover powerful data-driven insights and develop more effective marketing and CX strategies tailored to their target audiences. For more information, visit 2visions.org.
SOURCE 2 Visions