Nearly 70% of Americans shop online regularly. And why not? It’s convenient, easy, and rewarding, especially when consumers find a better deal than they would in brick and mortar stores. But of that 70%, who exactly is shopping online? And as a retailer, how can you target these demographics across various marketplaces?
When you know who your customer is, you know how to interact with them. You’re not going to treat a 23 year old the same way you’d treat a 45 year old in a physical store, so why treat them differently online? While you could have a good idea of your target demographic, it could vary across marketplaces. Those who use Amazon are not the same as those who visit your webstore, and you need to plan accordingly.
Using demographics to improve the customer experience is the best way to increase customer retention and boost sales. Since there is no one-size-fits-all approach when it comes to multichannel selling, you need to craft different selling strategies for each of your selling channels. Here’s how you can accomplish that:
Millennials are a driving force for eCommerce. Even though they only make up 26% of the population today, they contribute 35% of online retail spending. Despite their strong spending power, your store’s visitors are going to vary beyond one age group. But since they can be a tricky demographic to market to, it’s better to be prepared with innovative techniques that any age group–including millennials–would appreciate.
The best way to reach consumers nowadays is by word of mouth. Advertising is too abrasive, whereas hearing about a store from friends is more reliable, especially on social media. So encourage shoppers to leave reviews and keep an eye on social channels like Twitter and Facebook.
Also keep your site optimized for mobile shopping. Since 2012, mobile purchases have increased by 24% across all age groups, so now is the time to capitalize on its popularity. The benefits of an independent webstore is that you can customize your messaging and experience however you like. But how can you provide a great experience on a third party marketplace?
Amazon is the largest marketplace in the western hemisphere. Roughly 86% of all online shoppers shop on Amazon, so the potential customer acquisition is huge. But who are the most common Amazon shoppers? Looking at Prime subscribers is a great way to see who goes on Amazon the most.
The largest demographic of Prime members is made up of 35-49 year olds. The majority of Amazon shoppers who don’t use Prime are 30-39 year olds. Both of these groups value free shipping and discounts on a nearly equal level, which is why many invest in Prime memberships.
If you’re not Prime eligible, now is the time to put in the work to achieve the status. It’s the most convenient way to stick out from the millions of sellers on the marketplace. Those who use Prime are looking for the fastest complimentary shipping, so make sure you can oblige. The best way to do this is to entrust your fulfillment processes with Amazon’s FBA service.
Similar to Amazon Prime members, roughly 32% of eBay account holders are 35-49 years old. But research shows that most consumers who visit eBay are looking to find deals. With this in mind, make sure your prices are competitive and attractive to your shoppers. Consider adopting a bid pricing strategy. Start with a low price, and let consumer demand increase it to its appropriate price.
These different selling channels require different strategies due to their demographics and their interests. Don’t implement the same strategies on every channel, but there are a couple of good strategies that can be useful regardless of the channel you’re selling on. This includes fast and affordable shipping, competitive prices, and an effective site layout.
Make sure your prices are competitive on every channel you sell on with WisePricer.