Consumers Comparison-Shop Online and See Price as Deciding Factor in Purchasing Decisions, According to Temu Survey

Consumers Comparison-Shop Online and See Price as Deciding Factor in Purchasing Decisions, According to Temu Survey

Temu, an e-commerce company that connects consumers with millions of merchandise partners, manufacturers and brands, announced the results of a survey regarding U.S. consumer online shopping preferences.

The key findings of the survey include:

· Price is the deciding factor in purchasing decisions for nearly two-thirds (63.9%) of consumers, and 78.4% compare prices online before purchasing products.
· Nearly three-quarters (73%) of consumers believe they get better deals online than in physical stores and prefer to shop online.
· Online marketplaces, which sell a vast range of products, are now more popular than individual retail brand websites. In the 2023 holiday season, 25.7% of respondents shopped at online marketplaces versus 20% who shopped at retailers’ web sites.

Recommended AI News: Miri Technologies Unveils Revolutionary Shannon AI Beta Platform and All-Star Expert Lineup

The survey also reveals these insights regarding consumers’ purchasing decisions:

Price, product quality and speed of product delivery are the three most important factors influencing consumers’ purchasing decisions.
Clothing and accessories, household items and consumer electronics are the top three categories that consumers prefer to buy online.

Recommended AI News: Metra Group’s GCC Partnership With Astrikos.ai: AI/ML Infra-AI Boost

Consumers are comfortable shopping online.

The majority of consumers are comfortable shopping online and believe they know enough to recognize safe and trustworthy sites. The vast majority of shoppers (75.2%) believe they are savvy enough to ensure a website is safe and trustworthy. Reading customer reviews is the most popular way (73.3%) for consumers to determine if a website is trustworthy.

Social media also has an important impact on consumer selection of online shopping sites. Younger generations are more influenced by social media than older generations when selecting an online shopping site. In Temu’s case, every age demographic learned about Temu primarily through social media (62.5%).

Another interesting data point is, unlike in other countries where shopping through apps is more popular, U.S. shoppers are nearly evenly split with 50.3% opting for websites, and 49.7% for apps.

Recommended AI News: Permuta Launches SaaS Version of DefenseReady on Microsoft Azure Government DoD Cloud

[To share your insights with us, please write to sghosh@martechseries.com]