Online retail is acquiring customers at a faster rate than retail stores
Online shopping is acquiring customers at a higher rate than store shopping and losing fewer customers than in the past, with a 15% net acquisition rate for online versus 2% for stores, according to a new study from Deloitte & Touche USA LLP.
In addition, online shoppers were more frequently satisfied with their shopping experience than in-store shoppers, Deloitte found. 55% of online shoppers said their experience was better than store shopping while 25% of store shoppers said their experience was better than online shopping.
The study also found that 91% of shoppers “pre-shop”—researching items and comparing prices online before heading to the store. Pre-shopping was most popular for big ticket purchases, raising the average spend from $65 to $151 for those engaged in pre-shopping research. That suggests that certain categories and higher price points are benefiting from pre-shopping activities, but also that pre-shopping is raising spending during the subsequent store visit, Deloitte says.
“Online shopping and pre-shopping continue to improve and increase penetration, and brick and mortar retailers with no online presence risk disintermediation,” says Pat Conroy, national managing principal of Deloitte’s Consumer Business practice. “Successful retailers are building diverse multi-channel positions that provide a positive customer experience that is seamless across channels. They are also developing more consumer touch-points and translating single transactions into broad and deep relationships, through brick and mortar stores, websites, warranties, financing loyalty clubs and programs.”
Deloitte & Touche conducted an online survey of 2,337 online consumers and 2,113 store consumers between May 18 and May 26.
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