It's no secret that online buyers of 2023 are a force to be reckoned with.
As technology continues to evolve, so do the needs and habits of typical online shoppers. Understanding these trends can help businesses better prepare for their customer's needs in the future.
In this guide, we will explore how the typical online buyer has changed over the past decade and what marketers need to know in order to stay ahead of the curve.
We will also look at some effective strategies for targeting the right audience and keeping them engaged, as well as discuss how current trends might influence certain industries like E-commerce.
Before we try to understand the typical online buyer’s behavior, let’s first understand the customer’s journey.
Read more: Customer Analysis: Benefits, Tips, And Strategies For 2023
Understanding Customer’s Journey
63% of all shopping journeys begin online.
It is important to understand the concept of the customer journey, which includes the various stages a customer goes through when considering a purchase.
This journey typically includes several stages, such as:
1. Awareness:
The customer is not aware of your product or service and doesn’t know that it exists. They may not even be aware that they have a problem or need that your product or service can solve.
2. Research:
The customer starts to explore their options, including researching different products and services, reading reviews, and talking to friends or experts for advice.
They may visit your website, social media, or other online platforms to learn more about your business and what you offer.
3. Consideration:
The customer has narrowed down their options and is now actively evaluating different products or services to determine which one best meets their needs. They may compare features and prices, read customer reviews, and consider the reputation of the business.
4. Purchase:
The customer has made a decision and is ready to take action. They may complete a transaction on your website, visit your physical store, or call your business to place an order.
5. Post-purchase:
After the customer has made a purchase, they may use the product or service and provide feedback. They may also engage in follow-up activities such as leaving a review, sharing their experience with others, or returning to make additional purchases.
By identifying key touchpoints and pain points along the customer journey, a business can address customer needs and concerns more effectively, resulting in greater customer satisfaction and loyalty.
Read more: How To Develop A Killer Sales Strategy For Your Online Business
Type of Consumers
It is important for businesses to understand and identify the different customer types they will encounter while operating so that they can tailor their marketing and sales efforts to effectively reach and retain them.
There are several types of consumers that businesses may encounter, including:
1. Loyal Customers:
These customers consistently purchase from a business and are likely to remain loyal in the future.
2. One-Time Customers:
These customers make a single purchase and may or may not return in the future.
3. Impulse Buyers:
These customers make a purchase on a whim without careful consideration.
4. Bargain Hunters:
These customers are primarily motivated by getting the best deal or discount.
5. Need-Based Customers:
These customers make a purchase to fulfill a specific need or requirement.
6. Window Shoppers:
These customers look at products but do not necessarily make a purchase.
7. Influential Customers:
These customers have a large social network and can influence the purchasing decisions of others.
8. Complainers:
These customers are not satisfied with a product or service and may express their dissatisfaction publicly.
9. Browser:
These customers spend a lot of time browsing products and reading reviews, but may not make a purchase.
10. Comparison Shoppers:
These customers compare prices and features of different products before making a purchase.
11. Repeat Buyers:
These customers have made a purchase from the business before and are likely to make a repeat purchase.
12. Social Shoppers:
These customers are heavily influenced by the opinions and experiences of others, they often check reviews, ratings, and social proof before making a purchase.
13. Mobile Buyers:
These customers make a purchase using a mobile device, such as a smartphone or tablet.
14. Research-Oriented Buyers:
These customers spend a lot of time researching products and reading reviews before making a purchase.
Read more: A Comprehensive Guide To Identifying And Converting Potential Customers Online
Understanding The Typical Online Buyer In 2023
It's important to note that online buying behavior has been significantly impacted by the COVID-19 pandemic.
With many physical stores closed or operating at limited capacity, more and more consumers have turned to online shopping as a safe and convenient alternative.
This trend is likely to continue in 2023, with even more consumers expected to make their purchases online.
Here's a guide to help you navigate the changing landscape of e-commerce and better understand the typical online buyer’s characteristics in 2023.
The Traits Of An Online Buyer in 2023
1) Tech-Savvy:
They are comfortable using the internet and mobile devices to research products, compare prices, and make purchases. They may also be more likely to use social media and online reviews to inform their buying decisions.
2) More Conscious Of The Environment:
They may be looking for sustainable and eco-friendly options when making their purchases, and may also be more likely to choose products that are made locally or have a small carbon footprint.
3) Looking For Increased Convenience:
They may be looking for faster delivery times and more flexible return policies. They may also be more interested in subscription services and other options that allow them to receive products on a regular basis without having to constantly reorder.
4) More Security-Conscious:
They may be more likely to shop on sites that offer secure payment options and have strong privacy policies. They may also be more likely to use digital wallets and other forms of digital payments, rather than traditional credit cards.
The Trends Of An Online Buyer in 2023
It is difficult to predict the typical online buyer in 2023 as the digital landscape is constantly changing and evolving.
However, it's likely that the following trends will continue to shape the behavior and characteristics of online buyers:
1. Mobile Usage:
Trend:
With the increasing popularity of smartphones and tablets, more and more online shoppers will be using mobile devices to browse and make purchases.
Solution:
Businesses will need to optimize their websites and online stores for mobile users to provide a seamless shopping experience.
2. Personalization:
Trend:
Online buyers will expect a personalized experience, with relevant products and recommendations based on their browsing and purchase history.
Solution:
Businesses will need to use data and analytics to personalize their marketing and sales efforts.
3. Social Proof:
Trend:
Online buyers will continue to be heavily influenced by the opinions and experiences of others, they often check reviews, ratings, and social proof before making a purchase.
Solution:
Businesses will need to focus on building trust and credibility through customer reviews and social media presence.
4. Convenience:
Trend:
Online buyers will demand a convenient shopping experience, with fast and easy checkout processes, and various delivery and pickup options.
Solution:
Businesses will need to provide multiple and flexible options for delivery and returns.
5. Security:
Trend:
Online security will continue to be a top concern for global buyers online, as data breaches and fraud become more prevalent.
Solution:
Businesses will need to invest in robust security measures to protect customer data and gain customer trust.
6. Sustainability:
Trend:
Online buyers will increasingly prioritize purchasing products and services from companies that have a positive impact on the environment and society.
Solution:
Businesses will need to be transparent and communicate their sustainability efforts effectively.
It's important for businesses to stay up-to-date on these trends and adapt their strategies accordingly to effectively reach and retain online buyers in 2023.
What Does It Mean For Marketers?
To stay ahead of the curve, marketers should stay up-to-date on these changes and continuously adapt their strategies accordingly.
Here are several strategies for marketers:
1. Define Your Target Audience:
Understand your customer types by creating buyer personas, using demographics, psychographics, and behavior data.
2. Use Data And Analytics:
Use data and analytics to understand your target audience's behavior, preferences, and pain points and to effectively reach and retain them.
3. Segment Your Audience:
Segment your audience into smaller groups based on their behavior, preferences, and pain points for more targeted and effective marketing campaigns.
4. Use Personalized Content:
Use personalized content to engage with your target audience, including email campaigns, social media posts, and advertisements tailored to specific segments of your audience.
5. Leverage Social Proof:
Use social proof such as customer reviews, testimonials, and influencer endorsements to build trust and credibility with your target audience.
6. Use Retargeting:
Use retargeting ads to remind potential customers (who have shown interest in your products or services but haven’t made a purchase yet) and encourage them to make a purchase.
7. Use Referral Marketing:
Use referral marketing to reach new customers by encouraging your existing customers to refer their friends and family to your business.
8. Use Loyalty Programs:
Use loyalty programs to reward and retain your most valuable customers.
9. Use Email Marketing:
Use email marketing campaigns to keep your audience informed about new products, services, and promotions.
10. Use Interactive Content:
Use interactive content such as quizzes, polls, and surveys to engage with your audience and gather feedback.
By implementing these strategies, businesses can effectively target the right audience and keep them engaged, resulting in increased customer satisfaction and loyalty.
Read more: Tips and Advice for E-Commerce Store Management
What Do These Trends Mean For E-Commerce Platforms?
Social eCommerce platforms, like Markaz, are one of the many businesses that will be affected immensely because of the global buyer online trends in 2023.
Here are a few specific ways these trends may impact social eCommerce platforms:
1. Mobile Optimization:
In 2021, mobile e-commerce sales increased by 15.2% over the previous year to $3.56 trillion.
They will need to optimize their platform for mobile users in order to provide a seamless shopping experience. This may include responsive design, mobile-optimized checkout, and mobile-friendly product pages.
2. Personalization:
They can use data and analytics to personalize the user experience and recommend products that match their preferences and behavior.
3. Social Proof:
They can leverage customer reviews, ratings, and social proof in order to build trust and credibility with customers.
4. Convenience:
They can provide a convenient shopping experience, with fast and easy checkout processes, and various delivery and pickup options.
5. Security:
They would have to invest in robust security measures in order to protect customer data and gain customer trust.
6. Sustainability:
They can communicate their sustainability efforts effectively and be transparent about the impact their business has on the environment and society.
7. Influencer Marketing:
They can leverage influencer marketing to increase brand awareness and reach new audiences.
8. Voice Commerce:
They can integrate with voice assistants such as Alexa, Siri, and Google Assistant to make it easier for customers to make purchases using voice commands.
By this year, it is expected that eCommerce sales would reach $6.5 trillion (Statista) and that further proves why it is important for the platforms to make sure they are up-to-date with the trends if they want to maintain or top their numbers.
Fun fact: Markaz is already doing most of these.
Read more: What is Markaz, and How Does it Work?
Conclusion
In conclusion, businesses need to understand and identify different types of customers and online buyers in order to tailor their marketing and sales efforts to effectively reach and retain them.
Understanding the customer journey is crucial for businesses to identify key touchpoints and pain points that customers experience during the process of making a purchase.
The typical online buyer has changed significantly over the past decade, and businesses should stay up-to-date on these changes and continuously adapt their strategies accordingly.
FAQs
What is an online buyer?
An online buyer is a customer who uses a web browser to directly purchase goods or services from sellers online.
What are the three types of online buyers?
Spendthrifts, ordinary spenders, and frugalistas are the three primary groups of buyer types.
What is the job of a buyer?
Buyers are in charge of buying products for a firm to use or sell in their own enterprise. This job needs a lot of research, as well as the ability to manage an inventory, negotiate contracts with suppliers, assess the quality of products, and stay within a budget.
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