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 New Deloitte Study Shows Inflection Point for Consumer Products Industry; Companies Must Learn to Compete in a More Transparent Age
According to a recent survey by Deloitte’s Consumer Products group, consumers are turning to online reviews in large numbers, and those reviews are having a considerable impact on purchase decisions. 62 percent of consumers read consumer-written product reviews on the Internet, says the report, and of these, more than eight in 10 say their purchase decisions have been directly influenced by the reviews, either influencing them to buy a different product than the one they had originally been thinking about purchasing, or confirming the original purchase intention. Read the whole article . . .
National Association of Realtors (NAR) -- Homebuyers' Use of the Internet
80% of home buyers used the internet as a source.
81% of internet home buyers also used a real estate agent.
63% of non-internet buyers used a real estate agent.
74% of buyers who searched online drove by or looked at a home they first saw online.
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Search Influenced $15.2 Billion In Consumer Electronics Spending Through First Half
As the latest in an ongoing series of studies that capture the evolving and complex nature of consumer behavior today, Yahoo yesterday released findings from a joint study conducted with the Consumer Electronics Association. The study was fielded in June of this year and surveyed more than 2,000 U.S. adults who were pre-qualified as intending to make consumer electronics (CE) purchases.
The study looked at five CE categories: cell phones, computers, digital cameras, MP3 players and televisions. Below are the top-level findings:
- The amount of online research was tied directly to the price of the product. Because higher priced products are more "considered" purchases, people spent more time doing online research. The range of time was nine hours for cell phones at the low end and 15 hours for TVs at the high end. The average duration of online research prior to purchase was 12 hours.
- Of all purchasers of CE products in the study, online buyers were a significant minority (29%), while most purchases happened in local stores (71%). Of those buying offline, almost three quarters conducted online research prior to purchase.
- Search engines in particular were used by 45% of the survey population that ultimately purchased in a local retail store.
- On average CE consumers in the study used visited six manufacturer and/or retail sites before purchase. In navigating to those sites 55% used a search engine to go to the site, while 46% directly entered a URL. Approximately 10% followed a link from another site.
- In terms of the range of sources used by purchasers (both online and off), the top four in order were as follows: 1) Internet 2) print 3) word of mouth 4) retail/other.
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