98% of UK consumers say they would buy based on experience over price – and they value loyalty rewards

Shopping is more than just shopping

Shopping is more than just shopping

Even with rising inflation, 98% of UK shoppers say that there is at least a certain case where they would buy something based on experience rather than just price – while three quarters admit spending more than they want to get rewards. 

So finds research among 10,000 global consumers conducted by Bazaarvoice, which reiterates the importance of engaging shopping experiences and proves that ‘online shopper’ may become a redundant term in the future, as almost all consumers are shopping on the internet. Consumers, it says, are now looking for brands and retailers to take their ecommerce experiences to the next level with rewards programs, gamification, AR and VR, and, eventually, opportunities in the metaverse.

According to the study, 72% of British consumers have spent more money than planned while shopping in order to unlock a brand or retailer’s reward. 58% say they’re more likely to purchase something if they can participate in a rewards programme.

Furthermore, some 61% of British shoppers said they would enjoy gaming elements while shopping online, with 32% saying they would prefer this to be in-store and 28% wanting in-app gamification. A further 66% said they would spend longer in an app or on a website if they received points that converted into a discount in return, with 71% prepared to submit UGC to gain a reward.

Looking to the future, live shopping (45%) is the shopping experience people in the U.K. are most excited about, followed by virtual reality (VR) (38%), the metaverse (26%) and augmented reality (AR) (22%). Interestingly, 48% of UK consumers want to see AR/VR in physical stores.

Everyone surveyed had heard of the metaverse. However, 36% of Brits said that while they’re aware of it, they don’t understand how to use it. Despite this, 31% of people in the U.K. think it will be regularly used by most people in 3-5 years, 5% think it will happen within the year, and 12% don’t think it will ever be widely used.

Awareness of NFTs is high with almost half (48%) of Brits saying they know what an NFT is, 22% saying they kind of do, and only 26% saying they don’t. Furthermore, two-thirds are preparing for an NFT purchase, with 38% intending this purchase within the next 12 months and 28% planning to in the coming years.

“Consumers no longer need to be convinced to shop online for products, but brands and retailers have to up their game (literally) to keep them there,” says Zarina Lam Stanford, Bazaarvoice CMO. “Consumers are ready and excited for these tools to not only entertain them, but also help them make more confident and informed purchases. Sellers need to experiment with how these technologies can enhance their shoppers’ experience and drive sales. ”

Ed Hill, SVP EMEA at Bazaarvoice adds: “Consumers no longer want their expectations met, they want them to be exceeded. Technology is how we achieve that, but the key is not just implementing offerings such as VR or AR, but about developing a fully integrated ecommerce experience that will take the shopping experience to the next level. In doing so, it will transform it from a practical and transactional experience to a fun and engaging one. More advanced markets where innovative technology tends to be adopted earlier in the life cycle, such as China, are excellent indicators for brands in Europe, and globally, as to which strategies and technologies have potential for success.”

Read More

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