Online buying will increase due to lagging economy
According to eMarketer reports, this year, online sales in the US alone will
jump from $136.8 BILLION to $142.4 BILLION (that's an INCREASE of nearly $6
BILLION in online spending).
Nielsen Consumer Insightreports that in 2009, consumers will spend 17% more
time on eCommerce websites every day.
Internet trends will most likely will be key to stating, maintaining or improving
internet businesses in 2009
Emerging trends are that consumers are increasingly turning to the internet as
a way to save money.
According to surveys, 80% of people buying online they're now shopping online
to save money.
95% of these people report that they're motivated to buy by offers of free
shipping, and 83% are motivated to buy by special prices.
Clearly, 2009 will be the year of the deal.
And if you offer free shipping, don't hide that fact away on the order form. It
could well be the detail that pushes visitors into making that crucial buying
decision.
This same survey reports that 88% of people are shopping online in order to
save time, and 83% say that they do it because it's less hassle than hitting the
malls.
So not only are internet visitors coming to save money, they're also looking for
ease and convenience.
Websites that offer a combination of pricing and IMPECCABLE customer
service will continue to thrive this year.
Consumers are making more and more REPEAT purchases based on automated
recommendations.
This recent 2008 report shows that 65% of online buyers made additional
purchases from a website based on automated recommendations the site gave
them.
That's 6 out of 10 customers buying more, based purely on suggestions for
other products they might like.
Internet businesses who will thrive in 2009 will be those who spend a lot of
time using email marketing to nurture the relationships they have with their
customers and subscribers.
Bad weather,congested traffic, tired kids, not enough time, out of stocks have
been the biggest reason online shoopping has grown....and will continue.
According to eMarketer reports, this year, online sales in the US alone will
jump from $136.8 BILLION to $142.4 BILLION (that's an INCREASE of nearly $6
BILLION in online spending).
Nielsen Consumer Insightreports that in 2009, consumers will spend 17% more
time on eCommerce websites every day.
Internet trends will most likely will be key to stating, maintaining or improving
internet businesses in 2009
Emerging trends are that consumers are increasingly turning to the internet as
a way to save money.
According to surveys, 80% of people buying online they're now shopping online
to save money.
95% of these people report that they're motivated to buy by offers of free
shipping, and 83% are motivated to buy by special prices.
Clearly, 2009 will be the year of the deal.
And if you offer free shipping, don't hide that fact away on the order form. It
could well be the detail that pushes visitors into making that crucial buying
decision.
This same survey reports that 88% of people are shopping online in order to
save time, and 83% say that they do it because it's less hassle than hitting the
malls.
So not only are internet visitors coming to save money, they're also looking for
ease and convenience.
Websites that offer a combination of pricing and IMPECCABLE customer
service will continue to thrive this year.
Consumers are making more and more REPEAT purchases based on automated
recommendations.
This recent 2008 report shows that 65% of online buyers made additional
purchases from a website based on automated recommendations the site gave
them.
That's 6 out of 10 customers buying more, based purely on suggestions for
other products they might like.
Internet businesses who will thrive in 2009 will be those who spend a lot of
time using email marketing to nurture the relationships they have with their
customers and subscribers.
Bad weather,congested traffic, tired kids, not enough time, out of stocks have
been the biggest reason online shoopping has grown....and will continue.
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First signs of how consumers will behave post recession
Restraint will be the new mantra among consumers, according to the Nielsen
Global Consumer Confidence Survey. But, that doesn’t mean they won’t start
spending again in the near future.
Respondents to the poll conducted in April, across 50 countries making up 86
percent of the GDP, said they would continue to focus on fiscal responsibility.
Yet, “they will allow themselves some of those little indulgences,” said James
Russo, vice president, Global Consumer Insights. “Perhaps pent up demand
will play itself out and they’ll take that vacation they put off, go back to casual
dining and increase out of home entertainment activities such as movie
going.”
In April, 56 percent of consumers said they were spending less on new
clothes. However, only 22 percent said they would continue to do so with an
economic recovery predicted by year’s end.
More than half (53 percent) also cut down on out-of-home entertainment, still
only 20 percent said they planned to maintain this behavior. And, while 45
percent of respondents shied away from take away meals, only 24 percent plan
on avoiding these more expensive meals moving forward.
Still, consumers clearly indicated that they would remain focused on savings
past the recovery. “A whole new value system has emerged,” said Russo.
“One of casual restraint. There is a focus on fiscal responsibility and
budgeting, but that doesn’t mean there isn’t a market for indulgences. I don’t
mean diamond jewelry, but moderation will be key and you may see consumers
begin to trade up and move back to mainstream retailers.”
One behavior that will not change as drastically is trying to save on gas and
electricity. Slightly more than half of respondents (51 percent) said they did so
in April. Forty percent of consumers said they would continue to keep an eye
on such services. The same holds true with the telephone company with 34
percent currently acting with restraint and 21 percent looking to do so moving
forward.
Nielsen conducted a similar study in October and it proved telling. From Oct.
2008 to April 2009, consumers across 15 behavioral segments followed
through on their plans to cut back on discretionary purchases while
increasing levels of savings. For example, in April, most of the 40 percent of
consumers who said they would delay upgrading technology followed through
with their promise. More than a third (34 percent) said they’d use their car
less-29 percent ended up doing so. And 33 percent said they’d cut down on
vacations and delay replacement of major household items. In both instances,
34 percent of consumers actually did.
Restraint will be the new mantra among consumers, according to the Nielsen
Global Consumer Confidence Survey. But, that doesn’t mean they won’t start
spending again in the near future.
Respondents to the poll conducted in April, across 50 countries making up 86
percent of the GDP, said they would continue to focus on fiscal responsibility.
Yet, “they will allow themselves some of those little indulgences,” said James
Russo, vice president, Global Consumer Insights. “Perhaps pent up demand
will play itself out and they’ll take that vacation they put off, go back to casual
dining and increase out of home entertainment activities such as movie
going.”
In April, 56 percent of consumers said they were spending less on new
clothes. However, only 22 percent said they would continue to do so with an
economic recovery predicted by year’s end.
More than half (53 percent) also cut down on out-of-home entertainment, still
only 20 percent said they planned to maintain this behavior. And, while 45
percent of respondents shied away from take away meals, only 24 percent plan
on avoiding these more expensive meals moving forward.
Still, consumers clearly indicated that they would remain focused on savings
past the recovery. “A whole new value system has emerged,” said Russo.
“One of casual restraint. There is a focus on fiscal responsibility and
budgeting, but that doesn’t mean there isn’t a market for indulgences. I don’t
mean diamond jewelry, but moderation will be key and you may see consumers
begin to trade up and move back to mainstream retailers.”
One behavior that will not change as drastically is trying to save on gas and
electricity. Slightly more than half of respondents (51 percent) said they did so
in April. Forty percent of consumers said they would continue to keep an eye
on such services. The same holds true with the telephone company with 34
percent currently acting with restraint and 21 percent looking to do so moving
forward.
Nielsen conducted a similar study in October and it proved telling. From Oct.
2008 to April 2009, consumers across 15 behavioral segments followed
through on their plans to cut back on discretionary purchases while
increasing levels of savings. For example, in April, most of the 40 percent of
consumers who said they would delay upgrading technology followed through
with their promise. More than a third (34 percent) said they’d use their car
less-29 percent ended up doing so. And 33 percent said they’d cut down on
vacations and delay replacement of major household items. In both instances,
34 percent of consumers actually did.
2009 Consumer Survival Plan
It’s no secret that consumers nationwide have been forced to alter their
behavior and spending patterns due to the weak economy in 2008. But,
specifically, just how are they coping?
Based on its extensive research in the Consumer Packaged Goods and
Entertainment categories, The Nielsen Company has some answers.
The New Mantra: If You Can’t Eat It… You Don’t Need It
Consumers are relying more and more on food staples and “value” items such
as rice, noodles, and pasta, which dominated Nielsen’s list of the fastest-
growing categories in 2008.
Dollar sales vs. a year ago:
Bulk rice up 38 percent
Ramen noodles up 30 percent
Dry pasta up 25 percent
Margarine up 21 percent
Spam up 14 percent
Canned vegetables up 9 percent
Frozen vegetables up 7 percent
Macaroni & cheese up 7 percent
Consumers Are Cooking From Scratch…
Noteworthy is an 8.2 percent increase in unit sales of Canning & Freezing
Supplies. Consumers are now growing and storing their own foods, as well as
cooking from scratch rather than buying more expensive prepared
“convenience” foods.
And Drinking More Alcohol
Consumers are buying more Wine (7.9 percent increase in unit sales) and
Liquors2.6 percent increase in unit sales).
…But, Are Taking Their Vitamins
During these hard economic times, consumers are buying more vitamins (4.3
percent increase in unit sales). In fact, for most of 2008, the vitamin category
was the only Health & Beauty category to grow unit sales by more than 2
percent. Nielsen predicts that vitamin sales will outpace other categories in
2009. As the U.S. population gets older and time-stressed families supplement
less than desirable eating habits, vitamins will continue to grow unit volume,
though competitive pricing may keep dollar growth lower.
However, the growth of organic products will slow dramatically. Unless
organic marketers can do a more effective job of demonstrating better taste
or concrete health benefits, expect the growth of UPC-coded organics to
decline less than +10 percent.
“Going Green” Is Now Optional
“Going green” will be motivated more by cost-cutting than planet-saving
intentions. Families on a tighter budget will be less likely to pay extra for
environmentally-sustainable “green” products, but they will improve the
environment as a by-product of cost-cutting strategies, such as saving money
on gas by combining errands (lowering car emissions), and by purchasing less
non-essential goods (producing less waste).
Consumers Are Trading Down… Or “Out”
Consumers are shifting dollar and unit spending in favor of less expensive
private label/store brands as opposed to purchasing established name
brands. Store brands hit an all-time high in unit sales and dollars at the end of
2008. Also, 48 percent of consumers consistently cited that they prefer larger
sizes of items with lower pricing per serving over downsized products at
historic price levels.
Nielsen predicts that national established brands will try aggressively to win
back store brand business from consumers by using innovative packaging,
unique flavors, and additional health and wellness claims.
50 percent of consumers are dining out less often, while more than 30 percent
are “trading down” to less expensive restaurants.
…And Are Paying With Cash
Cash will be king, especially at convenience stores. As credit card companies
continue to raise fees on retailers, there is more motivation to offer discounts
for shoppers paying cash. Convenience stores will take the lead on cash
discounts, as many already offer lower gas prices for cash purchases. As
other retail channels offer cash discounts, credit card companies may get
enough pressure to reduce fees for retailers.
It’s no secret that consumers nationwide have been forced to alter their
behavior and spending patterns due to the weak economy in 2008. But,
specifically, just how are they coping?
Based on its extensive research in the Consumer Packaged Goods and
Entertainment categories, The Nielsen Company has some answers.
The New Mantra: If You Can’t Eat It… You Don’t Need It
Consumers are relying more and more on food staples and “value” items such
as rice, noodles, and pasta, which dominated Nielsen’s list of the fastest-
growing categories in 2008.
Dollar sales vs. a year ago:
Bulk rice up 38 percent
Ramen noodles up 30 percent
Dry pasta up 25 percent
Margarine up 21 percent
Spam up 14 percent
Canned vegetables up 9 percent
Frozen vegetables up 7 percent
Macaroni & cheese up 7 percent
Consumers Are Cooking From Scratch…
Noteworthy is an 8.2 percent increase in unit sales of Canning & Freezing
Supplies. Consumers are now growing and storing their own foods, as well as
cooking from scratch rather than buying more expensive prepared
“convenience” foods.
And Drinking More Alcohol
Consumers are buying more Wine (7.9 percent increase in unit sales) and
Liquors2.6 percent increase in unit sales).
…But, Are Taking Their Vitamins
During these hard economic times, consumers are buying more vitamins (4.3
percent increase in unit sales). In fact, for most of 2008, the vitamin category
was the only Health & Beauty category to grow unit sales by more than 2
percent. Nielsen predicts that vitamin sales will outpace other categories in
2009. As the U.S. population gets older and time-stressed families supplement
less than desirable eating habits, vitamins will continue to grow unit volume,
though competitive pricing may keep dollar growth lower.
However, the growth of organic products will slow dramatically. Unless
organic marketers can do a more effective job of demonstrating better taste
or concrete health benefits, expect the growth of UPC-coded organics to
decline less than +10 percent.
“Going Green” Is Now Optional
“Going green” will be motivated more by cost-cutting than planet-saving
intentions. Families on a tighter budget will be less likely to pay extra for
environmentally-sustainable “green” products, but they will improve the
environment as a by-product of cost-cutting strategies, such as saving money
on gas by combining errands (lowering car emissions), and by purchasing less
non-essential goods (producing less waste).
Consumers Are Trading Down… Or “Out”
Consumers are shifting dollar and unit spending in favor of less expensive
private label/store brands as opposed to purchasing established name
brands. Store brands hit an all-time high in unit sales and dollars at the end of
2008. Also, 48 percent of consumers consistently cited that they prefer larger
sizes of items with lower pricing per serving over downsized products at
historic price levels.
Nielsen predicts that national established brands will try aggressively to win
back store brand business from consumers by using innovative packaging,
unique flavors, and additional health and wellness claims.
50 percent of consumers are dining out less often, while more than 30 percent
are “trading down” to less expensive restaurants.
…And Are Paying With Cash
Cash will be king, especially at convenience stores. As credit card companies
continue to raise fees on retailers, there is more motivation to offer discounts
for shoppers paying cash. Convenience stores will take the lead on cash
discounts, as many already offer lower gas prices for cash purchases. As
other retail channels offer cash discounts, credit card companies may get
enough pressure to reduce fees for retailers.
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