Funding Roundup: Sabi, PartsTech, XB Fulfillment and Others Attain Early-Stage Funding Success
It has been an outstanding week for startups in the e-commerce, logistics and supply chain space. Check out 6 of their amazing achievements; Sabi, PartsTech, XBFulfillment, Agraga, Ripplr, Logik.io
May 26, 2023
The Ultimate Guide to Creating High-Quality E-Commerce Videos That Drive Sales
Need help creating e-commerce product videos to increase your sales? Learn how to make a product video that will capture the attention of potential and existing customers.
May 19, 2023
SHEIN Partners With Queen of Raw to Reduce Excess Inventory
SHEIN is utilizing Queen of Raw’s proprietary software, Materia MX, to source existing materials from brands and retailers looking to responsibly clear out their excess fabric inventory rather than have it go to waste in landfills.
May 16, 2023
Revolutionizing E-Commerce Logistics with Blockchain Technology
This article explores the ways in which blockchain technology is transforming e-commerce logistics, including improved supply chain management, enhanced customer relationships, optimized payment systems, and more. Discover the benefits and limitations of using blockchain in e-commerce logistics and how it is revolutionizing the industry.
May 11, 2023
Top Artificial Intelligence & Machine Learning Strategies in E-Commerce Logistics
Here are 5 ways AI & Machine Learning can be applied in e-commerce: 1. Delivery Time Prediction 2. Virtual Assistant for Freight Management 3. Chatbots 4. Pricing Optimization 5. Product Recommendations
May 09, 2023
Funding Roundup: Ace Turtle, Chargel, Eighty6 and Others Close Early-Stage Deals
Explore what 6 of these amazing startups in the e-commerce, logistics and supply chain space have achieved in the past week: Ace Turtle, Chargel, Eighty6, Coldspace, Luca and Foundation.
May 05, 2023
Klarna Launches New AI-Powered, Customized Shopping Feed
The suite of new features include “Ask Klarna,” a personal shopping assistant where users can speak to real fashion experts, "Ads Manager", an ads tool that helps merchants connect with Klarna's community of highly-intent buyers and so on.
May 04, 2023
Amazon Unveils Program to Combat Counterfeiters in Retail
The Anti-Counterfeiting Exchange (ACX) helps track and stop perpetrators more quickly than they would without this collaborative data sharing.
May 02, 2023
Zalando to Launch ChatGPT-Powered Fashion Assistant in Austria, Germany, Ireland and the UK
With the ChatGPT-powered fashion assistant, Zalando aims to create a trusted companion for its customers which includes privacy and AI protection
Apr 25, 2023
Why Logistics Data Matters in Retail
What exactly is logistics data? What are some real-life applications of this “data” that we speak of? Find out here!
Apr 25, 2023
Earth Day 2023: The Ongoing Push for Sustainable Logistics
Discover the latest sustainability efforts in e-commerce logistics in honor of Earth Day 2023. This article explores how industry players are reducing their environmental footprint through innovative and eco-friendly logistics practices. From investing in the education of their employees to utilizing alternative sources of fuel, learn how these companies are making a difference in our societies.
Apr 21, 2023
Shift in Consumer Shopping Behavior
Shift to Online Shopping
The worldwide pandemic accelerated digitization and e-commerce growth, leading to a shift in consumer shopping behavior in recent months. So how has consumer shopping behavior changed? Specifically, more consumers are turning to online stores rather than conventional retail establishments. For instance, due to the impact of Covid-19 on consumer shopping behavior, people in Southeast Asia were migrating online for food delivery and supplies. Businesses similarly switched their operations online in order to reach out to customers who made a shift in buying behavior after physical stores were forced to close. Nevertheless, with the world returning to a ‘new normal’, retail and ecommerce businesses should adopt an omnichannel strategy to capture consumers regardless of channel.
Factors Affecting Consumer Shopping Behavior
There are three factors that influence consumer shopping behavior, which assist in understanding consumer behavior. They include research, recommendations and reviews, and returns. The first one is research. Buyers are increasingly conducting their own “research” before visiting a retailer’s location or website to buy a product. Next, recommendations and reviews have a significant impact on consumer shopping behavior. As a first step in acquiring preliminary information about an item or service, customers prefer to go online to read user feedback and expert reviews. As a result, merchant-sponsored information—including retailer blogs, advertising, user guides, and so on—is losing ground to user-generated reviews and content as the primary influences of purchase decisions. The last factor is returns, which have become an accepted part of both the buying process and business. Many reasons may cause returns, such as consumer dissatisfaction, consumer’s remorse, and at times due to buyers not examining the product carefully before purchasing products.
Consumer Shopping Habits Post-pandemic
Because of the impact of Covid-19, online shopping has become one of the most prominent consumer shopping behavior trends. That being said, in-store shopping still remains relevant.Surveys have shown that consumers plan to mix in-store and online shopping. Moreover, consumers are discovering new e-commerce delivery methods such as curbside pickup or collection points delivery. We believe these shifts in consumer shopping behavior are likely to persist even after Covid.
Types of Consumer Shopping Behavior
The first is complex buying behavior, which is used when purchasing a product that is expensive, rarely purchased, high in risk, self-expressive, and a one-time investment. Thus, the consumer has to spend a long time examining the alternatives, form beliefs and attitudes about the product, and then decide to buy and invest. The second type of consumer shopping behavior is dissonance reducing purchasing behavior. Such behavior is primarily concerned with eliminating post-buy dissonance as a result of past purchase unhappiness. The third type is habitual buying behavior. This behavior is often observed if the product is inexpensive and purchased regularly Finally, variety seeking buying behavior is seen if a consumer shifts between brands not because they were dissatisfied with their prior purchase, but because they want to try out something new or different.