Online Retail - How To Know Your Customers Psychology ?

An online store can bring completeness to your retail business. Through your online store, you can both mobilize your physical marketing resources to promote your retail business and streamline how your customers interact with you to purchase the product. However, the mindset of the customer becomes entirely different when it comes to purchase something over the web. In his sub-conscious mind, the customer usually looks for a better deal as his physical movement is confined (his shopping notions are somewhat ‘pre-programmed’ when he visits the online store). Naturally, as an online retail store owner, onus is on you to present things in your store as per your customers’ psychological orientations.

A few things that govern customers’ psychology when it comes to online shopping and where you as an online retailer can take benefits are:

• Neuromarketing Techniques – Brain-research studies show that online shoppers are greatly influenced by the color of the background, location of the product on the screen, display of pricing etc. The shoppers decision to buy a product or his spending limit is determined by these factors. For example, researchers suggests that a greenish pattern in the background of a product in an online store selling furniture, may help in firing the online customers neurons in a way that would make them sensitive to the price of the item. On the other hand, a blue-colored pattern may help in stimulating the online shoppers neurons towards the comfort-angle of the product. In simpler words, for a low-priced product keep a green background and highlight the “low price”, similarly, if your product is highly-priced, use a blue background and highlight the “comfort features”.
  

• Affinity for free-shipping – The phrase “free-shipping” is one of most sought-after characteristics of a any product sold online; at least a large section of the online shoppers just run for it! Consumers prefers free-shipping offers as they compare it to the shopping experience in the physical store; you take out your car, drive to the store, burn gas, buy the item, burn gas again, move through traffic, reach home, park your car and finally open the box on your living room table – well, the retailers mind compares all these with the phrase “free-shipping”. Even a $20 discount weighs less than a $10 waiver in the name of free-shipping. Discount? “Well, it’s ok; everybody gives.” Free-shipping? “Why, I will buy it!” This is the psychology of major chunk of online shoppers.

• Comparative pricing of products – Online shoppers psycho-analysis report shows that most buyers give precedence to mid-range comparative pricing of a group of similar product. For instance, if you place two similar items on the category page of your store (showing brief details of both), one priced at $100, and the other at $150, most customers will purchase the cheaper one. Now, add a third item priced at say, $200 (the one that you are not even interested in selling); you will be amazed to see that most people will purchase the item selling for $150! Moral of the story – always give your buyers something to compare!

Online shoppers also prefer the pricing in their local currencies (if you are selling globally) and they have a great love for coupons also. Moreover, the buying pattern also varies with various demographic parameters like age-group, income-group, sex, education, community and so on. So, while you sell – observe and know your customers!

Appealing To Women - Key To Success in Online Retailing

Shopping has been an obsession of women across the globe. A new shop in the neighborhood, a new shopping mall in the area, a new brand launched - women are first to know and first to go. When it comes to shopping, women are more organized (45% of women come to with shopping-lists as compared 27% of men), regularized and they show some definite trends in their buying behaviors. A retail stores woman is more likely to spend time in a retail store (29%) as compared to her male counterpart (23%).

Now, let us look at online retailing; a Jupiter Research survey says 60% of U.S. online shoppers are women! Another equally intriguing and related fact is - 92% of UK female Internet users buy products online. Undoubtedly, these figures show that there is an increasing trend amongst women to go for the online option.

When a woman visits a retail store she will consider a few factors such as:

• How conveniently the store is located

• Behavior of the staff

• Cleanliness (most of women are obsessed with it)

• Products put at an easy reach so that she can check the label, feel it (if required) and physically compare it with a similar product from a different manufacturer

• Overall aesthetic decoration of the store

• And most importantly - freebies and discounts available with the products

Naturally, the same woman when she would visit an online retail store will look for these factors in her sub-conscious mind. She would love to get the same feeling as she derives from the environment of her favorite retail store. She will unknowingly demand these from your online shopping store.

She would choose to stay and buy from your online web store if you can meet the following:

• Save time: You should give her the navigational freedom and easy roam around options in your store; give her instantly whatever she wants.

• Get a better selection: Your product should be the best in the designated price bracket

• Complete product details: Do not describe your products in single words; give as much detail as possible.

• Better value/offer: Your freebies should be 'useful' enough and the discount should be noticeable

• Logistics: You must deliver the product right at her doorsteps and nowhere else!

• Flexible return policy: Many times a woman takes a second opinion and you should respect this nature. Be flexible if she asks you to replace what she has bought.

It is the convenience of shopping from home that drives women to buy online and this has been the single most influencing factor that drives online retail sales. Online shopping store can help you to generate hefty profits and as women are your major customers, you must enact everything in your store to please them.