Price is the main factor when choosing where to buy online

This article is brought to you by Retail Technology Review: Price is the main factor when choosing where to buy online.

Online shoppers are still most attracted by the prospect of a bargain when choosing where to buy, according to new research launched today by online marketplace provider, Mirakl.
 
49 per cent of respondents answered this when asked ‘What factors do you look for when choosing where to buy something online?’ Other reasons given were knowing and trusting that retailer (23 per cent), followed by overall customer service and a retailer providing an extensive and varied product selection.

The survey of 1,000 UK consumers by Leadership Factor also revealed that the ability to order online and pick-up in-store was less of a factor for consumers. Three per cent said that was most important to them, While only two per cent felt a good mobile-optimised website was the main reason to buy somewhere.
 
“Price is always going to be important for consumers but competing on price alone is hard for any retailer,” said Adrien Nussenbaum, co-founder, Mirakl. “A retailer’s brand is important as is the ability to offer an extensive range of products so shoppers can get all they need in one online destination. The challenge for retailers is how to achieve the latter without compromising the former.”
 
Six in ten UK adults have bought from an online marketplace over the last 12 months, and just 14 per cent said they had been put off buying something from an online retailer because an item was provided by a third party seller.
 
Security around payment was the main concern shoppers would have when buying from an online marketplace, with 64 per cent citing this. Other concerns included returns policy (51 per cent), quality of product (54 per cent) and customer service (27 per cent).
 
More than one-third of respondents said they would buy non-core products from a favoured online retailer, if they started offering them.
 
“With more than half of Amazon’s business now taking place via Amazon Marketplace, retailers are setting up their own marketplaces in a bid to extend their product range seamlessly, without the hassle and cost of inventory,” said Adrien Nussenbaum, co-founder, Mirakl. “Marketplaces are a powerful way to offer new products within an existing brand and consumers are increasingly comfortable buying in this way. If retailers curate their marketplace and select their third-party sellers carefully, then there are no issues with security, customer service or quality of product.”