A majority of online beauty shoppers will wait for lower prices and risk items going out of stock, a recent study from D2C ecommerce company ESW finds. But there’s also a sizeable variety of “super shoppers” who can pay full price to get exclusive items.
Why we care. D2C brands are only a click away from their competitors making it easy for online shoppers to check prices and products. To connect with customers, brands must discover and address the very different motivations that drive sales. Messages that land with one cohort can be wasted on other groups.
Seeking lower prices. The majority of online beauty shoppers are in search of bargains, the study found. This applied to younger consumers in addition to older generations.
Sixty-seven percent of Gen Z and millennial digital shoppers said that they preferred to attend with the intention to pay a cheaper price on beauty products. And they accepted the chance that items would grow to be unavailable.
Power shoppers. The study also identified a segment of “power shoppers” — those that spent no less than $2,500 on beauty products annually.
Among “power shoppers,” 40% are bargain hunters. They spend more overall, but they resist paying full price on individual items.
Super fans. Against these trends, there’s a cohort of “super fans” who are, indeed, willing to pay full price for exclusive or rare items.
Twenty-one percent of shoppers said they’d pay full price in the event that they were one in all the primary customers to buy the product. And 25% said they might pay full price if it was a limited-edition product.
These shoppers are receptive to brand events that emphasize the scarcity of a product. However, price-conscious customers would likely be discouraged by such an event.
Dig deeper: What is ecommerce and which trends are shaping its future?
Read the total article here
