For online retailers, it’s no surprise that pricing matters. There are also some striking pricing facts from e-commerce markets worldwide, which strongly proves this fact.
That’s why we’ve collided the most striking pricing facts in e-commerce. You can go through and have a better understanding of the importance of pricing in e-commerce with these quick and powerful stats. After diving into these stats, you may consider handling your pricing efforts from a different perspective.
Let’s have a look these pricing facts that every e-commerce retailer should know;
More than 60% of online shoppers worldwide considers e-commerce pricing as the very first criteria affecting their buying decision. (Source)
The majority of all online shoppers (around 90%) invest their time to hunt the best online deals. (Source)
71% of online shoppers believe they’ll get a better deal online than in brick&mortar stores. (Source)
54% of shoppers will purchase products left in shopping carts if those products are offered at a lower price. (Source)
46% of online shoppers appreciate e-commerce stores that recreate product comparisons including prices. (Source)
41% of online shoppers look for discount coupons while %23 of them participate in these promotions. (Source)
60% of online female shoppers prefer investing time to find the best deals, which is much more than males – 46%. (Source)
An average online shopper will visit at least 3 websites before making their purchase. (Source)
86% of first time online shoppers say it is important to be able to see and compare prices from different sellers.
The shoppers who prefer purchasing from big marketplaces are more likely to spend their time to find the best deal compared to average online shoppers. (62% vs 46%)
67% of US online shoppers say that they will buy products from different e-commerce websites to get the best deals. (Source)
In the US, 62% online female shoppers pay attention to discounts, on the contrary, 57% online male shoppers evaluate discounts while purchasing online. (Source)
Top 3 Most influential factors for US shoppers while buying online are respectively: 87% Price, 80% Shipping Cost, 71% Discounts (Source)
8 of 10 Latin American online shoppers hunt for the best deals before finalizing the purchase decision.
French retailers are quite active when it comes to the daily price changes. 5.92% of prices from France are changing every day which is higher than the other 6 countries’ average that is measured to be around 3 percent. (Source)
33.31% of online prices in Canada end with .9 such as $4.99 or $7.59. This data shows us Canadian retailers are keen on using the power of 9 while attracting online shoppers. (Source)
20% of e-commerce traffic for all sorts of product categories come from price comparison engines. (Source)
73% of online stores named price changes as the main factor of competitive pressure. (Source)
In a very common scenario, a standard product can be found in at least 5 different online retailers. (Source)
A price comparison engine can produce 50 deals in 5 minutes. This fact shows us the power of online shoppers. (Source)
Retailer giant changes its prices every 10 minutes on average. (Source)
As you can see from these striking pricing facts, e-commerce companies of all sizes from all around the world should better gear up with their pricing operations and approach it as a group effort, instead of just leaving it to the hands of a single department or a single employee within the company.