Podcast
Questions and Answers
What can lead consumers to deviate from their original product selection?
What can lead consumers to deviate from their original product selection?
- Effective advertising
- Availability of preferred stock (correct)
- Payment options available (correct)
- Brand loyalty
All consumers who decide to make a purchase will actually complete the transaction.
All consumers who decide to make a purchase will actually complete the transaction.
False (B)
What is meant by 'omnichannel shoppers'?
What is meant by 'omnichannel shoppers'?
Consumers who browse and make purchases via more than one channel simultaneously.
Consumers may delay purchases due to perceived ______ of making the wrong choice.
Consumers may delay purchases due to perceived ______ of making the wrong choice.
Match the factors that influence the purchase stage with their descriptions:
Match the factors that influence the purchase stage with their descriptions:
Which of the following is NOT a reason for delaying purchases?
Which of the following is NOT a reason for delaying purchases?
The design of the retail environment has no effect on consumers' purchase decisions.
The design of the retail environment has no effect on consumers' purchase decisions.
Provide an example of how a consumer might engage in unplanned purchases.
Provide an example of how a consumer might engage in unplanned purchases.
What are pop-up stores primarily known for?
What are pop-up stores primarily known for?
Omnichannel consumers often lack more information than the vendors they purchase from.
Omnichannel consumers often lack more information than the vendors they purchase from.
What is the main reason that 44% of online shopping carts are abandoned according to the content?
What is the main reason that 44% of online shopping carts are abandoned according to the content?
The design of space to evoke certain desired effects in buyers is known as _____ .
The design of space to evoke certain desired effects in buyers is known as _____ .
Match the following retail strategies with their descriptions:
Match the following retail strategies with their descriptions:
Which company planned to open 100 pop-up stores in 2016?
Which company planned to open 100 pop-up stores in 2016?
Consumers prefer online shopping over in-store experiences due to the sensory aspects of retail.
Consumers prefer online shopping over in-store experiences due to the sensory aspects of retail.
What is the term used for the phenomenon where consumers have more information than vendors?
What is the term used for the phenomenon where consumers have more information than vendors?
Examples of pop-up stores in the US include Swatch Instant stores, Nespresso pop-up boutiques, and _____ stores.
Examples of pop-up stores in the US include Swatch Instant stores, Nespresso pop-up boutiques, and _____ stores.
What strategy can customers use to compare prices while shopping in-store?
What strategy can customers use to compare prices while shopping in-store?
Flashcards
Purchase Decision Stage
Purchase Decision Stage
The stage where a consumer decides to buy a product after evaluating different options.
Purchase Abandonment
Purchase Abandonment
A situation where a customer plans to buy a product but doesn't follow through due to factors like long lines, unavailable payment methods, or changing preferences.
Unplanned Purchases
Unplanned Purchases
Purchases made outside of the original plan, often influenced by in-store displays, sales, or impulse.
Impulse Buying
Impulse Buying
Signup and view all the flashcards
Purchase Delay
Purchase Delay
Signup and view all the flashcards
Omnichannel Shoppers
Omnichannel Shoppers
Signup and view all the flashcards
Atmospherics
Atmospherics
Signup and view all the flashcards
Buyer-Perceived Risk
Buyer-Perceived Risk
Signup and view all the flashcards
Pop-up store
Pop-up store
Signup and view all the flashcards
Multichannel shopping
Multichannel shopping
Signup and view all the flashcards
Reversal of Information Asymmetry
Reversal of Information Asymmetry
Signup and view all the flashcards
Net Promoter Score (NPS)
Net Promoter Score (NPS)
Signup and view all the flashcards
Shopping Cart Abandonment
Shopping Cart Abandonment
Signup and view all the flashcards
Omnichannel
Omnichannel
Signup and view all the flashcards
Omnichannel Consumer
Omnichannel Consumer
Signup and view all the flashcards
Pop-up Store Strategy
Pop-up Store Strategy
Signup and view all the flashcards
Retail Atmospherics
Retail Atmospherics
Signup and view all the flashcards
Study Notes
Purchase Stage Deviations
- Consumers may abandon a purchase due to factors like unavailable preferred stock, new information, or unacceptable financing terms.
- Unplanned purchases occur via impulse buying, point-of-purchase stimuli, in-store promotions, or salespersons' persuasion.
- Consumers might delay purchases due to time pressure, perceived risk, expected future discounts, needing others' consent, or a negative shopping experience.
Omnichannel Shopping
- Omnichannel shoppers utilize multiple channels (online and offline) for browsing and purchasing.
- Typical omnichannel behavior involves online information gathering followed by in-store purchase.
- Internet shoppers frequently use multiple channels (e.g., reading reviews on Amazon, purchasing from a different online retailer).
- Multichannel shopping presents a challenge for marketers by demanding product information adaptation across multiple channels, and by the reversed information asymmetry.
Information Asymmetry
- Consumers now often have more product information than marketers due to omnichannel access.
- Consumers can compare prices across channels (e.g., scanning QR codes to compare online prices with in-store prices).
- Increased consumer empowerment necessitates a shift in marketer approach (from "What can I do for you?" to "Tell me what you know?").
Online Shopping Challenges
- Online shopping cart abandonment is high (70%), primarily due to high shipping and handling costs.
- Other abandonment reasons include price comparison across websites or saving items for later.
- Online shopping often lacks the in-store atmosphere that improves purchasing.
In-Store Atmospherics
- "Atmospherics" refers to the conscious design of space (color, scent, sound) to influence buyers.
- Well-designed stores like Anthropologie create an immersive atmosphere that facilitates purchases.
Pop-up Stores
- Pop-up stores are temporary retail installations.
- They allow businesses to expand their reach including exploring new markets and showcasing hardware or products across new channels.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
