70-80% Shoppers Research Online Before Buying In Store
Paul Greenberg – the founder of business network NORA and Co-Founder of DealsDirect.com.au – told The Australian Financial Review Virtual Retail Summit that as much as 70-80% of retail spending at brick-and-mortar stores in Australia had a “digital fingerprint” attached to it. This means that customers either researched products, compared prices, or sought out customer reviews online before making a purchase in store.
The so-called digital fingerprint of purchases is set to continue to grow, as consumers increasingly turn to online channels to make purchases – a trend that was kick-started by the COVID-19 lockdowns, but one that is likely to stay.
KPMG said in its ‘Beyond COVID-19: The shifting foundations in retail property’ report: “Even loyal physical shoppers have tried online shopping throughout COVID-19 for items that they have never bought online before. If just a small amount of this new online spend sticks, it will have a significant impact on the viability of some retail properties.”
According to The Australian Financial Review, online sales have doubled during the COVID-19 pandemic, while those that have made purchases in store have conducted online research beforehand in order to limit their time in stores.
The latest final retail trade figures from the ABS revealed that online retailing accounted for 10% of the total in April.