Here are some of the key findings from Google's new research on consumer decision-making:
Shoppers are more likely to switch their preferred choice of retailer than their preferred choice of product brand. This suggests that retailers have a greater opportunity to influence purchase decisions in the "messy middle" of the online journey.
Even simple applications of behavioral science can have a big impact on consumer decision-making. For example, providing short descriptions of key product specifications, emphasizing the "power of now," and using social proof can all help to increase confidence and sales.
Consumers are more likely to click "buy" if they feel confident about their purchase. This means that marketers need to focus on providing shoppers with the information and reassurance they need to make a decision.
Here are some specific examples of how marketers can apply these findings to their own businesses:
Use category heuristics: Short descriptions of key product specifications can help shoppers to simplify their purchase decisions. For example, a retailer selling shoes could highlight the shoe's material, heel height, and width in a clear and concise way.
Emphasize the "power of now": The longer shoppers have to wait for a product, the weaker the proposition becomes. Marketers can use this to their advantage by offering fast shipping or same-day delivery.
Use social proof: Recommendations and reviews from others can be very persuasive. Marketers can highlight positive reviews from customers on their website or social media pages.
Apply scarcity bias: As stock or availability of a product decreases, the more desirable it becomes. Marketers can use this by offering limited-time discounts or promotions.
Use authority bias: Being swayed by an expert or trusted source can be a powerful motivator. Marketers can partner with influencers or industry experts to provide product recommendations.
Offer free gifts: A free gift with a purchase, even if unrelated, can be a powerful motivator. Marketers can offer free shipping, free returns, or a gift with purchase to encourage shoppers to buy.
By understanding how consumers make decisions, marketers can create more effective marketing campaigns and increase sales.