Are You Ready for The “Leap” Year in CE Shopping? Category Deep Dive
With new phones and VR, UHDTV and even drones set to leap the threshold into mass adoption, 2016 is poised to be a blockbuster holiday for CE. HookLogic data from the summer – as well as trends from 2015 – offer a very interesting picture of what is to come.
Online shopping and Consumer Electronics are so intertwined that it’s impossible to separate the two. While CE is a fully mature category online, it is poised to show even stronger growth than ecommerce as whole (17% vs 15%).
Consumer Electronics has the most distinct shopping behavior in ecommerce. With high relative price points and many product details, CE is the most researched product category. Accordingly, Electronics takes more days from first browse to purchase and in that time more products are looked at than in any other category. Overall, an average of 14 product detail pages are viewed in the shopping process for an Electronics product
Most likely reflecting the longer term investment some of these products require, Video Gaming has the longest purchase cycle (54% longer than the category average) while the purchase cycles of Mobile Phones and Tablets are 37% and 31% longer than average, respectively.
As a whole, this is a category with a high amount of brand loyalty: 69% of consumers third annual HookLogic Online Shopper Survey said they had a specific brand in mind when searching. With high price points, consumers are clearly quite focused in their purchasing (57% purchased only the product they were looking for as compared to 49% on average). But despite that focused buying, impulse purchasing is still a factor for some. Twenty-seven percent say they do purchase additional items that they did not initially plan for.
What do consumers say influences conversion in Electronics? The Online Shopper Survey delved into consumer attitudes on the subject. The hurdle of actual touching the CE product before it is invested in has become less relevant to the majority of consumers: two years ago 52% said they did not make a specific CE product purchase online because they couldn’t touch and feel it. Now that number has dropped to 44%. Product description, video demos and consumers reviews all have greater than average impact on the sale.
HookLogic’s online purchase data from 2015 shows that ecommerce sales are not entirely focused around Black Friday and Cyber Monday, though the week of Black Friday is the most trafficked period. Indeed, shoppers start early in this category and continue to purchase through December: the traffic index is above the October baseline from the beginning of November through the end of December.
Average basket value and the number of items per basket actually peak the first week in November: Consumers are likely locking in hot items to ensure availability. Interestingly, basket size goes back up after Christmas: consumers may be using gift cards and are more impulsive to splurge on things they didn’t get under the tree.
For the complete report which includes tips on how to optimize performance marketing this holiday, click here to download: http://bit.ly/2eovelx