Coach B. Insurance Study on Consumer Buyer Behavior 2020
The shift of technology from a desktop computer to mobile devices has changed the way consumers purchase online. Businesses need to adapt to these changes to get the attention of their target market.
The Coach B. Insurance study on consumer buyer behavior 2020 will provide you with different insights into a study conducted in 2,400 participants in the United States regarding their online browsing and buying habits. The following are questions answered in this study to help online businesses find out the new trend on buying behavior of consumers.
1. What are the devices used to conduct online research?
All question used in this research was conducted using a multiple answer method. It means that participants can choose more than one answer to a particular question. It is important to keep in mind that more participants rely heavily on mobility when it comes to devices used to conduct online research.
Understanding the demographic data showed that the use of smartphones and tablets has greater influenced participants of all ages. The older generation prefers the use of a desktop or laptop when buying and doing research online.
2. What platforms do you use when searching for products online?
This question has multiple answers and 44 percent of the participants of the study rely heavily on search engines like Google. It made Google one of the most used search engines in an online search. According to most users, they start their search with search engines before going to other online platforms such as Amazon, YouTube, and other reliable online forums.
3. Does a phone call or speaking to customer service important when making a purchase online?
It is not surprising that consumers do not give importance to a phone call or to speak to someone from the online website right before purchasing. It only shows that consumers expect that everything they need to know about a particular product or service are already available inside an online website or platform. A lack of complete information will make consumers go to a competitor’s website that can offer more information and make a purchase.
4. What are the important aspects when choosing an online vendor?
Most participants gave priority to price as a determining factor to make a purchase. However, there is 30 percent of participants also choose free shipping as a major factor in selecting a website to make a purchase.
It can be concluded that online businesses can benefit more from offering affordable shipping rates rather than fast shipping service with an added fee.
Consumer Buyer Behavior Based on Gender
According to the data gathered, men and women have different views in terms of the most important aspect of choosing an online vendor. The data from this question suggest that online businesses can start to develop an eCommerce that is based on gender. We can, therefore, conclude that men gave more importance to affordable pricing while women favor those with free shipping options.
5. When purchasing online, does it matter which vendor fulfills the order?
It is good to know that online shopping platforms are doing a great job in making their third party vendors follow purchasing terms and conditions. According to the data gathered, the consumer does not give priority to who fulfills the delivery and the shipment.
For as long as the final product is sold at the same price as advertised, delivered promptly and with quality, shoppers are not concerned about where the product originates and how it will be delivered.
6. Do reviews matter when purchasing online?
According to the consumer buyer behavior data gathered, online businesses must give importance to onsite online reviews and prioritized it more than third party online review websites. The data also suggest that businesses must not solely rely on their sales staff when it comes to marketing strategy. It is better to give more priority to customer reviews and testimonials as a major driver to convince a shopper to make a purchase.
7. Do you give priority to online reviews?
There is a growing demand for online reviews as a major factor to convince shoppers to buy. It does not matter whether negative or positive reviews as this information can influence and persuade an online shopper to buy your online products. According to the data gathered on consumer buyer behavior, online websites will gain more profit by investing in good online reviews and testimonials for their business.
Based on Age
The younger people are most likely to have higher trust in online reviews than older individuals. This is because young people are more familiar with a new technology which convinces them to trust the legitimacy of online reviews.
Based on Gender
According to the data gathered men are more skeptical with online reviews compared to women, but both genders consider online reviews as legitimate.
8. What payment method do you prefer?
According to the data gathered, more consumers prefer the use of credit cards compared to other modes of payments. Aside from the use of credit cards alone, consumers prefer card-based transactions like a debit card. Other modes of payment such as PayPal and Stripe only comprise 21% of the responses and most of the time unavailable.
Based on Age
Older individuals prefer the use of credit cards than other payment schemes while individuals between 18 to 24 years of age prefer the use of debit cards over credit cards. The reason behind it is the fact that the younger age group have a limited credit rating and choose debit card payments until they established a good credit rating.
9. What devices do you use when buying online?
There is an increasing number of consumers who are switching to mobile devices. These changes can largely impact consumers’ buying habits. In the United States and around the world, mobile gadgets are the most used device for internet access compared to desktop and laptop.
Based on Age
Consumers ages 25 to 34 prefer the use of smartphones compared to older groups. Preferences with the use of smartphones decrease as people age with different groups preferring a device with a larger screen size as people get older. This is due to eye condition and other biological changes.
10. What is the common reason for choosing a specific payment method?
Most consumers give importance to ease of use and fast payment scheme more than security and rewards when making online purchases. Consumer buyer behavior may differ from one website to another depending on the platform and security measures. However, most consumers still prefer convenience, so eCommerce website owners must ensure a fast checkout as well as easy payment methods without sacrificing security.
About Coach B.
After starting his financial career with Phoenix Home Life Insurance Company back in 1992, Scott decided he wanted to provide people with an easier and more enjoyable way to buy life insurance. That was the start of Coach B. Life Insurance, whose mission is to be transparent, honest, and helpful to customers — without ever bugging or pushing them.
In the years since then, he has worked tirelessly to improve the process of shopping for insurance. His goal is to make sure that everyone who comes to Coach B. — whether they end up buying a policy or not — has the best possible experience.