A new study from D2C ecommerce company ESW has found that a majority of online beauty shoppers will wait for lower prices and risk items going out of stock. However, there is also a sizeable number of “super shoppers” who will pay full price to get exclusive items. To connect with customers, brands must identify and address the very different motivations that drive sales. Among the shoppers surveyed, 67% of Gen Z and millennials said they preferred to wait in order to pay a lower price on beauty products, while 40% of “power shoppers” (those who spent at least $2,500 on beauty products annually) are bargain hunters. In contrast, 21% of shoppers said they’d pay full price if they were one of the first customers to purchase the product, and 25% said they would pay full price if it was a limited-edition product. This demonstrates that brands must recognise the different motivations of their customers when marketing their products. Price-conscious customers may be discouraged by events that emphasise scarcity, while super fans will be more receptive to this approach.
Originally reported by Martech: https://martech.org/d2c-beauty-shoppers-are-split-between-low-prices-and-scarcity/
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