GoDaddy Survey Reveals Consumers Prioritize Savings Over Convenience
A recent GoDaddy survey of 1,500 US consumers shed light on how much consumers value cost savings over convenience, with 80% of respondents indicating that saving money is more important than convenience. The survey, conducted in September, highlights a growing trend where consumers are increasingly willing to make sacrifices to save money, providing a wake-up call for e-commerce businesses ahead of the holiday season.
According to the survey, 42% of consumers put money as a top priority, and many are willing to put up with the hassle, such as paying for shipping, to save money. The results suggest that businesses may need to rethink their policies and approach to avoid alienating potential customers.
Key Findings:
Anger at the Return
- About 1 in 3 consumers (30%) find paying for return shipping more frustrating than dealing with jury duty or visiting the DMV.
- 77% of respondents check a business’ return policy before making a purchase, while 31% of Gen Z and 35% of Millennials do so with every purchase.
- A difficult return policy was among the top reasons consumers avoided buying from businesses through social media.
Consumers Willing to Compromise on Savings
- 62% of respondents prefer to pay in cash instead of paying a 3% surcharge to use a credit card.
- 69% of consumers said they would still shop at a business even if it did not offer Buy Online, Pick Up In-Store.
- 33% of consumers are more likely to drive to a store to shop in person, compared to 30% who prefer to shop online.
When Fitness Matters
- 63% of respondents reported that they did not use personal assessment, with only 21% considering it appropriate.
- 38% of consumers will stop shopping online if the checkout page takes more than 10 seconds to load.
“Since holiday shopping is starting to increase, small business owners must look for ways to inadvertently drive customers away. Do you have an extended return policy during the holidays? Do you charge for return shipping? Can shoppers buy items online and pick them up at your store to avoid the rush? If not, there is still time to make changes,” said GoDaddy Trends expert Amy Jennette.
Generational Differences in Shopping Behavior
The survey also highlighted significant differences between the generations in their shopping habits:
- Gen Z (41%) are more likely to avoid shopping at a business that does not offer Buy Online, Pick Up In-Store, compared to Millennials (36%), Gen X (25%), and Boomers (25 %). .
- Gen Z (43%) and Millennials (45%) are more willing to pay a 3% surcharge for the convenience of using a credit card, compared to Gen X (34%) and Boomers (34%).
- When it comes to waiting for a website to load, 47% of Gen Z and 45% of Millennials would abandon a purchase if a page takes 10 seconds to load, while 68% of Gen X and Boomers are willing to wait until. 30 seconds.
Additionally, Gen Z (32%) and Millennials (31%) are more likely to shop online this holiday season compared to Gen X and Boomers (36%), who are more inclined to shop in person.
As Black Friday and Cyber Monday approach, businesses that cater to Gen Z and Millennials in particular should focus on providing a convenient shopping experience.
GoDaddy provides tools to help small businesses meet these changing consumer demands, including smart retail terminals that support features such as Buy Online, Pick Up In-Store and Tap-to-Pay, as well as real-time inventory management throughout internet. and personal selling.