Moments That Matter: Home Retail, the latest data from The Growth Distillery, dives into the economic and technology forces that are redefining the home retail shopping dynamic, and creating a unique challenge for brands.
The research found more than 80% of home retail buyers are concerned with the current economic climate and how they will be able to afford the items they need. It also found that while 80% say technology improves their lives, almost half say they are overwhelmed by the pace of tech change for home retail items. And while 70% of shoppers prefer to go in-store, more than half will do their research online to ensure they are well prepared.
The Growth Distillery’s study pinpointed three moments along the consumer purchase journey where brands wield significant influence:
The Catalyst: In 75% of cases, home retail buyers encounter sudden home-related incidents prompting urgent action in a category they typically overlook. This creates a scenario where consumers may feel overwhelmed and unprepared, seeking quick solutions. Building brand familiarity and trust becomes crucial in instilling confidence during these critical moments.
Considerations: Amidst a plethora of options, consumers grapple with a balance between excitement and confusion, as well as reconciling desires with practicality to fulfil their needs. Brands need to steer consumers towards informed decisions, guiding them through the complexity towards meaningful purchases.
The Closing: As shoppers near the point of purchase, last-minute doubts and compromises can impede decision-making. Providing reassurance and showcasing value become paramount in ensuring consumers feel secure and confident in their choices.
Research director of The Growth Distillery Ciel Graham said: “Home retail isn’t a category most buyers expect to find themselves in, until they are and all of a sudden there’s so much to think about and do.
“Our research highlights the stress and confusion shoppers can feel along the journey. Understanding those moments that matter and helping make those moments easier for consumers to navigate, is an incredibly valuable opportunity for brands, retailers, and marketers.”
The Growth Distillery is an independent research think-tank, powered by News Corp Australia.