“Recession Shoppers” become "value hunters" on the Internet, reports LinkShare

With the economy slowing down over the past year, a shopping behavior that for some consumers had been an occasional habit, has now become a routine – turning to the Internet to find the best value. A recent survey, conducted by Penn, Schoen & Berland Associates, Inc., identified a new category of online shoppers resulting from this trend as the “value hunter.” The study was commissioned in partnership LinkShare, a leading performance marketing network provider and gsi interactive SM , a GSI Commerce ® company providing comprehensive digital marketing and design solutions.

Research by PSB conducted earlier this year identified the birth of the “ recession shopper.” These consumers, often new to online shopping, claimed that as economic situations worsened, they would look to the Internet to find the best deals. Now, months later, even as the economy’s vital signs are improving, online shopping behavior shows consumers are still heavily focused on value, in quality, price, convenience and time, making “value” the new core value among online consumers.

The evolution from “recession shopper” to “value hunter” means that consumers who were previously defined as “more likely to buy” online are now looking for value to determine what, and where, they will make their online purchase. Specifically, the research found that:
72 % (72 of “value hunters” look for the best value regardless of brand)
51 % (51 of “value hunters” look for incentives when making online purchases)
63 % (63 of “value hunters” have purchased something online they wouldn’t have normally because of a special offer).

Yaz Iida, co-president, LinkShare, said: “More than ever before, consumers are searching online for products, services and websites that provide value. In order to be successful in this new ‘information-at-a-click’ world, retailers must broaden and diversify their affiliate marketing partnerships. These partnerships provide retailers both big and small with a unique opportunity to expand their customer base by differentiating themselves through value-based products and promotions.”

In response to these findings, PSB outlined best practices every online retailer should adopt to stay competitive. In brief, online retailers are advised to:
Evaluate offerings to find ways in which value can be infused directly into the brand;
Get passionate about identifying, creating and offering value;
Differentiate themselves from the competition through value offerings – pricing, quality and experience;
Create an online experience built on value – through the use of an easy-to-navigate website, product placement and positioning and overall brand consistency.

In addition, the survey showed:
68 % (68 of online shoppers search for value in the form coupons and special promotions)
45 % (45 of “value hunters” purchase something online once a week or more)
47 % (47 of shoppers prefer shopping online to shopping in-store)
22 % (22 of shoppers plan to make more purchases online this year compared to last year)