The Black Friday and the holiday season, a time that will be more complicated than normal by the threat of logistical problems that are being experienced globally and the economic consequences of the pandemic. For this reason, there are already many consumers who have begun to organize their purchases.
We know that 2020 was a good year for online commerce, where digital purchases in Spain grew by 58%. Today we know that a year ago, in the holiday period before Christmas, 92% of the total searches were related to Black Friday offers, which was established as a mainly mobile phenomenon with a total of 73% of searches registered on this type of device and on the rise.
6 cognitive biases that influence consumer buying behavior and decision
In an increasingly competitive environment, brands must take into account trends and implement strategies that allow them to stand out from their competitors. In order to understand the decision-making process, Google and behavioral science experts from The Behavioral Architects have carried out an investigation to understand the purchasing decision-making process of consumers in Spain. For this, 10,000 buyers were analyzed in 100,000 simulated purchases in 10 different product categories.
This study revealed that applying 6 specific digital advertising strategies, brand preference can be changed for 68% of consumers. Cases have been analyzed in which the second favorite brand managed to rise to the first place when the following techniques were carried out.
Although the decision-making process is complex and not linear, it is possible to know some data about the behavior of users when making a purchase. This study argues that these are the six cognitive biases that influence consumer buying behavior and decision.
- Category heuristicsBriefly describing and highlighting the key features of the product can clarify the purchase decision.
- Effect “now”, the longer there is a wait to get a product, the more the proposal becomes weaker.
- Carry-over effect, the opinions and recommendations of other users can convince the user more.
- Scarcity bias, As the availability of a product decreases, the desire to purchase it increases.
- Authority bias, Experts or trusted sources can influence consumers’ decision.
- “Free” effect, Including a gift with the purchase, even if it has nothing to do with it, can be a great motivation.
Keeping these things in mind can be very helpful to marketers. In an atypical shopping season, marked by fears of product shortages and economic recovery, more than ever brands need to equip themselves with effective digital strategies to show their potential and stand out from the noise.
Google analyze the main trends of this season
A new IPSOS survey commissioned by Google that aims tonalize the main trends of this season and how it is impacting the economic recovery and the crisis of shortages in the purchase intention of the Spanish declares that:
- More than half of the people in Spain will plan their Christmas shopping in advance to avoid a shortage of items. In fact, 55% of those surveyed will advance their purchases to avoid crowds and 50% will concentrate them in a single trip.
- 35% and 40% of Spaniards will buy fewer items this year due to the impact of COVID-19 on their economy and 55% will wait to buy gifts when they are on sale.
- 65% will get gift ideas online and 48% of respondents will purchase items online.
- In Spain, searches on the textile and toys sector related to the lack of supply are on the rise because for 25% of Spaniards, the absence of toys, the star gift at Christmas for the little ones, is one of the biggest concerns. On the other hand, for 20% of those surveyed the concern is in the shortage of clothing and accessories and for 15% electronic articles, one of the sectors most affected by the problem of the shortage of microchips.
The survey also reflects the desire of many people to return to buy physically, so, according to data from the study, the 50% of consumers say that they first find out online if the item is available to buy in store.
Latest news from Google for business
From now on small businesses must manage their business profiles directly from Google Search or Google Maps. The American company has decided to replace “Google My Business“ by “Business profile on Google“ to make it easier. In 2022, as they have explained, they will withdraw the application Google My Business for what “more merchants can take advantage of the updated experience on Google Search and Google Maps“. The existing web experience of Google My Business will move to primarily admit larger companies with multiple locations, and will be renamed “Profile management ccommercial ”. In the coming months, we will share more details about these changes.
In the part of in My business, there are also changes. Merchants can now easily verify their business profile directly in Google Search or the Google Maps app. They simply search for your business by name and an option will appear to claim and verify the associated business profile. Once the activity is verified, they will be able to change the related information, such as the address, the store hours, or product photographs. In this context, in addition to updating the profile of My Business in the search engine, Google recommends that businesses visit the page with tips for the Google Retail sector in Spain and to work from now on in the promotion of specific products, through local campaigns for these to be viewable on Google Search, Maps, YouTube, and the Google Display Network.
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